Transformation of Indicators of Income and Expenses in according to IFRS

The purpose of this work is transformation model's development of indicators of income and expenses in according to IFRS with approbation on the example of JSC "Nizhpharm". The results of the work revealed that Russian and international standards governing the accounting of income and expenses, offer similar definitions, classification and certain elements of the accounting method of the objects considered, but they fundamentally differ the key conditions for the recognition of income and expenses. In the Russian accounting the main criterion of recognition is the availability of documentary evidence, and in the international – the fact of transfer of benefits and risks. Moreover, a classification of income and expenses was developed, and the goals and objectives of accounting for income and expenses were formulated using morphological analysis. The main result of this study is a developed and tested model of transformation of income and expenditure indicators, which can be applied by any company. Consistent implementation of all stages of transformation will allow to quickly and efficiently prepare reports that meet international standards. Based on the analysis of the results of the transformation, recommendations were created to optimize the methodological framework. In particular, the company should prepare a questionnaire with answers to key transformation issues in advance. In addition, it was noted that on the private example of JSC "Nizhpharm" reporting under IFRS represents a higher profitability and lower return on capital than the Russian report.