The article defines the current relation of the terms 'financial instruments', 'financial assets', 'financial liabilities', and 'financial investments', as well as the relation between accounting standards using these categories. The author analyses the rules of the International Financial Reporting Standards for financial instruments measurement. The study also considers Russian accounting regulations on measurement of the said objects of accounting. The paper states that the current conditions of the Russian accounting practice allow introducing such accounting objects as financial instruments, as well as the financial assets and financial liabilities categories. The performed comparative analysis of modern national and international accounting rules for financial instruments measurement identified similarities and persisting differences in the requirements to initial and subsequent measurement of financial instruments. The author reviews the history of changes in the national and international rules for financial instruments measurement. The systematic data confirm that there have been virtually continuous changes in regulations on accounting treatment of financial instruments (including measurement), and at present, these stipulations in the supranational standards are most often under various reforms. The author identifies the main obstacles to convergence of Russian and international accounting regulations on financial instruments measurement, provides recommendations for solving the problem, and substantiates proposals for further improvement of domestic and international rules for initial and subsequent measurement of financial instruments. The conclusion is that the recommendations will enhance the reliability of information in financial statements of organizations.
Druzhilovskaya T.Yu. Novye trebovaniya k sostavleniyu otcheta o dvizhenii denezhnykh sredstv v rossiiskikh i mezhdunarodnykh standartakh [New requirements for cash flow statement generation in Russian and international standards]. Mezhdunarodnyi bukhgalterskii uchet =International Accounting, 2012, no. 1, pp. 2–10.
Druzhilovskaya T.Yu., Korshunova T.N., Khodyrev A.A. Printsipy uchetnoi politiki i dostovernost' otchetnoi informatsii kak ee tsel' [Principles of an accounting policy and the reliability of reported information as its objective]. Mezhdunarodnyi bukhgalterskii uchet =International Accounting, 2013, no. 24, pp. 2–16.
Druzhilovskaya E.S. Problemy primeneniya spravedlivoi stoimosti v rossiiskom i mezhdunarodnom bukhgalterskom uchete [Problems of using fair value in Russian and international accounting]. Mezhdunarodnyi bukhgalterskii uchet =International Accounting, 2014, no. 17, pp. 2–12.
Druzhilovskaya E.S. Sovremennye problemy otsenki zapasov v RSBU i MSFO i puti ikh resheniya [Modern problems of inventory valuation in RAS and IFRS and ways to solve them]. Mezhdunarodnyi bukhgalterskii uchet =International Accounting, 2013, no. 38, pp. 42–54.
Isakova S.A. Finansovye aktivy i finansovye obyazatel'stva v usloviyakh perekhoda na MSFO (NSFO 2) [Financial assets and financial liabilities in the context of transition to the IFRS (National Financial Reporting Standards 2)]. Mezhdunarodnyi bukhgalterskii uchet =International Accounting, 2012, no. 24, pp. 60–65.
RF Federal Law “On Accounting” of December 06, 2011 № 402-FZ. (In Russ.)
Order of the Ministry of Finance of the Russian Federation “On Introduction of International Financial Reporting Standards and Interpretations of International Financial Reporting Standards in the Russian Federation” of November 25, 2011 № 160n. (In Russ.)
Order of the Ministry of Finance of the Russian Federation “On Approval of Accounting Regulation “Financial Investment Accounting” RAS 19/02” of December 10, 2002 № 126n. (In Russ.)
Order of the Ministry of Finance of the Russian Federation “On Approval of Plan of the Ministry of Finance of the Russian Federation for 2012–2015 for accounting and reporting development in the Russian Federation on the basis of International Financial Reporting Standards” of November 30, 2011 № 440. (In Russ.)
IAS 32 Financial Instruments: Presentation. Available at: Link.
IAS 39 Financial Instruments: Recognition and Measurement. Available at: Link.
IFRS 7 Financial Instruments: Disclosures. Available at: Link.
