Subject The subject of the research is the current relation of the systems of Russian and International Financial Reporting Standards and the problem of their further development. Objectives The aim of the study is to analyze the currently effective systems of Russian and International Financial Reporting Standards, to determine their current relation and development prospects. Methods The methodology of the research includes the comparative analysis of Russian statutory documents on accounting and the International Financial Reporting Standards, and a critical analysis of the elements of these systems. Results The article thoroughly researches the systems of Russian and International Financial Reporting Standards, defines their current relation, and identifies problems and prospects of their further development. In the course of the study, I took into account new draft regulations on accounting developed by the Ministry of Finance of the Russian Federation and exposure drafts of proposed amendments to the IFRS presented by the IASB. The proposals, which I have formulated based on the study, can be used in developing and improving regulations on accounting, in the practical work of accounting organizations, as well as in the educational process of higher educational institutions. Conclusions and Relevance I conclude that at present the significant difference in the systems of Russian and International Financial Reporting Standards persists. I have also substantiated the areas of further development of the said systems.
Keywords: Russian regulations on accounting, exposure draft, draft Federal standards, International Financial Reporting Standards, IASB
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