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International Accounting
 

Measurement of public sector financial instruments in Russian and international standards systems

Vol. 24, Iss. 7, JULY 2021

Received: 10 May 2021

Received in revised form: 22 June 2021

Accepted: 28 June 2021

Available online: 15 July 2021

Subject Heading: FINANCIAL ACCOUNTING

JEL Classification: M41

Pages: 740–760

https://doi.org/10.24891/ia.24.7.740

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 regulations regarding the assessment of financial instruments of public sector organizations in the systems of Russian and international standards.
Objectives. The article aims to investigate the degree of convergence of regulations regarding the assessment of financial instruments in the Russian standards for public sector organizations with the rules of international standards.
Methods. For the study, I used the methods of critical analysis, synthesis, comparison, observation, and the analogy method.
Results. Based on a comparison of the regulations regarding the initial and subsequent assessment of various types of financial assets and financial liabilities in the Russian FSBU Standard Financial Instruments and IPSAS 29 Financial Instruments: Recognition and Measurement, the article identifies situations where the assessments of financial instruments of public sector organizations, conducted according to Russian and international standards, coincide or have differences.
Conclusions and Relevance. It is advisable to further converge approaches to the assessment of financial instruments in Russian standards for public sector organizations and the IPSAS regulations. The results obtained have both applied and theoretical applications in the field of financial accounting.

Keywords: financial tools, financial assets, financial liabilities

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