Importance Financial statements, including the balance sheet, are the main source of information for different users, business evaluation and taking well-founded management decisions. Objectives The study aims at considering the issues of compliance with the rules and standards established by the Russian legislation in order to obtain and report complete and accurate information on the financial position of an organization on the basis of financial statements for different users. Methods We have substantiated the principles and underlying assumptions of generating financial statements under the IFRS and the RAS practices, according to which qualitative characteristics of financial statements become essential for financial statements preparation and information analysis by users. Furthermore, we have performed a comparative analysis of the Russian practice of establishing maturities in accordance with the IFRS practice. Results We provide a rationale for the analysis technique of balance sheet liquidity using the relation of four groups of assets and liabilities, taking into account advantages and disadvantages. Conclusions and Relevance The data of financial statements, including the balance sheet data, and the results of economic analysis are reasonably required for interested organizations and businesspersons to make effective business decisions, for investors to evaluate the efficiency of investments in business development, and for managers to assess stability, profitability and capability to pay salaries.
Keywords: financial statements, balance sheet, business development, model, liquidity
References:
Bukhgalterskii balans organizatsii: sostavlyaem i proveryaem [Balance sheet of an organization: prepare and verify]. Available at: Link. (In Russ.)
Gracheva M.E. Osobennosti otrazheniya v finansovoi otchetnosti predoplachennykh dokhodov i raskhodov [Specifics of reporting pre-paid income and expenditure in financial statements]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2010, no. 10, pp. 29–35.
Kupriyanova L.M. Analiticheskoe obespechenie kompleksnoi otsenki effektivnosti deyatel'nosti predpriyatii malogo biznesa [Analytical support to comprehensive performance evaluation of small businesses]. Ekonomika. Biznes. Banki = Economy. Business. Banks, 2013, no. 3, pp. 6–21.
Order of the Ministry of Finance of the Russian Federation On Introduction of IAS 7 Statement of Cash Flows of November 25, 2011 № 160н. (In Russ.)
RF Federal Law On Accounting of December 06, 2011 № 402-FZ. (In Russ.)
Order of the Ministry of Finance of the Russian Federation On Forms of financial statements of organizations of July 02, 2010 № 66н. (In Russ.)
Order of the Ministry of Finance of the Russian Federation On Approval of Accounting Regulation “Financial Statements of an Organization”(RAS 4/99) of July 06, 1999 № 43н. (In Russ.)
Order of the Ministry of Finance of the Russian Federation On Approval of guidelines for generating financial statements under restructuring of organizations of May 20, 2003 № 44н. (In Russ.)
Order of the Ministry of Finance of the Russian Federation On Approval of the Chart of Accounts of financial and economic activities of organizations of October 31, 2000 № 94н. (In Russ.)
Order of the Ministry of Finance of the Russian Federation On Approval of Accounting Regulation on accounting records maintenance and financial statements generation in the Russian Federation of July 29, 1998 № 34н. (In Russ.)
Order of the Ministry of Finance of the Russian Federation On Approval of Accounting Regulation on Statement of cash flows (RAS 23/2011) of February 02, 2011 № 11н. (In Russ.)
Chernetskaya G.F. Balansovoe ravenstvo i elementy bukhgalterskoi otchetnosti [Balance-sheet equation and the elements of financial statements]. Ekonomika. Biznes. Banki = Economics. Business. Banks, 2012, no. 1, pp. 27–37.
