Which, in turn, is filled out in accordance with the established requirements of IFRS and RAS. The differences between the relevant requirements are quite significant.

The vast majority of domestic companies have an urgent need to prepare reports, taking into account not only Russian accounting principles, but also existing foreign standards. Despite the fact that Russian companies have moved closer to international standards in recent years, the difference between them is still significant.

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That is why many organizations reporting under IFRS are required to maintain additional accounting or rework ready-made forms. To understand the peculiarities of accounting in Russia, it is necessary to know about the discrepancies in the central provisions of the characteristics of IFRS and RAS.

Why draw a parallel?

Organizations that, for one reason or another, are forced to prepare reports in RAS and IFRS formats spend a considerable amount of money on converting already generated reports. The main differences in the principles of domestic and international standards lead to a variety of adjustments.

Each of these groups was originally intended to achieve different goals. For example, IFRS reporting is understandable to accountants all over the world. It is used to make economic decisions on the part of investors and foreign partners.

As for RAS reporting, only domestic ones are familiar with it accounting services. Documentation is drawn up for implementation state control and compilation of statistical information.

To understand what this is, you need to refer to the provisions of the law. Fundamental differences between the systems lead to the fact that RAS becomes a more narrowly focused area of ​​application. Appropriate reporting is used to familiarize users with the actual state of affairs at the enterprise, as well as with the results of labor activity over past periods.

IFRS reporting within this framework has one significant advantage, which is the reflection of information with a perspective for future reporting periods. This allows you to make a forecast to get acquainted with the development potential of the organization.

Definition overview

IFRS are international standards for financial reporting. This directly indicates that the principle of compiling appropriate documentation is based on the developments of employees of global companies. Reporting of this kind, first of all, is intended to compare all reporting data with common global parameters to facilitate accounting activities.

In accordance with this, all organizations that wish, even in the future enter the world stage, must draw up documents according to international standards. It is worth noting that IFRS provides users with relative freedom of action due to the fact that reporting is based only on a certain list of principles.

RAS are Russian standards accounting, which operate throughout the country. These same standards include provisions of current federal legislation and special accounting provisions. They are quite strictly regulated by law, so accountants do not even have relative freedom of action.

The main users of such reporting are government organizations. It is worth noting that parent and subsidiary enterprises must prepare such reports independently of each other. This may be due to the fact that domestic standards do not provide for the preparation of reports in a generalized manner.

What are their main differences?

IFRS and RAS have certain similarities and differences. To understand the key features of this or that reporting, it is necessary to consider the difference. For example, within the framework of IFRS, the rules are quite strictly followed, according to which economic information about transactions must be reflected in reports. RAS focuses on documentation operations.

As for the time value of money, IFRS uses the so-called discounting method to estimate actual cost existing assets. This can be directly related to the fact that the corresponding reporting is also intended for investors.

Differences can also be found in the accounting procedure for existing long-term assets. According to IFRS, the balance of these assets should not exceed the possible economic benefits.

Noticeable inconsistencies

Discrepancies in central positions

On the territory Russian Federation all organizations must mandatory maintain a unified chart of accounts. For IFRS, a single or, according to at least, recommended chart of accounts. Each organization that reports according to IFRS is developing an individual plan in accordance with the specifics of doing business.

It is worth noting that organizations can use existing charts of accounts for RAS for IFRS purposes if the preparation international documentation carried out by transformation.

Unlike RAS, IFRS does not have established forms for financial reports. Recommendations for completing international reports contain only general information about the structure of financial documentation and general requirements to her charge. As for the direct composition of financial documentation, it is identical for both systems. Differences can only be found in the names of several forms.

International standards financial statements do not provide for strict adherence to names for forms. Within this framework, the main requirement is clarity for each individual user of the reporting.

Domestic reports also lack a section on other comprehensive income. Because of this, a number of report provisions show only those actually committed financial transactions with capital.

Detailed documentation analysis

Below is a comparison table between regulatory documentation:

For IFRS	For RAS
	Accounting concepts in market economy Russian Federation
Regulations (IAS and PBU)
About provision of financial reports	About the accounting reports of the enterprise
About stocks	On accounting for material and production inventories
ABOUT	About accounting policy companies
About	About fixed assets
About events after the end of the reporting period	About income
About fixed assets	About hiring costs
About the rental procedure	About accounting financial investments
About revenue	About intangible assets
About the investment procedure	About information by segments

Accounts, cash and currency

Comparing the characteristics of the reporting year for each of the systems makes it possible to understand the key features of accounting. In RAS, this period of time in each specific case coincides with the calendar year, which ends on December 31. It is worth noting that this provision may not be applicable for newly formed organizations.

