Home  Journals  International Accounting  32(374) - 2015 August

Accounting policy formation in the practice of Russian organizations

Received: 10 October 2015

Accepted: 14 October 2015

Available online: 9 November 2015

Subject Heading: PRINCIPLES OF ACCOUNTING

JEL Classification: 

Pages: 16-27

Subject The article considers the problems associated with the practice of accounting policy formation by Russian organizations.
     Objectives The aim is to systematize modern practical problems related to accounting policy formation.
     Methods The study employs the comparison of principles of accounting policy formation in the practice of organizations, regulations of Russian and international standards and various scientific views on concerning the formation of accounting policy of organizations.
     Results We compared the approaches to formation of accounting policy of the Russian organizations based on the scale of their operations; systematized similarities and differences of methods to form accounting policies applied by domestic organizations. The article underpins regularities and trends in developing the approaches to accounting policies in the practice of organizations, and identifies current problems and their impact on reliability of accounting information. The findings are of both practical and theoretical significance in the sphere of financial accounting.
     Conclusions Approaches to accounting policies formation by organizations largely depend on the scale of their operations. The study unveils and justifies certain patterns and trends in the formation of accounting policies by Russian organizations. The analysis of financial statements of organizations enabled to systematize reasons for different approaches to accounting policy depending on the scope of operations of organizations, and describe the impact of these differences on credibility of accounting data generation and their convergence with IFRS regulations.

Keywords: accounting policy, practice, financial statements, accounting statements

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