Nasyrov I.N.Branch of Kazan Federal University in Naberezhnye Chelny, Naberezhnye Chelny, Republic of Tatarstan, Russian Federation ecoseti@yandex.ru
Shtyrlyaeva E.V.Branch of Kazan Federal University in Naberezhnye Chelny, Naberezhnye Chelny, Republic of Tatarstan, Russian Federation e.styrlyaeva@yandex.ru
Importance The main problem of profits taxation is the need to maintain dual-entry accounting: tax accounting and business accounting. The subject of research encompasses the causes for emergence of dual-entry accounting. Objectives The aim is to show that the elimination of identified double-entry accounting will eliminate the need to maintain double-entry accounting. Methods We made a detailed analysis of normative documents in order to search for the reasons of double-entry accounting. The emphasis is on international treaties of the Russian Federation concluded with the foreign States and organizations. The Constitution of the Russian Federation stipulates that such treaties take precedence over internal Russian legislation. Because of it, any slightest mistake will be replicated and will become binding for all participants of an economic interaction. Results The paper concluded that one of the reasons for double-entry accounting is the difference in the meanings of the shareholder's equity term, which is translated into Russian as stock (equity) capital of an entity, however, in the original English the definition means equity attributable to the shareholders (owners) of an entity. In order to eliminate the aforementioned inconsistency, we have proposed to keep accounts not from the perspective of an entity, as it is done in Russia, but from the perspective of an entity's owner, as it is common in the rest of the world. Conclusions and Relevance As a future direction to improve an accounting system, the paper offers a comprehensive analysis of the legislation related to accounting, taxes, business and other economic activities to identify remaining hidden semantic, terminological and other inconsistencies and discrepancies in the regulations. The article underlines that their elimination will lead to a significant economic effect on a national scale by reducing transaction costs while doing business.
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