Year of Graduation
Accounting of Fixed Assets and Intangible Assets in Accordance with Russian and International Standards
This study is devoted to a comparative analysis of the accounting of fixed assets (FA) and intangible assets (IA) according to International Standards of Financial (accounting) Reporting (IFRS) and the Russian Accounting Rules (RAP). In the first chapter of the work with the usage of the linguistic method, we study definitions of fixed assets and intangible assets in the scientific and financial literature and in the regulatory acts. Based on Russian Accounting Standards and International Financial Reporting Standards, which regulate accounting for fixed assets and intangible assets, we provide a comparative analysis of the valuation of non-current assets (FA and IA) and conclude that despite the convergence of International and Russian standards, some differences in accounting still exist. Also authors use an econometric analysis for testing of the impact of the accounting system on the quality of financial (accounting) report, which shows a higher quality of financial (accounting) reporting under IFRS than of Russian Accounting Standards. The second chapter examines the elements of the accounting policy of LLC ''PP ZIP'' related to fixed assets and intangible assets, and on the specific examples generated by the authors, analyzing a synthetic and an analytical accounting of fixed assets and intangible assets according to IFRS and RAP, identifies the minuses of the accounting system in LLC "PP ZIP". In Chapter 3 of the study, authors investigate the system of the internal control of fixed assets and intangible assets using various techniques, where imperfections are also identified. At the end of the research, the authors propose measures to improve the accounting and an internal control of fixed assets and intangible assets of LLC" "PP ZIP".