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The evolution of accounting and reporting in the public sector of economy

Kulikova L.I. Kazan Federal University (KFU), Kazan, Republic of Tatarstan, Russian Federation ( 777phd@rambler.ru )

Yakhin I.I. Kazan Federal University (KFU), Kazan, Republic of Tatarstan, Russian Federation ( ilyakhin@mail.com )

Journal: International Accounting, #9, 2019

Subject The article analyzes how the practice of accounting and reporting historically evolved in the public sector of economy.
Objectives The research focuses on various accounting schools and national accounting schools specifically and determines periods when accounting and reporting practices originated in the public sector, indicating respective timelines and milestones.
Methods The methodological framework includes proceedings of renowned scholars in accounting who worked in the late 19th through early 20th cc. and some contemporary authors. The reliability of findings is ensured with such methods as observation, comparison, generalization and interpretation.
Results We determine when accounting and reporting practices emerged in the public sector. The first period was proved to start with exchange practices, seeing the first preparation of accounting documents and annual reports on public income and expenditures. During the second period, internal accounting originated from proceedings of the German accounting school. The third period was opened with the use of logismography devised by the Italian school of accounting scholars. During the fourth period, principles of accounting and reporting in public companies were developed and theorized through accounting rules and techniques which were applied by the Moscow City Council.
Conclusions and Relevance We conclude that the economic substance and content of accounting and reporting practices in the public sector transformed as accounting sciences evolved. The research proves it is reasonable to refer to the previous and earlier proceedings when outlining modern accounting principles in the public sector of economy.


Del credere reserve as a decrease factor in the financial risks of the organization

Kulikova L.I. Kazan Federal University, Kazan, Republic of Tatarstan, Russian Federation ( 777phd@rambler.ru )

Yakhin I.I. Kazan Federal University, Kazan, Republic of Tatarstan, Russian Federation ( Ilyakhin@gmail.com )

Journal: International Accounting, #29, 2015

Importance Forming provisions for doubtful debts and del credere reserve is one of the issues the contemporary accounting practice tackles. Currently, the effective Russian legislative acts and regulations on accounting fail to stipulate specific methods for accruing the said reserve. The article presents a historical overview of the del credere reserve concept, its origination and the process of forming and using this reserve in modern accounting practices.
     Objectives The research analyzes historical experience as views on the del credere reserve and devises a method for forming and using this reserve so to improve the contemporary theory and practice of accounting.
     Methods The methodological underpinning of the research includes proceedings by renowned Russian and foreign scholars in accounting who lived in the early 20th century. The reliability of findings we obtained was proved with the logic use of such methods as analysis, synthesis, observation, comparison, and logic generalization.
     Results Following the research, we propose a method for assessing the provision for doubtful debts, which would allow implementing the principle of mitigating financial risks of the entity. We also recommend a tailor-made approach to forming the del credere reserve per each item of doubtful debt. It is necessary to analyze reasons why counterparties delay in repayment of accounts receivable, and prepare internal statistical reports on timeliness of debt repayment. We present our method for assessing the reliability of counterparties on the basis of the past experience with debtors and suggest classifying counterparties per the reliability level and consolidating them into four risk groups. It is practicable for internal control over debtors, and disclosure of accounts receivable in financial statements.
     Conclusions and Relevance The provision for doubtful debt should be formed upon evaluation of the current corporate position and expected future economic benefits from repayment of accounts receivable.


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