Accounting and Audit for Impairment of Non-Current Assets in Accordance with Russian and International Standards

An impairment of non-current assets is an important but challenging task. It appeared in Russian practice relatively recently and many issues are not regulated by Russian law. The paper focuses on studying the accounting and audit for impairment of assets in accordance with RAS and IFRS and offering recommendations for improving the accounting and audit of impairment of assets. For achievement this goal, an extensive relevant literature investigated and the practical research carried out through a case study with company ‘XXX’ using accounting and audit. The research produced a number of key findings: a comparative analysis of standards has show that area of accounting is regulated more specifically in IFRS than in RAS, the analysis of company’s accounting data has shown that the organization does not disclose certain impairment transactions in the financial statements. The optimal level of the discount rate has determined with the hierarchy method. This research suggests some changes in the company’s accounting policy and improvements to regulations the PBU at the legislative level in accounting of non-current assets.