Trapeznikova N.G.Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russian Federation nata-trapeznikova@yandex.ru ORCID id: not available
Subject. In their financial statements for 2022 and later on, the Russian entities will have to apply FSBU 25/2018 – Accounting for Lease if they need to recognize lease transactions. As FSBU 25/2018 fails to clearly regulate the procedure for recognizing contractual modifications, we examined approaches provided by IFRS 16 – Lease and illustrate how such modifications should be presented in the lessee's financial statements. Objectives. We make suggestions on the way modifications of lease contracts should be recognized in the lessee's financial statements with reference to its preparation to the adoption of FSBU 25/2018. Methods. The study relies upon the systems analysis and logic summary of legislative and regulatory documents and special literature on the subject. Results. Illustrating some cases, we showcase how various types of modifications influence figures in financial statements. We also provide the rationale for a professional judgment on the correct understanding of various aspects of such modifications in terms of IFRS 16. Conclusions. The adoption of FSBU 25/2018 will entail considerable preparations, since it substantially alters the way lease transactions are accounted for. Adapting the logic of IFRS 16 to the Russian context, FSBU 25/2018 unfolds the basic approach to accounting for such transactions. However, some complicated practical issues are overlooked in FSBU 25/2018. Therefore, it is reasonable to make methodological clarifications on the way modifications of lease contracts should be correctly recognized, including implications of COVID-19, which considerably influence the scale of business and the need of many entities to lease items. The findings are intended for research and practice, training on accounting and financial management. They also may underlie suggestions on the improvement of the Russian accounting technique pursuing the convergence of modern international practices.
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