Subject The article explores a number of Russian institutions influencing the development of conceptual framework for budgetary reporting and substantiates the need for elaborating the Conceptual Framework for Financial Reporting by Public Sector Entities published on the website of the Ministry of Finance of the Russian Federation. Objectives The purpose of the study is to develop a modern concept of public sector entities under the adoption of the new classification of legal entities in the Russian Civil Code. Methods I apply an institutional methodology for the formation of the concept of public sector entities, developed in conditions of transition to International Public Sector Accounting Standards (IPSAS). The methodology rests on a detailed analysis of the legal framework for various related institutions, i.e. law, budget accounting, IFRS, and others. Results The study substantiates and develops a new concept of reporting entities of the public sector, which is presented in the form of proposals on Conceptual Framework for Financial Reporting by Public Sector Entities. The institutional approach used in the formation of the concept of the public sector entity enabled to take into account the requirements for this concept contained in the regulatory framework for various institutions. Conclusions The classification of legal persons adopted in the Russian Civil Code helped determine entities preparing financial statements under the rules for budgetary reporting. The proposals on draft Conceptual Framework may eliminate certain inconsistencies existing among related institutions.
Keywords: reporting entity, financial statements, public sector, corporation, unitary entity
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