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International Accounting
 

Systematizing the accounting and financial reporting standardization: the scope and level of implementation

Vol. 18, Iss. 2, JANUARY 2015

Available online: 20 March 2015

Subject Heading: REGULATION AND STANDARDIZATION OF REPORTING

JEL Classification: 

Pages: 58-68

Shogentsukova Z.Kh. Institute of Law, Economics and Finance of Kabardino-Balkarian State University named after H.M. Berbekov, Nalchik, Kabardino-Balkar Republic, Russian Federation
zsh27@yandex.ru

Gedgafova I.Yu. Institute of Law, Economics and Finance of Kabardino-Balkarian State University named after H.M. Berbekov, Nalchik, Kabardino-Balkar Republic, Russian Federation
gedgafova.irina@mail.ru

Subject The subject of the study is a set of theoretical and methodological integration factors of the global economy and their impact on the process of standardization of accounting and financial reporting that determine the need for its systematization.
     Objectives The objective of the work is to systematize the process of standardization of accounting and financial reporting in terms of scope and level of this process implementation. The article discusses various aspects of the process standardization in conditions of international integration of the economy.
     Methods The methodological basis of the study includes the critical analysis and grouping of various approaches, options, levels and methods of standardization of accounting and reporting for systematizing the process.
     Results We have proposed original approaches to the systematization of the standardization process of accounting and financial reporting from the perspective of subjects and objects of this process, i.e., the scope and level of its implementation. We selected the levels of the standardization process depending on the impact of integration processes in the global economy and trends in the accounting development. The field of application of the results meets the requirements of the specialty certificate of the Higher Attestation Commission 08.00.12 Accounting, Statistics: cl. 1.6 Regulation and Standardization of Rules for Accounting and Reporting Data Generation; cl. 1.7 Adaptation of Different Accounting Systems, Their Compliance with International Standards, and cl. 1.11 Transformation of National Reporting in accordance with International Financial Reporting Standards and Standards of Other Countries. International integration of relationships occurring in the world economy necessitated the development of common approaches to generating transparent and understandable information on activities of the big business representatives of various countries, which is possible within the framework of accounting and reporting system, i.e. the major language of communication of the world economy actors. Developing uniform standards for generating the information in the field of accounting and reporting takes place within the process of accounting and reporting standardization.
     Conclusions and Relevance The developed conclusions and recommendations may serve as a theoretical and methodological basis for defining the objects and subjects of the accounting and reporting standardization process, as well as for applying IFRS in accounting practices of Russian organizations. They also may be useful when determining the methodology of improving the accounting system and financial reporting standardization process in the Russian Federation.

Keywords: standardization, accounting, reporting, financial statements, classification, international integration, world economy, IFRS, harmonization, unification

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