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ИД «Финансы и кредит»






International Accounting

Standardization of Financial Statements of Russian Organizations and the Quality of Disclosed Information: Unresolved Problems

Vol. 21, Iss. 3, MARCH 2018

PDF  Article PDF Version

Received: 12 January 2018

Received in revised form: 16 February 2018

Accepted: 26 February 2018

Available online: 15 March 2018


JEL Classification: M41

Pages: 271–280


Vakhrushina M.A. Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Subject This article deals with the assessment of the usefulness of reporting information disclosed under the conditions of the two systems – IFRS and RAS.
Objectives The article aims to substantiate recommendations aimed at elimination of discrepancies in the information, disclosed in IFRS reporting and reporting, prepared according to RAS.
Methods The research methodology includes a comparative analysis of the provisions of Russian PBU 12/2010 Segment Information and IFRS 8 Operating Segments, aimed to disclose segment information, and a critical analysis of the practice of applying the above-mentioned standards by the major Russian PAOs (public companies).
Results Based on the results of the comparative analysis, the article substantiates the substantial similarity of Russian PBU 12/2010 Segment Information and IFRS 8 Operating Segments provisions. The hypothesis on the identity of segment information disclosure by public companies according to the two types of financial statements is declared insolvent.
Conclusions and Relevance IFRS reporting and reporting, compiled according to RAS, are not identical concerning the presentation of data, sometimes there are contradictions in the information disclosure even. The article concludes of the low forecast potential of the reports published by Russian companies. Participants of the market of audit services are recommended to present at least consistent information in the Russian and IFRS reporting.

Keywords: reporting, International Financial Reporting Standards, Russian Accounting Standards, business segment, quality of information


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