The article analyzes the contemporary issues related to accounting for revenue, expenses and financial results. The authors consider two aspects of existing problems: theoretical and practical. Within the theoretical aspect the article deals with the economic substance of the "income", "expenditure" and "financial results" categories, identifies the problematic issues of these concepts' interpretations in the Russian Accounting Standards, and justifies the aspects that lack comprehensive solution at the present stage of RAS development. The authors compare the economic substance interpretation of the "income", "expenditure" and "financial results" categories in the RAS with the characteristic of these concepts in the International Financial Reporting Standards (IFRS). The article proves the conclusion about significant difference of the economic substance of the "income" and "expenditure" concepts and their correlation with the "financial results" concept in the RAS and IFRS. The article also provides the authors' interpretation of the given categories under the RAS and IFRS. Within the practical aspect the article addresses the modern problems of accounting for income, expenses and financial results by the Russian companies. The authors substantiate the tendency in converging the accounting treatment, which is permitted in both financial and tax accounting. In addition, the authors present the comparison results of the requirements to accounting for income, expenses and financial results in the Russian financial and tax accounting. The article identifies problematic situations, which in practice result in violating the fair presentation principle of revenue, expenses and financial results in accounting records and financial statements, as well as the prudence principle. The authors present the proposals for ensuring the reliability of information on income, expenses and financial results in accounting records and financial statements of organizations.
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