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International Accounting
 

Classification of objects of accounting: a modern update

Vol. 19, Iss. 8, APRIL 2016

PDF  Article PDF Version

Received: 1 March 2016

Accepted: 16 March 2016

Available online: 29 April 2016

Subject Heading: THEORY OF ACCOUNTING

JEL Classification: М40, М41

Pages: 15-26

Akat'eva M.D. Moscow State University of Printing Arts, Moscow, Russian Federation
amdmgup@mail.ru

Importance Fictitious and fraudulent objects of accounting are relatively new concepts; they are not related to other objects of accounting in the legislation. Therefore, it is required to make their comprehensive assessment, disclose their nature, and update the accounting objects classification.
Objectives The purpose of the study is to assess fictitious and fraudulent objects of accounting, consider their legal characteristics, establish their relation to respective principles of RAS and IFRS, and formulate an updated classification to the extent applicable to these objects.
Methods The study employs the comparative analysis techniques to review best practices related to theory, methods of expert analysis of enactments and statutory documents.
Results I identify a number of principles of RAS and IFRS that are violated when reflecting fictitious and fraudulent objects in accounting records and financial statements; offer adjustments to classification of objects of accounting with regard to business operation items; describe issues related to responsibility, fairness and reliability in these objects’ formation based on their civil specifics.
Conclusions At present, the legislation does not define the place of fictitious and fraudulent objects in the accounting objects classification. Their classification as part of unlawful facts of business life enables to emphasize that they are invariably in conflict with requirements of enactments and statutory documents. Responsibility and integrity of accountants are essential professional competencies in this matter.

Keywords: fictitious, fraudulent, object of accounting, classification

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