As for IFRS, enterprises using such a system approach the relevant issue more flexibly. Thanks to this, companies can make annual reporting for any date.

In the regions of the Russian Federation, all organizations except banks and enterprises public sector, must comply with the unified chart of accounts. It is worth noting that in cases where an organization wishes to use an account number that is not provided for by a single plan, this can only be done with the approval of representatives of the Ministry of Finance.

The currencies for maintaining one or another accounting report are different. According to RAS, reports can only be maintained in Russian rubles, which cannot be said about IFRS, where reporting is prepared in a multifunctional currency - this is the currency of the economic environment in which the organization operates.

Conceptual Framework

It is important to briefly review the conceptual foundations and principles of maintaining the types of reporting under consideration:

	IFRS	RAS
Regulatory document	Conceptual Framework for financial reports	Established concept of accounting in the market economy of the Russian Federation
Documentation status	Establishes principles for the preparation of financial statements for external users	Not a regulatory document
Basic principles of financial statements	Incorporated into existing conceptual frameworks	Included in a variety of regulatory documents accounting regulatory systems
Purpose of reporting	Providing useful financial information for investors and other lenders	An idea of ​​the financial condition of the enterprise at a certain point in time, as well as the financial results of its activities
Key Assumptions	The activity must be continuous	Continuing activities, separate ownership and consistency in implementation of accounting policies
Going concern	The organization is obliged to carry out its activities continuously and continue to conduct it for the foreseeable future (upon liquidation of the organization, a transformation of reporting must be carried out)	The activity must be continuous on an ongoing basis and in the very near future
Relevance of information	All information provided will be relevant if it is likely to influence decisions made by users	Not used

Financial parameters

The correspondence of key financial parameters is presented in the table below:

	IFRS	RAS
Established standard	International financial reporting	Accounting statements
Financial reporting form	Not regulated	Not regulated, but practice shows that in the vast majority of cases standard forms of the Ministry of Finance are used
Reporting period	Not installed	Compliant calendar year
Composition of annual reporting	Report on the financial condition of the organization, on profits, on changes equity, about the movement of funds, as well as notes	Current, reports on the financial results of the organization, changes in capitalization and notes
Comparative data	Statement of income or comprehensive income applies for at least two years	All figures apply for at least two years
Report on the financial condition of the enterprise	The organization presents liabilities and assets	Assets are divided into long-term and short-term
Current operating cycle	Determined from the moment of purchase of assets until the moment of their actual exchange for cash	Not regulated

Requirements for IFRS and RAS reporting

Each specific company must compulsorily prepare reports exclusively in Russian when using RAS. As for IFRS, the rules for using the language are not clearly regulated. All financial reports must be submitted to regulatory authorities at least once a year.

It is worth noting that in special cases the organization is forced to prepare the relevant documentation in a shorter period of time. IN in this case The accounting department must disclose certain additions to the period covered by the financial statements.

An analysis of the compliance of RAS with the provisions of IFRS and the main differences in principles are presented in the table below:

Requirement name	RAS	IFRS	Differences
Completeness of the information provided	All information about economic activity organizations must be fully reflected in reports	Information in reports is indicated taking into account existing costs, data convergence is carried out	Eat
Timeliness	All factors of economic activity and it are displayed in the relevant reports in a timely manner	Information is displayed in a timely manner, taking into account balance and accuracy of information	Eat
Prudence	All expenses must be recognized within accounting	Established diligence requirements are specified in specific principles for the development of appropriate documentation	Inherent similarities
Consistency	All information provided in the reports must be identical, and there should be no differences between the information.	This requirement is not established	Eat
Rationality	Accounting is carried out on the basis of the economic activities of the enterprise	Requirements not defined	Eat

Features of accounting

All profits, assets, liabilities and revenues can be reflected in a certain order of liquidity without dividing into current and subsequent ones. All assets have a clear hierarchy.

The profit and loss statement reflects the specifics of the content of expenses. It is worth noting that the relevant reports do not provide additional items for emergency operations.

Expenses can be classified according to the typology of functions or according to existing content. Among other costs, emergency items are provided, which must be clearly explained in a note.

As for IFRS reports on financial flows, such documentation can be compiled using direct or indirect methods. Along with the current quantity cash their equivalents must be indicated (example: short-term deposits or overdrafts).

In the RAS system, such reports can only be compiled using the direct method with specific detail of information about the types of financial flows within the current or investment activities. Only funds can be included in this framework.

Disadvantages of Conversion

It is worth noting right away that compliance with IFRS can only be achieved in cases where compliance with all standards and each of them separately is relevant. In cases where there are certain deviations from the established standards, the statements cannot be characterized as complying with IFRS.

