Financial statements formation under the Russian Accounting Standards and International Financial Reporting Standards: Application of adjusting entries
Vyacheslav Ya. SOKOLOVCorresponding author, Saint-Petersburg State Economic University (SPbSEU), St. Petersburg, Russian Federation sokolov@unecon.ru ORCID id: not available
Subject. This article analyzes the mechanism of applying adjusting entries within the framework of a unified information accounting system when preparing various types of reporting. Objectives. The article aims to substantiate the use of adjusting entries as a tool for transforming universal accounting data in the preparation of official and management reporting based on the requirements of the Russian (Federal) Accounting Standards (FSBU) and IFRS. Methods. For the study, we used the methods of analysis, functional grouping, and regulatory framework comparison. Results. The article highlights five functional groups of adjusting entries that cover key aspects of preparing financial statements. It establishes the regulatory framework for each group and provides standard accounting entries, analyzing their impact on reporting indicators. Conclusions and Relevance. Adjusting entries help form both official (according to Russian (Federal) Accounting Standards (FSBU), IFRS) and managerial reporting without duplicating accounting records, and they ensure a methodologically justified adaptation of accounting data to the requirements of different reporting formats. Thanks to this, it becomes possible to generate reports that meet the requests of different users without the need for parallel accounting. The results obtained can be used by organizations when developing accounting policies, establishing closing period regulations, and automating transformational procedures in information systems.
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