Subject The research considers the reflection of transactions under financial lease agreement in accounting records in conditions of reforming the Russian accounting as per International Financial Reporting Standards. Objectives The objective is to study Russian statutory instruments and requirements of IFRS related to reflecting lease operations in accounting records. Methods The methodology of research includes the comparison of rules of Russian and international standards, the critical analysis of various scientific viewpoints on approaches to recording the lease transactions. Results Basedon the critical analysis, I systematized similarities and differences of approaches to recording lease operations that exist in the modern scientific literature. The comparison of Russian statutory instrumentswith IFRS rules shows that there are differences in recording lease transactions in the Russian and foreign accounting practice. I provide a rationale for existence of problems in lease transactions accounting. Conclusions and Relevance The formulated conclusions have both the applied and theoretical importance in the field of accounting and reporting. I substantiate proposals on amending the existing Russian statutory instruments with regard to thechanged legislation to the extent of lease operations accounting, and description of the procedure for lease transactionsaccounting. I prove the need to approve draft federal standard on lease as soon as practicable.
Keywords: financial lease, accounting, International Financial Reporting Standard
References:
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