There are also certain situations when international standards create certain contradictions with the essence of the operation. In this case, deviations are allowed. Accounts receivable can also be converted. However, it is worth considering the fact that the decision must be thought through and compelling reasons for this action must be given.

RAS vs IFRS: what an investor needs to know about them

What are RAS and IFRS for investors?

Lately, I have been receiving questions that readers ask me in comments on the blog, in the Telegram channel, as well as during training: what is the difference between reporting under IFRS and RAS? These two standards have significant differences in purpose, form, assessment of income and asset value, tax base, and even the period of provision. It is not surprising that the data on these two types of reporting for companies traded on .

These differences require detailed explanation, without which it is difficult to navigate before making an investment decision. In the article we will answer questions about what IFRS and RAS actually are, why they coexist in Russian market and what a retail investor needs to consider when analyzing a reporting company.

Why do IFRS and RAS standards exist on the market?

I've been running this blog for over 6 years. All this time, I regularly publish reports on the results of my investments. Now the public investment portfolio is more than 1,000,000 rubles.

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When analyzing certain financial instruments, primarily shares Russian companies, private investors are faced with the concepts of reporting under IFRS (International Financial Reporting Standards) and RAS (Russian Accounting Standards). Now on global market There are two competing standards - European IFRS and American GAAP. Their share of the world market is approximately 50/50. Since Russia is geographically closer to Europe, since the late 90s of the 20th century, we began the transition to European accounting practices.

The Russian Ministry of Finance had no choice: switch to world standards or leave the usual domestic ones. Without this reform, no investor, especially a foreign one, would be able to adequately evaluate in Russia. Without special knowledge, he simply will not understand reporting according to RAS. Auditors also assign ratings based on international standards. No reporting according to new standards for 2 last year, a Russian company cannot take place, even on the Moscow Exchange. Creditor banks and counterparties will also not seriously consider the company. For the reasons listed above, the state obliges everyone to switch to IFRS significant companies, and which are traded on the market. Except external reasons, there are also internal ones: forward-thinking managers use expert assessment according to IFRS standards to make more flexible management decisions.

RAS are a legacy of the Soviet era, when the need for economic assessment there simply was no company for investment purposes. The content of the old standards is on-balance sheet and off-balance sheet accounting of property and its depreciation, reflection working capital, accrual and calculation of profits. The purpose of accounting was not so much to estimate the real market value as much as preventing tax evasion and theft of “socialist property.” Modern RAS standards have undergone many changes and have already half merged with IFRS, but the difference in the company’s valuation can be quite significant. Let me give as an example the report of PWC auditors on Sberbank’s net profit under IFRS for the 1st-3rd quarter of 2017. The bank is required to post financial disclosure on its website. As you can see, net profit amounted to 576.3 billion rubles.

Same chief accountant, but already according to RAS standards, shows a profit of 506.4 billion rubles.

Why do RAS standards remain on the market? I see the answer as follows. If you suddenly switch to new standards, you will have to:

• dismiss en masse the older generation of accountants who received financial education 15-20 years ago;
• deprive small businesses of the opportunity to hire low-paid accountants that the owner can afford;
• dramatically rebuild the entire system tax collections on the ground.

But if everything is clear with small and medium-sized businesses, then the question remains: why do large public companies that can afford a highly qualified accountant with expert judgment continue to provide reporting under RAS? There are a number of reasons:

• Legislative framework and judicial practice have great inertia and do not keep up with changes in the market;
• IFRS integrationc Russian tax system still in progress;
• Reporting under IFRS is more expensive because it requires the involvement of independent auditors and appraisers;
• Some companies, having fallen under sanctions, lost the incentive to switch to international standards.

Thus, now there is a transition period that will last for quite a long time. In addition, the RAS reporting itself is subject to changes by including data adopted in IFRS. For example, Form No. 2 (Profit and Loss Statement) now includes a section “Other comprehensive income and expenses.”

What is the difference between IFRS and RAS

For ease of comparison, let’s look at the difference between the two standards using the example of a table with the main accounting parameters.

