Developing the classification of elements of financial statements prepared by public sector entities under transition to International Public Sector Accounting Standards
Importance The article addresses the specificity of elements of financial statements prepared by public sector entities, the characteristics of which is contained in the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities adopted by the International Federation of Accountants. Objectives The purpose is to develop modern concepts of elements of financial statements of public sector entities in the Ministry of Finance of the Russian Federation draft document Conceptual Basis of Accounting and Reporting for Public Sector Organizations. Methods Based on the comprehensive analysis of International Public Sector Accounting Standards, draft Russian Federal Standards of Accounting and Reporting for Public Sector Organizations and a number of statutory documents, I reviewed the elements of financial statements of the public sector. Results The study proves and refines the concepts of elements of financial statements of the public sector, provides a draft section Elements of Financial Statements for Public Sector Organizations to the Conceptual Framework of Financial Statements of the Public Sector. When developing the concepts of elements of financial statements, I was guided by the specifics of budget reporting preparation and major requirements of Russian Federal Standards of Accounting and Reporting for Public Sector Organizations. Conclusions The justification of the proposed draft rests on the new classification approach to elements of financial statements enabling to define the main economic substance of items of financial statements prepared by public sector entities.
Keywords: liabilities, net assets, revenues, expenses, exchange transactions
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