Subject The subject of the study is recording the effects of changes in accounting policies and estimates in financial statements of organizations as required by the Russian Accounting Standards and International Financial Reporting Standards. Objectives The objective is to study the Russian rules and requirements of International Financial Reporting Standards relating to reporting the implications of changes in accounting policies and accounting estimates. Methods I applied theoretical and practical methods to compare the regulations of RAS and IFRS, and the critical analysis of various scientific opinions on approaches to reporting the effects of changes in accounting policies and accounting estimates of organizations. Results The analysis of the Russian statutory documents presents a substantiated conclusion on the lack of comprehensive regulations on reporting the implications of changes in accounting policies of organizations. The biggest problems relate to the retrospective recording technique. Based on the critical analysis of the considered scientific points of view, I systematized the similarities and differences of relevant approaches that exist in the modern scientific literature. Conclusions and Relevance There are significant differences in regulations on reporting the effects of changes in accounting policies under RAS and IFRS. The study substantiates proposals on amendments to Russian statutory documents, including the definition of the concepts of estimated value and change in accounting policy, the description of the retrospective approach as prescribed by IFRS rules, and the need for developing relevant methodological recommendations.
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