Nurieva R.I.Kazan State Agricultural University, Kazan, Republic of Tatarstan, Russian Federation kgaukgs@mail.ru
Importance One of the main development areas of accounting in our country is maximum approximation of its principles and techniques to International Financial Reporting Standards. During transition to IFRS, many companies face numerous problems associated with difficulties in perception, diversity, and a great number of contradictions with domestic accounting standards. The article substantiates the need for adapting IAS 20 "Accounting for Government Grants and Disclosure of Government Assistance" to the national accounting practice, clarifies some of its provisions, and provides rationale for its application to make effective management decisions. Objectives The objective of the study is to identify and substantiate the main directions of IAS 20 adaptation to the national accounting practice. The tasks include as follows: to clarify basic definitions provided by IAS 20; to review the types of government grants and forms of government assistance based on the adopted public policy on support to industries; to analyze the efficiency of applying fair value in the national practice for valuation of grants in the form of property. Methods In the present work, using dialectical methods, comparison methods, surveillance and economic analysis, we investigated major disadvantages of IAS 20, which can become an obstacle in adapting this standard in the domestic practice. Results The paper proposes correcting the definition of government assistance and government grants; gives the main reasons for the need to define grants, which relate to intangible assets, as a separate form of subsidies; specifies a list of forms of State aid; justifies the need to introduce the fair value measurement method in the domestic practice. Conclusions and Relevance We conclude that multiple options and diversity described by IAS 20 may lead to incompatibility of financial statements of different enterprises. The process of introduction of IAS 20 would be much faster, if there were a solution to the problems identified in the study.
Keywords: State, aid, subsidies, government, grants, assistance, grants related to assets, grants related to income, fair value, non-monetary grants
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