EVOLUTIONARY APPROACHES TO INVENTORY ACCOUNTING IN THE MODERN ECONOMY: PROBLEMS AND RISKS

The article discusses the main changes in inventory accounting in connection with the transition to the new standard FSBU5/2019; its comparison with PBU5/01 is carried out. The concept of reserves and their characteristics are updated in the conditions of convergence of national and international standards, economic and political instability, a comparison with IFRS is made, problems and risks that have arisen due to the new economic conditions, which, in turn, appeared due to changes not only in accounting and reporting rules, but also in the global economic and political arena, are identified. Inventories are an integral concept inherent in the economy and require adequate reflection of related transactions in accounting. This is especially important in the current conditions of harmonization with international standards, changes in regulation, inventory accounting, and even the global situation. Due to the problems brought by the COVID-19, political tension in the world, sanctions, inventories as an object of accounting are acquiring more and more new risks that need to be eliminated or at least minimized. Therefore, the risks associated with storage, logistics, depreciation, transition to a new standard and other problems become an actual characteristic of inventories, which determines the relevance of the research topic. Without proper accounting reflecting the real state of things, without reliable information, neither effective control nor inventory management is possible, which at present should become one of the vectors of development in inventory accounting.

inventory, FSBU5/2019, IFRS (IAS) 2, PBU5/01, financial accounting, financial reporting, valuation, accounting policy, risks, accounting harmonization

Nazarova T. E. Evolutionary approaches to inventory accounting in the modern economy: problems and risks. Biznes. Obrazovanie. Pravo = Business. Education. Law. 2023;2(63):70—76. DOI: 10.25683/VOLBI.2023.63.603.