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International Accounting
 

Financial and tax consolidation: similarities and differences

Vol. 15, Iss. 40, OCTOBER 2012

Available online: 29 October 2012

Subject Heading: Taxation

JEL Classification: 

Kondrashova N.A. Chief Economist of department "Accounting", JSC Gazprom
n.kondrashova@list.ru

Due to the exit of the large integrated Russian companies to the international market there is a need for their representation to potential investors as the uniform economic subjects. Possibility of consolidation of financial and tax information since 2012 legislatively is provided. In the article the main features of financial and tax consolidations are considered, point of contact is defined, small divergences and basic distinctions of separate requirements are revealed. The conclusion that now distinctions between types of the reporting are considerable is drawn, and further work on improvement of regulatory base is necessary for possibility of their joint application with a view of an assessment of financial appeal of the consolidated group of companies.

Keywords: consolidated financial statements, the international standards of financial reporting, consolidated tax reporting, consolidated group of taxpayers

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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