APPLICATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS IN THE RUSSIAN PRACTICE

The article reveals the implementation of international financial reporting standards in the Russian practice. The relevance of this topic is that, firstly in Russian Federation representation of corporate financial reporting in accordance with international standards is compulsive; secondly, the transition to IFRS increase the openness for their management bodies and investors; thirdly, the information contained in financial statements prepared in accordance with IFRS, allows owners to make more reasonable management decisions. The main purpose of this article is studying international standards and their application by various organizations. In connection with the intended purpose the problem of introducing international financial reporting standards studied more detail. The authors identified the main challenges facing the Russian legislation in this area. It allowed to single out particular qualities, challenges and most common ways of implementation IFRS by various companies and the convergence of accounting and financial reporting.

financial and accounting reporting, Russian Accounting Standards, International Financial Reporting Standards, the amortized value and fair value of assets, accounting policy of the company, parallel accounting, methods of evaluation and accounting requirements and obligations

Masuikova L.V., Tereshko Z. A. Application of International Financial Reporting Standards in the Russian practice // Business. Education. Law. Bulletin of Volgograd Business Institute. 2016. No. 1 (34). P. 132–136.