Importance Innovative development of the Russian economy is one of the definite priorities for the State. It is corroborated with statistical data and an increasing interest of the scientific community to this issue. The process slows down due to the insufficient quality of data on how innovative projects are implemented at the corporate level. Objectives The research aims at formulating the comprehensive system for recognizing innovation costs in accounting records. Methods The research focuses on regulatory documents on financial and management accounting, international standards in innovative activities, scientific sources of national and foreign authors. I apply an analysis, synthesis, grouping and generalization of various scientific stances and legislative requirements. Results The article proposes an option for accounting of costs incurred for commercializing R&D results and splitting them into the current expenses, capital expenditures, and deferred expenses. I emphasize the specifics of cost accounting items that will be satisfactory for information needs of innovative projects. The research presents and describes a pattern for accounting costs for commercializing R&D results that allows extracting an innovative component of the cost of products. The article also mentions the main accounting entries that correspond with the said pattern, and clarifies how deferred expenses for innovative activities originate and how they should be derecognized. Conclusions and Relevance As for strengths of the proposed accounting procedure, it eliminates weaknesses of the 'boiler' cost accounting. Furthermore, it ensures the accuracy and timeliness of information provided and estimation of the cost of innovative products. The results of the research may be applied to set up the process of accounting costs for commercializing R&D results in entities manufacturing innovative products.
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