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ИД «Финансы и кредит»






Finance and Credit

Evaluation of institutional and financial factors of the international financial reporting standards foundation management from the perspective of the Eurasian Economic Union

Vol. 27, Iss. 9, SEPTEMBER 2021

Received: 15 July 2021

Received in revised form: 23 August 2021

Accepted: 6 September 2021

Available online: 30 September 2021


JEL Classification: F53, F55, F65, G15, M49

Pages: 2139–2157


Mikhail V. RODCHENKOV Lomonosov Moscow State University, Moscow, Russian Federation


Subject. The article addresses the impact of modern institutional and financial structure of the IFRS Foundation on the quality and functionality of international financial reporting standards.
Objectives. The purpose is to identify risk factors in the activities of the IFRS Foundation caused by its institutional and financial structure, considering the previously highlighted problems of the IFRS Foundation management.
Methods. The study draws on the comparative analysis of the content of the IFRS and the statistical data on quantitative characteristics of the IFRS Foundation’s regulatory bodies.
Results. The institutional and financial structure of the IFRS Foundation is characterized by the disproportion of the current national, sectoral and financial representation in the management bodies of the Foundation. This creates risks of inharmonious development of IFRS. The EEU current position is marked by a significant imbalance between functional and financial representation in the Foundation's management system. It is possible to mitigate identified risks in the development of the IFRS system, if the revealed imbalances are reduced through diversifying the industry representation, introducing financial participation coefficients and national representation into the practice of the Foundation's management.
Conclusions. The formulated proposals can be useful for the authorized federal governing bodies of the Russian Federation and the EEU governing bodies, when developing growth strategies in the field of accounting and reporting, determining the focus of efforts to improve international standards, ensuring the protection of the national economic interests of the EEU countries in the activities of the IFRS Foundation in modern conditions.

Keywords: IFRS Foundation, EEU, globalization, accounting process, management


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Vol. 27, Iss. 9
September 2021