What are we comparing?	RAS	IFRS
main idea	All assets and transactions must be legally supported by documents	The advantage of economic meaning over legal
Application	For reporting to control and tax authorities	For analysis by investors and creditors, for forecasting purposes and management decision-making
Basis for analysis	Only documents confirming the operation	The accountant’s professional judgment, confirmed by an independent auditor, is taken into account
Reporting period	Calendar year from January 1 to December 31	The period is set by the company itself
Currency	Only rubles	Currency in which transactions are carried out
What does it cover?	Reporting legal entity	Consolidated reporting throughout the group
Cost of funds	Discounting does not apply	cash flows over time
Property valuation	Book value including depreciation	Valuation and revaluation with the involvement of an independent appraiser
Interest income	according to the contract, accrued linearly to the initial cost	Effective rate %, calculated on amortized cost, taking into account expected changes
Determining the value of assets and liabilities	Cost according to documents. Where you can't appreciate current value, determined by original cost	Fair value taking into account time and market conditions of sale
Value of assets for sale	Book value (possibly overstated)	Only what the company can receive upon sale
Intangible assets	Not applicable	The rating is not cash flow taking into account potential benefits
Derivatives	Accounted for as property. Evaluated only based on the actual transaction	Measured at fair value, taking into account future cash flows
Tax base	The amount of income and expenses subject to income tax	Depends on the method of repayment of the asset’s carrying amount (sale or use)
Disclosure of qualitative information	Not applicable	The company's policy and the quality of capital management over time are taken into account

The table shows that accounting under IFRS more adequately reflects the complex economic reality, contains detailed calculation algorithms and takes into account modern financial instruments - multilateral financial guarantees, derivatives, etc. But the most fundamental difference is that IFRS recognizes the power of the value judgment of the reporting preparer. For example, RAS standards do not take into account the company’s vision of the market prospects, future changes in the value of funds, or the need to hedge interest rate and currency risks.

What a private investor needs to take into account in company reporting

When choosing shares of Russian companies, it is important to be confident in their positive dynamics financial indicators both in terms of the cost of securities and . Or invest in clearly undervalued promising assets. In both cases, one cannot do without an initial analysis of reporting. It is available for download by issuing companies, annually and quarterly, usually according to two standards. However, I consider studying company websites for published reporting forms an unproductive activity. Reporting for all public companies is available on online services, for example, smart-lab.ru or ru.investing.com. It is also more convenient to analyze them there, since the necessary reporting indicators have already been collected and processed.

For Russian investor, as well as for foreign, data according to IFRS is relevant, since analysis of shares and bonds of companies according to Russian standards will give distorted results. And not because they are worse than international ones, but because they are intended for different purposes. Of the more than one hundred pages of reporting, an investor should be interested in only two forms: the balance sheet and the income statement. They also have a lot of lines and numbers, we need a few of them basic ones, necessary for calculating multipliers:

• Assets;
• Liabilities;
• Capital;
• Cash;
• Revenue;
• Net profit;
• Capitalization (can be found on the Moscow Exchange website)

We are interested in multipliers, which I have already described on the blog in separate articles. They are based precisely on accounting data according to IFRS and reflect financial condition analyzed companies. They are easier to read, compare companies and draw conclusions about the quality of the asset. Let me remind you of the most common coefficients characterizing financial stability analyzed company.

In particular, in lesson No. 9 we look in detail at where and what to watch. Join the study group, which is growing every day and uses the private Telegram channel to communicate with me and each other. If you have any questions, write in the comments. 4 ratings, average: 5,00 out of 5)

Many provisions in accounting under IFRS and RAS look similar, but the first impression is deceptive. In international standards, the approach to accounting differs significantly from the Russian accounting tradition. Let's take a closer look at the differences between RAS and IFRS.

Unlike Russian standards, international standards require not formal, but the most realistic accounting current situation in the company. The main difference between IFRS and RAS– these are the principles for assessing assets and liabilities and correlating income and expenses with the reporting period. Their use directly affects the financial position and performance of the company in the eyes of users: it can make them more optimistic or conservative instead of displaying the real picture.

IFRS and RAS: developers

International standards are developed by a non-governmental non-profit organization - the IFRS Board (IASB) - on the initiative of market regulators securities, auditing and accounting associations, large industrial companies. Formally, no state can influence the decisions made by this organization.

The IASB is funded on a voluntary basis by international accounting and auditing firms (e.g. the Big Four), large companies, banks and governments of many countries.

The Council's primary objective is to develop, in the public interest, a single set of high quality, understandable and enforceable, globally accepted financial reporting standards based on clear principles. IFRS is used officially or voluntarily in more than 100 countries.

The structure of domestic regulations is hierarchical and includes (Article 4, 21 of the Federal Law of November 22, 2011 No. 402-FZ “On Accounting”):

• legislative acts;
• federal standards;
• industry standards;
• recommendations summarizing application practice (information messages from the Ministry of Finance of Russia);
• standards of an economic entity.

Federal standards are adopted by the Ministry of Finance (clause 5.2.21(1) of the Decree of the Government of the Russian Federation of June 30, 2004 No. 329), and industry standards are adopted by the Central Bank of the Russian Federation (subclause 14 of Article 4 of the Federal Law of July 10, 2002 No. 86-FZ). This fact in itself speaks of the influence of the state in this area.

