Russian practice of preparing accounting (financial) statements in accordance with IFRS

This article examines the practice of preparing accounting (financial) statements of Russian organizations in accordance with IFRS. It is shown that the Federal Law of July 27, 2010 No. 208-FZ “On Consolidated Financial Statements” had a great influence on the requirements for the preparation of reporting by Russian organizations in accordance with IFRS. The regulations of international standards for the formation of consolidated financial statements are considered. The Russian practice of applying IFRS regulations for the formation of consolidated financial statements has been studied. A comparison was made of approaches to preparing a statement of financial position in accordance with IFRS, used by organizations in different fields of activity. At the same time, the methods for generating financial position reports used by healthcare organizations and organizations operating outside the healthcare sector are compared. Both common and different approaches to the preparation of a statement of financial position, used by organizations in different fields of activity, have been identified. It is concluded that the reason for the differences in these approaches is the generalized nature of the IFRS regulations and the absence of strict requirements for the reporting format in them. The pros and cons of these regulations are identified.