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International Accounting
 

The influence of the Russian and international financial reporting institutions of public sector on the creation of balance sheets

Vol. 20, Iss. 15, AUGUST 2017

PDF  Article PDF Version

Received: 27 June 2017

Received in revised form: 7 July 2017

Accepted: 17 July 2016

Available online: 15 August 2017

Subject Heading: INTERNATIONAL STANDARDS OF ACCOUNTING AND REPORTING

JEL Classification: F65, G00, G30

Pages: 856–867

https://doi.org/10.24891/ia.20.15.856

Trofimova L.B. Plekhanov Russian University of Economics, Moscow, Russian Federation
p-LBT@rambler.ru

Importance The article examines the impact of the regulatory framework of Russian and international public sector financial reporting institutions on the structure of the Russian financial position statements.
Objectives The article aims to develop a draft report on financial situation for the public sector of the Russian Federation, which could simultaneously meet the requirements of Russian Federal Accounting Standards for public sector organizations and international standards of public sector financial reporting.
Methods The article uses an institutional methodology based on an analysis of the regulatory framework that establishes the requirements for financial reporting for public sector entities in the Russian Federation.
Results As a result of the study, a new structure of the financial position report for the public sector entities has been developed, and now it is presented in the form of a draft report on financial situation for the public sector entities.
Conclusions and Relevance The problem of convergence of Russian and international financial reporting institutions of public sector has been solved through classifying the assets to non-current and current ones, simultaneously dividing them into financial and non-financial assets. The proposed format of the statement of financial position for the public sector entities will allow eliminating a number of discrepancies existing between the Russian and international public sector financial reporting institutions. The proposed form of balance sheet will facilitate the procedure for the formation of reporting for the Russian public sector entities.The results of the study can be used by practical accountants in the formation of financial position statements of public sector institutions, as well as when talking on IPSAS at educational institutions.

Keywords: noncurrent assets, current assets, financial result, financial assets, non-financial assets

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