IFRS are not tied to the legal system of a particular country (unlike US GAAP). Accounting legislation is based on the norms of the Civil Code of the Russian Federation (for example, when recognizing revenue from the transfer of ownership, performance of work, etc.).

Reporting according to international standards must meet the requirements not only for recognition and measurement, but also for information disclosure. Modern PBUs also contain a significant amount of information to be disclosed, but several times less than in IFRS.

IFRS has a document - Conceptual Framework for Financial Reporting. It is not part of international standards, but provides a basis for making decisions regarding certain operations in the absence of a specific standard.

Obviously, there is no such document in RAS. Regulations on accounting and financial reporting in the Russian Federation (Order of the Ministry of Finance of Russia No. 34n) is a short set of rules on accounting, but not principles.

An important conceptual difference is the reflection of transactions with business owners. In IFRS, business owners are the most important or are proclaimed as such. Even if it's a million small shareholders. Accordingly, all reporting strives for the main (but not the only) goal - to show how much the owners earned in the reporting period and how much they can earn in the future. IFRS defines general concepts“asset” and “liability”, and in RAS each standard describes specific assets without generalizing their characteristics.

Reporting period under IFRS and RAS

In RAS reporting year always coincides with the calendar year ending on December 31 (clause 13 of PBU 4/99 “Accounting statements of an organization”). An exception is provided for newly created organizations.

IFRS approaches this issue more flexibly. A company may prepare financial statements for a year ending on any date, change the end date of the reporting period and present financial statements for a period of more or less than one year (clause 36 of IAS 1 “Presentation of Financial Statements”).

Chart of accounts and reporting forms according to IFRS and RAS

In Russia, companies are required to comply with a unified Chart of Accounts. If a company wants to use an account number not provided for by the plan, it can do this only with the permission of the Ministry of Finance of Russia (order No. 94n dated October 31, 2000).

Reporting forms are mandatory and approved by Order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n “On Forms of Accounting Reports of Organizations.”

IFRS does not have a single approved or recommended Chart of Accounts. Each company develops its own chart of accounts based on the specifics of the business and the required detail of financial information. At the same time, a company can use the chart of accounts according to RAS if it prepares international reporting using the transformation method.

IFRS and RAS reporting: comparative analysis

There are no approved financial reporting forms in IFRS. IAS 1 provides general guidance on the structure of financial statements and minimum requirements for their content.

The composition of financial statements in IFRS is the same as in RAS. Only the names of some forms differ. Thus, the Russian balance sheet corresponds to a report on financial situation, and the income statement – ​​the statement of comprehensive income. The statement of changes in equity and the statement of cash flows in IFRS are called the same as in Russian accounting.

Statement of financial position in IFRS it is allowed to be compiled in two ways (clause 60 IAS 1):

• with a division into short-term and long-term assets and liabilities, that is, as in RAS (clause 19 of PBU 4/99);
• without such division, but in order of decreasing or increasing liquidity (if such presentation of information provides reliable and more relevant information).

For example, banks typically choose to present them in descending order of liquidity, while manufacturing companies typically choose to present them in order of current and long-term assets and liabilities.

IN statement of comprehensive income expenses associated with core activities can be presented in two ways, at the organization’s choice (clause 99 of IAS 1):

• by cost function (cost price, selling expenses, administrative expenses etc.), that is, as in RAS;
• by the nature of the expenses (depreciation expenses, employee benefits expenses, etc.).

The Russian income statement does not have a section on other comprehensive income, as a result, a number of items in the income statement actually show capital transactions.

One of the most important reporting documents is statement of changes in equity, since it reflects transactions with owners (increase/decrease in capital, payment of dividends, contributions from owners not related to changes authorized capital). The final amount shows the capital that actually belongs to the shareholders and which they theoretically can withdraw or leave as an investment.

In RAS, at first glance, this report completely copies the corresponding section of the balance sheet. There, contributions from the founder or parent company are included in other income. Loss from cancellation own shares in RAS it is included in other expenses. This indicates that the interests of owners are not taken into account at all for the purposes of RAS, since these transactions are in no way distinguished from operating activities.

Cash flow statement. PBU 23/2011 provides only a direct method for compiling ODDS. Detailed information about the species is revealed cash receipts on current, investment and financial activities.

According to IFRS, a company can use one of two methods: the direct method, as in RAS, or the indirect method (clause 18 of IAS 7 “Statement of Cash Flows”).

