Name
Masalitina Julija A.
Scholastic degree
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Academic rank
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Honorary rank
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Organization, job position
Kuban State Agrarian University
Web site url
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Articles count: 1
This article describes the importance of accounting
(financial) reports as the main source of information
about economic activities of a company. Financial
indicators (necessary for inclusion in the financial
statements) were given. There are financial statements’
classification, the composition of the annual
financial statements, the order of presentation and
publication in the article. In addition, the article excretes
the features of statements’ preparation and
presentation by economic entities. There are three
options of its compilation: easy, normal and multiple.
The comparative characteristics of statements in accordance
with Russian accounting standards and
IFRS are given. The article describes the process of
financial statements’ transformation in accordance
with IFRS. This process is divided into three main
blocks: 1 the analysis of accounting information
(primary documents and accounting records), preparation
of trial balances; 2 compilation of adjustment
postings and reclassifications of accounts of converted
turnover balance to IFRS; 3 preparation of financial
statements in accordance with IFRS. There are
two main methods of statements’ reporting in accordance
with IFRS (existing now): transformation of
the financial reporting and conversion. Their advantages
and disadvantages are determined