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International Accounting
 

Accounting for non-financial tangible assets: Convergence with IFRS, achievements, challenges, prospects

Vol. 24, Iss. 2, FEBRUARY 2021

Received: 28 December 2020

Received in revised form: 14 January 2021

Accepted: 21 January 2021

Available online: 14 February 2021

Subject Heading: FINANCIAL ACCOUNTING

JEL Classification: M41

Pages: 142165

https://doi.org/10.24891/ia.24.2.142

Tat'yana Yu. DRUZHILOVSKAYA National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation
tdruzhilovskaya@yandex.ru

https://orcid.org/0000-0003-1345-9841

Subject. This article discusses the problems of accounting for non-financial tangible assets associated with the introduction of new FSBU (Russian Federal Accounting Standards) for commercial organizations and non-profit organizations outside the public sector.
Objectives. The article aims to study and systematize the impact of the new FSBU regulations on the accounting for non-financial tangible assets, justify the convergence of this accounting with IFRS regulations, identify problems, and justify the prospects for their solution.
Methods. For the study, I used the methods of critical analysis, synthesis, comparison, observation, and the analogy approach.
Results. The article describes the impact of the adoption of the new FSBU on the accounting for non-financial tangible assets, such as inventories, fixed assets, investment real estate, biological assets. It identifies the degree to which this accounting is linked to IFRS regulations, as well as the problems associated with the recognition, evaluation and reflection in the reporting of non-financial tangible assets in the reporting of Russian organizations as a result of the introduction of the new FSBU. The article shows the prospects for solving the problematic aspects of accounting for non-financial tangible assets of Russian organizations.
Conclusions and Relevance. The introduction of the new FSBU will help significantly bring the accounting for non-financial tangible assets to IFRS requirements. The introduction of the new FSBU does not eliminate all differences from IFRS requirements in accounting for and reporting of non-financial tangible assets of Russian organizations. Solving the problematic aspects of the introduction of regulations of the new FSBU will contribute to the prospects for further reform of the Russian accounting. The results obtained have both applied and theoretical applications in the field of financial accounting.

Keywords: FSBU, IFRS, non-financial tangible assets

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