Importance Borrowed funds account for a significant share in the liabilities structure of many companies. Therefore, in the conditions of the transition of Russia to the IFRS it is important to determine whether the national rules for borrowed funds accounting comply with the IFRS. Objectives The purpose of the work is to compare the requirements of the national and international standards to borrowed funds accounting. To achieve the target it is necessary to solve the following tasks: to investigate the specifics of initial recognition of borrowed funds liabilities under the Russian Accounting Standards and the IFRS; to compare the approaches of the Russian and International Accounting Standards to subsequent measurement of borrowings; to determine whether the procedure for information presentation on borrowed funds in the Russian balance sheet complies with the IFRS requirements. Methods In this work the main method of the research is a comparative analysis. Results We have determined that in case of incomplete performance of liabilities by a lender the accounting record of borrowed funds must reflect the amount of actually received funds, rather than the amount specified in the contract. At the balance sheet date it is advisable to transfer long-term debts on loans and credits to the short-term ones. We have revealed three basic differences in the method of measuring liabilities on borrowings under the Russian Accounting Standards and the IFRS. Conclusions We conclude that in the process of adapting the Russian Accounting Standards to the IFRS it is necessary to provide for measuring borrowings at initial recognition at fair value less transaction costs, using the effective interest rate method, and recording liabilities on borrowing at amortized cost.
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