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Valuation of Long-Term Assets and Liabilities in Accordance with Russian and International Standards and Tax Legislation

Student: Kseniia Lukicheva

Supervisor: Maria A. Shtefan

Faculty: Faculty of Economics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

Currently, the issue of transition of Russian companies to international financial reporting standards is particularly relevant when new federal accounting standards are being developed that are close to international ones. Nowadays presentation of financial statements according to international financial reporting standards (IFRS) allows companies to attract foreign investors (for instance, foreign banks). The reliability of the company's financial statements depends on how objectively long-term assets and liabilities are assessed. At the same time Russian accounting standards (RAS) and tax accounting, including compliance with the rules for measuring long-term assets and liabilities, are obligatory for all organizations operating in the territory of the Russian Federation. However, valuation methods provided by RAS and tax legislation differ from those adopted in IFRS. That is why the selected topic is relevant. The primary purpose of the research is to identify differences in the methods of assessing long-term assets and liabilities under Russian and international standards and tax legislation and analyze their impact on the financial statements and financial condition of the organization. The scientific novelty of this research is that the author's definitions of the following concepts: long-term assets, fixed assets, investment property, intangible assets, goodwill, long-term financial investments, long-term liabilities, long-term borrowings, provisions were proposed. Also recommendations to improve the Federal accounting standards "Fixed assets" and "Intangible assets" were developed.

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