Subject The article examines the provisions of the program for Federal accounting standards development. Objectives The study aims at determining the impact of the program for Russian accounting system development approved by the Ministry of Finance. Methods In the study, I applied logical and systems methods, comparison, synthesis, analysis, and analogy techniques. Results The article provides an in-depth analysis of the provisions of Federal accounting standards approved by the Ministry of Finance, highlights the principal stages of developing, adopting and enacting the new accounting standards for the public sector. I compare the program with previous plans of the Ministry of Finance and identify possible amendments to the program for developing the accounting standards in future. Another comparison of the study concerns the planned system of Russian standards for the public sector and the International Public Sector Accounting Standards (IPSAS), considering both the effective IPSAS and the scheduled new international standards. I suggest complementing the systems of Russian and international standards with statutory documents regulating the most important aspects of accounting. The article provides the rationale for developing Federal accounting standards for the private sector. The proposals formulated in the study may be useful in developing and perfecting the Federal accounting standards, in practical work of accounting organizations and educational process of higher educational institutions. Conclusions The article provides a substantiation of the conclusions that the adoption of the program for Federal accounting standards development and subsequent formulation of the standards will facilitate the transition of domestic accounting to a totally new level.
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