+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
International Accounting
 

Conceptual Framework for Financial Reporting: A critical analysis of new approaches

Vol. 20, Iss. 10, MAY 2017

PDF  Article PDF Version

Received: 1 March 2017

Received in revised form: 6 April 2017

Accepted: 12 May 2017

Available online: 29 May 2017

Subject Heading: PROBLEMS OF ACCOUNTING

JEL Classification: M41

Pages: 596-610

https://doi.org/10.24891/ia.20.10.596

Druzhilovskaya T.Yu. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation
tdruzhilovskaya@yandex.ru

Subject The article addresses the problems associated with interpretation of Conceptual Framework for Financial Reporting under IFRS.
Objectives The study aims to develop recommendations to solve problems related to interpretation of the Conceptual Framework for Financial Reporting under IFRS.
Methods The research methodology rests on critical analysis of the current state of the Conceptual Framework for Financial Reporting.
Results The paper identifies fundamental differences in conceptual approaches to financial statements generation in the amended text of Conceptual Framework for Financial Reporting as compared with the previous version. It justifies the lack of link between the definitions of Chapters 1 and 3 of the amended text of the Conceptual Framework and the existing Chapter 4 of the old text. I highlight strengths, as well as problematic and controversial aspects of approaches to financial reporting in the modified version of the document.
Conclusions The emphasis of users' interpretation on investors and creditors in the new version of the Conceptual Framework for Financial Reporting may lead to infringement of interests of other user groups. As the new version is unfinished yet, it is inexpedient to adapt the Conceptual Framework for Financial Reporting under RAS at the present stage.

Keywords: reporting, conceptual framework for financial reporting

References:

