Features of the use of FSBU 5/2019 “Inventories” by modern commercial organizations
Abstract
The article examines the current topic of the main innovations of the federal accounting standard 5/2019 “Inventories” adopted and effective from 2021, instead of the accounting regulation 5/01 “Accounting for inventories”. The basis of this standard is the International Financial Reporting Standard (IAS) 2 “Inventories” and, accordingly, borrows from it a large amount of various aspects, adapting to the Russian specifics of accounting and reporting.
This standard is mandatory for use among all commercial economic entities, with the exception of enterprises representing small businesses. In order to disclose this issue, new norms have been studied in comparison with the ones in force at the current time, and their main differences have been highlighted. The emphasis is on disclosing the concept of reserves, determining the actual value of reserves, as well as other aspects of accounting, illustrated with specific examples. The aspects of the formation of accounting indicators related to the introduction of this standard are also considered. In the end of the study, a conclusion is made about the advisability of introducing this standard and its impact on the quality of the generated reporting from the perspective of external users.
About the Authors
A. S. Sokolovskaya
Kazan (Volga region) Federal University
Russian Federation
Russian Federation
Master Student.
D. G. Yanrovskaya
Kazan (Volga region) Federal University
Russian Federation
Russian Federation
PhD in Economics, Associate Professor.
References
1. Order of the Ministry of Finance of Russia dated November 15, 2019 No. 180n “On approval of the Federal Accounting Standard FSBU 5/2019” Inventories”.
2. Order of the Ministry of Finance of Russia dated 06.10.2008 No. 106n (as amended on 07.02.2020) “On the approval of accounting regulations” (together with “Regulations on accounting” Accounting policy of the organization” (PBU 1/2008)”, “Regulations on accounting “Changes in accounting estimates” (PBU 21/2008)”.
3. Order of the Ministry of Finance of Russia dated 09.06.2001 No. 44n (as amended on 16.05.2016) “On approval of the Accounting Regulations” Accounting for inventories “PBU 5/01”.
4. Order of the Ministry of Finance of Russia dated March 30, 2001 No. 26n (as amended on May 16, 2016) “On approval of the Accounting Regulations” Accounting for fixed assets “PBU 6/01”.
5. International Financial Reporting Standard (IAS) 2 “Inventories” (entered into force on the territory of the Russian Federation by Order of the Ministry of Finance of Russia dated December 28, 2015 No. 217n) (as amended on July 11, 2016).
6. Golovanov R.S. Polemics and Analysis of Criticism of IFRS by I.R. Sukharev and O.A. Sukhareva // Accounting. Analysis. Audit. – 2019. – No. 3. – P. 22–27.
7. Ivanov A.E. The Current State of the Accounting Reform in Russia: the Results of 2017 // Accounting. Analysis. Audit. – 2019. – No. 5. – P. 14–25.
8. Malhotra M.K. How inventory consignment programs can improve supply chain performance: a process oriented perspective // Production. – 2017. – No. 27.
9. Nikitina N.N. Comparative characteristics of IAS 2 “Inventories”, PBU 5/01 “Accounting for inventories” and FSBU “Inventories” // Alley of Science. – 2019. – No. 2. – P. 258–262.
10. Saparov B.A. Differences in accounting for inventories according to the draft FSBU and PBU 5/01 // Bulletin of modern research. – 2018. – No. 12. – P. 427–429.
11. Svetlozar S. Inventory management in the enterprise through the application of IFRS 2 Inventories // Ikonomika i Kompûtʺrni Nauki. – 2016. – No. 2. – P. 11–17.
12. Soldatkina O.A. Accounting for reserves in accordance with IAS 2 and FSBU 5/2019 // Economics and Entrepreneurship. – 2020. – No. 5. – P. 1097–1101.
13. Sukharev I.R. Answers to IFRS: Disclosure of information about inventory // Accounting. Analysis. Audit. – 2019. – No. 2. – Р. 6–15.
14. Fedosenko T.V. The use of professional judgment in accounting for inventories in the transition to FSBU 5/2019 // Bulletin of the Russian University of Cooperation. – 2020. – No. 3. – P. 80–84.
15. Khmara E.G. Changes in accounting policy due to the introduction of the FSBU 5/2019 “Inventories” into the accounting system // Bulletin of the Taganrog Institute of Management and Economics. – 2020. – No. 1. – P. 31–33.
Review
For citations:
Sokolovskaya A.S., Yanrovskaya D.G. Features of the use of FSBU 5/2019 “Inventories” by modern commercial organizations. Kazan economic vestnik. 2021;(1):79-85. (In Russ.)
Views:
35
Email this article 