Features of the cash flow statement prepared indirect method, is that the indicator “Net cash inflow (outflow) from current operations"is obtained by calculation. To do this, net profit (loss) is adjusted for items that are taken into account when calculating profit (loss), but do not entail an inflow (outflow) of money. For example, depreciation is an item that reduces profit but does not entail an outflow of money , therefore, when adjusting profit, this item is added.

Obviously, the result (net cash inflow (outflow) from current operations) with the indirect method will be the same as if it were obtained by the direct method. However, the report prepared by the indirect method does not contain information about cash flows from operating activities.

It is easier to prepare a cash flow statement using the indirect method than the direct method. For consolidated reporting, this method is practically the only one.

Other differences:

• short-term financial investment in IFRS they can be included in cash equivalents (clause 7 of IAS 7), unlike RAS, where they are included in operating activities (clause 9z of PBU 23/2011);
• Bank overdrafts in international accounting can be reflected in cash equivalents (clause 9 of IAS 7), while according to RAS overdrafts are bank loans formally subject to accounting as part of cash flow from financial activities (clause 11 of IAS 7);
• IFRS is more flexible than RAS in its approach to the classification of dividends paid and the amount of income tax payments in the cash flow statement (clauses 34 and 35 of IAS 7, respectively, clause 11c of PBU 23/11);
• IFRS recommend indicating in the notes to the cash flow statement the amounts of cash that are not available for use (clause 48 of IAS 7).

Reporting currency under IFRS and RAS. According to RAS, accounting is kept, and reporting is prepared only in rubles (clause 16 of PBU 4/99).

In IFRS, accounting is carried out in the so-called functional currency (IFRS (IAS) 21 "The Effects of Changes in Foreign Exchange Rates"). It is the currency of the economic environment in which a company operates.

When choosing a functional currency, the currency taken into account is:

• in which prices are set and payments are made for the company’s goods and services;
• countries whose conditions determine the selling prices for the company's goods and services (for example, Russian gas can be sold for rubles, but in fact its price is tied to the dollar exchange rate);
• which primarily pays for labor, materials, and other costs associated with the sale of goods and provision of services by a company.

Transactions in any other currency must be converted to the functional currency.

Reporting can be presented in any currency, it is called the reporting currency. In other words, accounting and reporting currencies may be different. If the reporting currency is one and the functional currency is different, then the financial results of operations and the financial position of the company are translated into the reporting currency. All exchange differences resulting from the translation are recognized in other comprehensive income (ie charged to equity).

IFRS does not establish requirements for the language of reporting, but it is usually prepared in English. In RAS it is only the Russian language (clause 15 of PBU 4/99).

