Puzynya T.A.Velikiye Luky State Academy of Physical Education and Sport (VLSAPES), Velikiye Luki, Pskov Region, Russian Federation tatianlex@yandex.ru
Importance The specifics of information support to sponsorship management is that sponsors may be legal entities and individuals, which directly provided funds or sponsor support. Therefore, there exists a problem of accounting for gratuitous and non-gratuitous sponsorship, which has recently become particularly important. Objectives The fundamental goal of the study is to suggest a form of financial statements and accounts for sponsorship activities, both paid and unpaid, in accordance with IFRS requirements. Methods In the study, I pay special attention to accounting reports, accounts, and analytic features, which will allow generating all types of financial statements. To generate complete and reliable information, I offer a form of notes to balance sheet, profit and loss account, and other comprehensive income in the form of a statement of sponsorship. Results I propose a model to record changes in sponsorship value. The model may serve as notes to balance sheet and profit and loss account. I have developed a procedure for recording information in sponsor's accounts, and for comparing the accounts under Russian Accounting Standards and IFRS when accounting for sponsorship. Conclusions and Relevance I conclude that to enhance the reliability of information on sponsorship activities, it is necessary to introduce a sponsorship activity statement and additional accounts in accordance with IFRS requirements to record information in sponsor's accounts.
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International Accounting Standard (IAS) 1 “Presentation of Financial Statements”: approved by Order of the Ministry of Finance of the Russian Federation “On Introduction of International Financial Reporting Standards and Interpretation of the International Financial Reporting Standards in the Russian Federation” of November 25, 2011 ¹ 160n. (In Russ.)
International Accounting Standard (IAS) 20 “Accounting for Government Grants and Disclosure of Government Assistance”: approved by Order of the Ministry of Finance of the Russian Federation “On Introduction of International Financial Reporting Standards and Interpretation of the International Financial Reporting Standards in the Russian Federation” of November 25, 2011 ¹ 160n. (In Russ.)
International Accounting Standard (IAS) 24 “Related Party Disclosures”: approved by Order of the Ministry of Finance of the Russian Federation “On Introduction of International Financial Reporting Standards and Interpretation of the International Financial Reporting Standards in the Russian Federation” of November 25, 2011 ¹ 160n. (In Russ.)
International Accounting Standard (IAS) 27 “Consolidated and Separate Financial Statements”: approved by Order of the Ministry of Finance of the Russian Federation “On Introduction of International Financial Reporting Standards and Interpretation of the International Financial Reporting Standards in the Russian Federation” of November 25, 2011 ¹ 160n. (In Russ.)
International Accounting Standard (IAS) 28 “Investments in Associates and Joint Ventures”: approved by Order of the Ministry of Finance of the Russian Federation “On Introduction of International Financial Reporting Standards and Interpretation of the International Financial Reporting Standards in the Russian Federation” of November 25, 2011 ¹ 160n. (In Russ.)
International Accounting Standard (IAS) 34 “Interim Financial Reporting”: approved by Order of the Ministry of Finance of the Russian Federation “On Introduction of International Financial Reporting Standards and Interpretation of the International Financial Reporting Standards in the Russian Federation” of November 25, 2011 ¹ 160n. (In Russ.)
International Accounting Standard (IAS) 39 “Financial Instruments: Recognition and Measurement”: approved by Order of the Ministry of Finance of the Russian Federation “On Introduction of International Financial Reporting Standards and Interpretation of the International Financial Reporting Standards in the Russian Federation” of November 25, 2011 ¹ 160n. (In Russ.)
International Accounting Standard (IAS) 40 “Investment Property”: approved by Order of the Ministry of Finance of the Russian Federation “On Introduction of International Financial Reporting Standards and Interpretation of the International Financial Reporting Standards in the Russian Federation” of November 25, 2011 ¹ 160n. (In Russ.)
International Accounting Standard (IAS) 7 “Statement of Cash Flows”: approved by Order of the Ministry of Finance of the Russian Federation “On Introduction of International Financial Reporting Standards and Interpretation of the International Financial Reporting Standards in the Russian Federation” of November 25, 2011 ¹ 160n. (In Russ.)
