Subject. This article explores the rules for accounting and evaluating work-in-progress (WIP) in the new Russian Federal Standard FSBU 5/2019 – Inventories, and compares it with IFRS (IAS) 2 – Inventories. Objectives. The article aims to identify the substantive characteristics of WIP accounting. Methods. For the study, we used the methods of comparison and generalization. Results. Based on a comparative analysis of the WIP accounting and valuation in FSBU 5/2019 and IAS 2, the article identifies their main similarities and differences. It offers options for WIP and finished product accounting and evaluation, taking into account FSBU 5/2019, and determines the prospects for further development of Russian rules for WIP accounting. Conclusions and Relevance. The article concludes that in the international and domestic practices of accounting and valuation of inventories, including work-in-progress and finished products, there are more similarities than differences. However, there are still enough issues that need further consideration and resolution. The results of the study can be applied both in accounting and in the practice of an economic entity in the context of sustainable business development.
Keywords: inventory, accounting, International Financial Reporting Standards, Federal Accounting Standard, work-in-process
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