Differences between IFRS and RAS in accounting: table

	RAS	IFRS
Moment of revenue recognition	To recognize revenue in RAS, it is required that the ownership of goods transfers from the organization to the buyer (clause 12 of PBU 9/99 “Income of the organization”).	Revenue from the sale of goods is recognized when the company has transferred to the buyer significant risks and rewards associated with ownership of the goods (as well as when a number of other conditions are met), regardless of the fact of transfer of ownership (clause 14 of IAS 18 “Revenue”). Of course, in most cases the transfer of risks and rewards coincides with the transfer of legal ownership rights to the buyer, but this is not always the case.
Discounting	RAS does not oblige organizations to reflect any reporting items on a discounted basis, that is, taking into account the time value of money. An exception is long-term estimated liabilities.	Discounting is widely used. For example, if the receipt of cash or cash equivalents for shipped goods is delayed for a significant period (usually more than a year), then accounts receivable and revenue are determined by discounting all future receipts (clause 11 of IAS 18). If any non-financial assets (fixed assets, intangible assets, inventories, etc.) are acquired with a significant deferred payment (more than a year), then their cost is the equivalent of the price subject to immediate payment on the date of recognition of the asset. The difference between this amount and the total amount of the fee is recognized as interest expense during the deferment period (clause 23 of IAS 16, etc.). To determine the cost financial assets And financial obligations, accounted for at amortized cost, discounting is also used. IAS 36 requires the value in use of an asset (or group of assets) to be determined in some cases. Value in use is calculated by discounting the future cash inflows and outflows associated with the continued use and subsequent disposal of the asset.
Non-current assets held for sale	According to the rules of RAS (clause 4c of PBU 6/01 “Fixed Assets”), fixed assets are an asset not intended for sale. At the same time, organizations often use the OS in their activities and then sell it. The PBU does not say how to report such assets in reporting. As a rule, accountants account for them as fixed assets until the moment of sale.	Non-current assets (in particular property, plant and equipment) that an entity has used and then decides to sell are recognized as separate species current assets. They are called long-term assets held for sale (IFRS 5). An asset is transferred to held for sale if two conditions are simultaneously met (clause 7 of IFRS 5): it is ready for immediate sale in its current condition under normal conditions; its sale is highly probable (when a buyer is being actively sought and the sale is expected to occur within a year at market price). Like goods, assets held for sale are not depreciated. They are recognized in the statement of financial position at the lower of their carrying amount and fair value less costs to sell. If an asset's fair value less costs to sell is less than its carrying amount, the difference (impairment loss) is recognized as an expense. If the value of the asset subsequently increases, the impairment must be reversed, but only to the extent of the amount previously included in expenses (paragraphs 20–24 of IFRS 5).
Rental accounting	RAS does not yet have a standard regulating lease accounting. Accounting practice has developed as follows: the leased item is always reflected on the lessor’s balance sheet; rental income (expenses) are recognized by the tenant and the lessor on a monthly basis in accordance with PBU 9/99 and PBU 10/99. However, during leasing (financial lease), a situation is possible when the leased item is taken into account by the lessee (lessee). But in any case, the choice of the party that takes into account the leased asset is not determined by economic reasons, and the terms of the contract ( legal form). This is provided for by Federal Law No. 164-FZ of October 29, 1998 “On financial rent (leasing)”.	In international accounting, lease transactions are regulated by special IAS 17 “Rease”. It states that leases can be of two types - financial and operating. A lease qualifies as a finance lease if substantially all the risks and rewards of ownership of the asset are transferred to the lessee. This is the case if, for example, at the end of the lease term, ownership of the asset passes to the lessee or the lease period is a significant part of the asset's life. If the lease is not a financial lease, then it is considered an operating lease. Finance and operating leases are reflected differently in accounting and reporting. A finance lease is considered in accordance with its economic meaning, that is, as an installment sale of an asset, regardless of whether ownership of the leased item passes to the lessee at the end of the contract. When an asset is transferred, the lessor accounts for its disposal and accounts receivable tenant. Since the lessor does not receive money for the asset immediately, but in installments, interest is charged for deferred payment. Therefore, during the lease agreement, the lessor charges interest income and, as payments are received from the lessee, reflects the gradual repayment of receivables. The lessee in a finance lease recognizes the asset in accounting (regardless of whether ownership passes to it at the end of the lease) and records accounts payable to the landlord. Over the course of the lease, it reflects interest expense and repayment of accounts payable. With an operating lease, the asset continues to be owned by the lessor, and income in the form of rent the lessor and the lessee's expenses are recognized equally (regardless of the payment schedule - clause 33 of IAS 17).
Accounting for deferred taxes	In RAS, deferred income tax is the difference between accounting and tax profit, multiplied by the tax rate. All types of deferred taxes (ONA, ONO, PNO, PNA) are accrued in correspondence with account 68. Also reflected is a value called conditional income tax expense (income) (URNP/UDNP) and is the product accounting profit and income tax rates. The purpose of PBU 18/02 “Accounting for corporate income tax expenses” from an accounting point of view is to compare an abstract value - tax on accounting profit (loss) - with the real income tax reflected in the income tax return. However, from a reporting point of view, the purpose of recording deferred taxes is to eliminate the impact of different rules for recognizing income and expenses in accounting and tax accounting on net income. Therefore, when calculating net profit, you need to not only subtract the current income tax on line 210 for 9 months from the accounting profit before tax, but also make adjustments to deferred taxes (the increase in deferred taxes is added tax asset and the increase in deferred tax liability). At the same time, the conditional income/profit tax expense is not reflected in the profit and loss statement at all, and permanent tax assets/liabilities are indicated for reference and do not participate in the calculation of indicators. According to the rules of RAS, excess interest is a permanent difference on which a permanent tax liability is accrued in correspondence with the income tax settlement account. The difference between the procedure for calculating deferred taxes under RAS and under IFRS lies mainly in the calculation technique. However, in some cases this difference is more significant. For example, in RAS, when the additional valuation of fixed assets is attributed to account 83, deferred taxes do not arise, since at the time of the additional valuation there are no income or expenses. Only when depreciation on an overvalued asset is written off as an expense, a permanent tax liability will arise in accounting, since revaluation is not taken into account in tax accounting.	Deferred taxes are determined using the balance sheet method: the carrying amounts of assets and liabilities are compared with their tax bases (IAS 12 Income Taxes). The carrying amounts of assets and liabilities are the amounts at which assets and liabilities are reported on the statement of financial position (balance sheet). Definition tax base assets and liabilities are different. When an asset is used or sold, taxable income arises. In this case, when calculating the tax, some amount will be taken into account in expenses. It is this that will be the tax base of the asset (clause 7 of IAS 12). For example, a product was purchased for 1000 rubles. and sold for 1200 rubles. The sale amount is included in income and at the same time 1000 rubles. included in expenses. This means that the tax base for this product is 1000 rubles. If income from the use or sale of an asset is not taxed, then the tax base of the asset is equal to its book value (clause 7 of IAS 12). The tax base of the liability is equal to its book value minus the amount that is deducted for tax purposes in future periods (clause 8 of IAS 12). For example, an organization has recognized a provision for lawsuit(in RAS - estimated liability) in the amount of 1000 rubles. The carrying value of the liability is 1000 rubles. For tax purposes, expenses will also be taken into account, but later - when they are incurred. This means that the tax base of the liability is 0 rubles. (1000 – 1000). For revenue received in advance, a special rule applies - the tax base of the resulting liability is equal to its book value minus that part of the revenue that will not be taxed in future periods (clause 8 of IAS 12). For example, the seller received an advance in the amount of 1000 rubles. When shipment occurs, the seller acknowledges taxable income in the amount of 1000 rubles. This means that the tax base of the advance received is 1000 rubles. (1000 – 0). Permanent differences are not reflected. Deferred tax does not correspond to the tax account, but is allocated directly to the income statement line item or other comprehensive income. When revaluing fixed assets, it is necessary to recognize a deferred tax liability (clause 20 of IAS 12).
Impairment of assets	Impairment is mentioned only in PBU 14/2007: the organization has the right to check intangible assets for impairment according to IFRS rules.	Organizations are required to test for impairment, for example, assets such as fixed assets, investment property, intangible assets, and goodwill. The essence of IAS 36 is that an asset is carried at an amount that does not exceed its recoverable amount. Recoverable amount is the amount that an entity could receive from the use or sale of a given asset. Some assets generate income for the company on its own, such as a property that the organization rents out. Therefore, there are no special problems in determining the value of its use. Other assets do not independently generate cash for the company. In such a case, the recoverable amount must be determined for the group of cash-generating assets to which the asset belongs. If the carrying amount is higher than the recoverable amount, then the carrying amount must be reduced by the difference. The amount of the impairment is usually included in expenses. An exception is the depreciation of a fixed asset, which was previously revalued with the reflection of the revaluation amount in capital. In this case, first the amount of the revaluation is reduced by the amount of impairment, and if the amount of impairment is greater than the revaluation, then the remainder is reflected in expenses (clauses 59-60 of IAS 36). If the recoverable amount of an asset has increased, the amount of its impairment can be restored to its current carrying amount (except for goodwill) (clause 114 of IAS 36).

