Any business project is evaluated in terms of investment attractiveness. It is well known that the embodiment of the interesting conceptual ideas should start by drafting a business plan – a document that step determines all the components of a future project, and answer questions of investors about the effectiveness of their investments. Another important factor of investment attractiveness of the business is its transparency, ie Organization of accounting generally accepted international standards. And here in this very important point questions arise because of differences in accounting requirements for local and international accounting standards. Order preparation of financial statements in accordance with Russian accounting standards based on the performance of instructions and regulations governing bodies, while international rules are based on the principles of fair (Market) value, transparency, and provide the accountant a much greater freedom of action. Take a closer look at the example of these differences into account inventory of domestic and international Standards (IFRS).
In the Russian Federation accounting requirements for the materials defined in the pbu 5 / 01, “Accounting for Inventories. The international accounting standards, inventory (materials) is governed by ifrs 2 “Inventories”. After reviewing these documents are the following differences: Allowance for receipt of materials, methods of assessment. In international standards, evaluate materials either at cost or at affordable selling price less costs to sell. In the Russian practice applies only to the first way of assessing materials (at cost). Metering (leaves) materials (eg, transfer to production).
When leave materials in the manufacture and otherwise disposed of according to their score pbu 5 / 01 is: the cost of each unit, at average cost, at a cost of first-time purchase of material production inventories (FIFO method). ifrs 2 provides fifo method or weighted average cost. Ie leave materials in the ifrs does not differ from those in Russia rules. Periodic reassessment of materials. ias 36 Impairment Assets recommends regular checks of the value of assets being in conformity with the actual market prices. In the Russian practice of accounting materials (PBU 5 / 01), such a revaluation is not provided. Thus, to bring in compliance with international accounting standards material in the Russian company, it is necessary to conduct regular (at least – at the end of the reporting period) inventory cost of materials in order to identify stocks of net sales price which has fallen below book value. Acquainted with the differences in accounting systems, the question arises: how to reflect it all in the account and whether you need to do this? On this account, there are two different approaches. First – an organization of parallel accounting and financial reporting under Russian and international standards. Second – the technology transformation in which the accounting is under Russian regulations and provisions, and then performed the transformation of accountability on the main parts by completing the transformation table, the formation of the balance sheet, income statement, statement of changes in equity and statement of funds.