  1. Maksutova S.F. [Conceptual framework for financial accounting arrangement]. NovaInfo.Ru, 2015, vol. 2, no. 31, pp. 142–146. (In Russ.)
  2. Ageeva O.A. [Principles of preparation and generation of financial statements]. Lizing = Leasing, 2010, no. 3, pp. 4–9. (In Russ.)
  3. Kulikova L.I., Gafieva G.M. Development of Financial Reporting Principles. Mediterranean Journal of Social Sciences, 2014, vol. 5, no. 24, pp. 38–40.
  4. Deliboltoyan А., Kuter M.I. Historical Beginnings of Bookkeeping Depreciation. In: Proceedings of the 3rd Balkans and Middle East Countries Conference Luca Pacioli in Accounting History. Istanbul, 2013, pp. 1449–1464.
  5. Sokolov Ya.V., Sokolov V.Ya. Kontseptual'naya rekonstruktsiya faktov khozyaystvennoy zhizni vo vremeni. V kn.: Bukhgalterskii uchet kak summa faktov khozyaistvennoi zhizni [Conceptual reconstruction of facts of economic life over time. In: Accounting as a sum of facts of economic life]. Moscow, Magistr Publ., 2010, pp. 91–120.
  6. Mizikovskii E.A., Druzhilovskaya T.Yu. [The balance sheet and income statement]. Auditorskie vedomosti = Audit Journal, 2005, no. 6, pp. 25–34. (In Russ.)
  7. Mizikovskii E.A., Druzhilovskaya T.Yu. [A comparison of accounting principles in Russian and international standards]. Auditorskie vedomosti = Audit Journal, 1999, no. 8, pp. 24–33. (In Russ.)
  8. Rozhnova O.V., Markov V.V., Igumnov V.M. [Transparency as a priority area to improve the quality of reporting of enterprises]. Izvestiya Moskovskogo gosudarstvennogo tekhnicheskogo universiteta MAMI = Izvestiya MGTU MAMI, 2013, vol. 5, no. 1, pp. 80–84. (In Russ.)
  9. Get'man V.G., Grishkina S.N., Rozhnova O.V., Safonov I.V., Sidneva V.P. Kontseptual'nye i metodicheskie podkhody k otsenke uchetnykh ob''ektov po spravedlivoy stoimosti. Monografiya [Conceptual and methodological approaches to fair value measurement in accounting: a monograph]. Moscow, Financial University Publ., 2013, 150 p.
  10. Rozhnova O.V. [Developing the fair value measurement concept]. Uchet. Analiz. Audit = Accounting. Analysis. Audit, 2016, no. 6, pp. 20–27. (In Russ.)
  11. Kulikova L.I., Sokolov A.Y., Ivanovskaya A.V., Akhmedzyanova F.N. Lowest Value Principle Implementation in Inventory Measurement of Financial Statements of the Enterprises. Mediterranean Journal of Social Sciences, 2015, vol. 6, no. 1, pp. 406–410.
  12. Kulikova L.I., Garyncev A.G., Gafieva G.M. The Balance Sheet as Information Model. Procedia Economics and Finance, 2015, no. 24, p. 339.
  13. Kulikova L.I., Stepanov K.A. Printsip nepreryvnosti deyatel'nosti predpriyatiya v bukhgalterskom uchete i otchetnosti [The going concern principle in accounting and reporting]. Kazan, Kazan University Publ., 2009, pp. 35–44. (In Russ.)
  14. Get'man V.G. [Generation of financial statements by commercial organizations on the basis of the concept of physical capital maintenance]. Innovatsionnoe razvitie ekonomiki = Innovative Development of Economy, 2015, no. 3, pp. 103–107. (In Russ.)
  15. Sokolov Ya.V., Pyatov M.L. [True and fair view on accounting information]. Bukhgalterskii uchet = Accounting, 2007, no. 5, pp. 52–56. (In Russ.)
  16. Druzhilovskaya E.S. [Conceptual framework for valuation as an element of accounting methods]. Vestnik Nizhegorodskogo universiteta im. N.I. Lobachevskogo = Vestnik of National Research Lobachevsky State University of Nizhny Novgorod, 2011, no. 2-1, pp. 272–278. (In Russ.)
  17. Mizikovskii E.A., Druzhilovskaya E.S. [New requirements for valuation of assets in Russian accounting]. Auditorskie vedomosti = Audit Journal, 2013, no. 7, pp. 3–14. (In Russ.)
  18. Cuter M.I., Khabibullina A.F. [Prospects for the concept of integrated reporting in building industry]. Vestnik Altaiskoi akademii ekonomiki i prava = Bulletin of Altai Academy of Economics and Law, 2014, no. 2, pp. 65–68. (In Russ.)
  19. Vakhrushina M.A. [Investment appeal of commercial organizations: Problems of analysis and assessment]. Vestnik APK Stavropol'ya = Agricultural Bulletin of Stavropol Region, 2016, no. S1, pp. 4–7. (In Russ.)
  20. Nekhai A.A., Nekhai N.P. [A study of Conceptual Framework for Financial Reporting under IFRS]. Nauka i Mir = Science and World, 2014, vol. 2, no. 5(9), pp. 39–40. (In Russ.)
  21. Klychova G.S., Mavlieva L.M., Klychova A.S., Kulikova L.I. Organization of Accounting in Fur Farming According to IAS. Mediterranean Journal of Social Sciences, 2014, vol. 5, no. 24, pp. 84–90. (In Russ.)
  22. Ageeva O.A., Rebizova A.L. [Analysis of draft amendments to Conceptual Framework for Financial Reporting]. Vestnik Universiteta (Gosudarstvennyi universitet upravleniya) = University Bulletin (State University of Management), 2014, no. 8, pp. 96–98. (In Russ.)
  23. Tkachenko E.V. [Conceptual Framework for Financial Reporting under IFRS and US GAAP]. Gosudarstvennoe upravlenie. Elektronnyi vestnik, 2011, no. 26, pp. 1–9. (In Russ.) Available at: Link
  24. Khakhonova N.N. [Topical issues of improving the Conceptual Framework for Financial Reporting under IFRS]. Akademicheskii vestnik = Academic Bulletin, 2014, no. 1, pp. 133–140. (In Russ.)
  25. Druzhilovskaya T.Yu. Problemy garmonizatsii kontseptual'nykh osnov formirovaniya finansovoy otchetnosti v sistemakh rossiyskikh i mezhdunarodnykh standartov. Monografiya [Problems of harmonization of conceptual framework for financial reporting in RAS and IFRS: a monograph]. Nizhny Novgorod, National Research Lobachevsky State University of Nizhny Novgorod Publ., 2008, 197 p.
  26. Bubnovskaya T.V., Dzhulfakyan A.A. [On conceptual framework for IFRS adaptation in Russia]. Vestnik Dal'rybvtuza = Bulletin of Far Eastern State Technical Fisheries University, 2016, no. 7, pp. 10–19. (In Russ.)
  27. Grishkina S.N., Kontorovich O.I. [Developing the conceptual approaches to IFRS-based valuation in the Russian system of accounting and reporting]. Izvestiya Volgogradskogo gosudarstvennogo tekhnicheskogo universiteta = Izvestia VSTU, 2013, vol. 16, no. 11, pp. 88–91. (In Russ.)

View all articles of issue

 

ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

Journal current issue

Vol. 27, Iss. 3
March 2024

Archive