The difference between IFRS and RAS in accounting for main reporting items

Fixed assets and construction in progress. It is typical for RAS (according to PBU 6/01 “Accounting for fixed assets”):

• absence of leased objects in the lessee's records;
• inclusion of illiquid objects, social facilities, assets intended for sale into fixed assets;
• undervaluation of “old” objects: privatization, hyperinflation, revaluation, contributions to the authorized capital;
• overvaluation due to lack of impairment;
• underestimated/overestimated terms beneficial use by Classifier or by tax deadlines.

In IFRS, based on IAS 16 “Property, Plant and Equipment”, the following adjustments are usually made:

• the composition of fixed assets is clarified: it is analyzed for the presence of leasing, low-value items with a useful life of more than a year, investment property, assets intended for sale;
• the revalued valuation model is used;
• additional capitalization of interest on loans and borrowings is carried out (if capitalization was not used in RAS);
• impairment of fixed assets and construction in progress is reflected;
• depreciation is recalculated real terms beneficial use of the OS;
• reserves are accrued for decommissioning and reclamation;
• investment property is transferred to separate category and is remeasured (usually) at fair value.

Intangible assets. In RAS, accounting is carried out in accordance with PBU 14/2007. As a result:

• Not all assets are recognized, but only a narrow list of intangible assets. Licenses and non-exclusive rights are not included in the IMA;
• deferred expenses are a “mysterious category” of assets that do not meet the recognition criteria for intangible assets under RAS, but also cannot be attributed to current expenses, since they relate to future periods;
• R&D is recognized as a separate asset according to PBU 17/02, which leads to an overstatement of the value of assets;
• overvaluation for all intangible assets, since impairment under RAS is allowed, but in practice it is used extremely rarely;
• goodwill (goodwill) is not relevant to the actual valuation of the acquired business, since it is calculated based on the book value and not the fair value of assets and liabilities.

Therefore, for accounting in accordance with IFRS 38, as a rule, adjustments are made:

• intangible assets (trademarks, licenses, software) are recognized;
• “future expenses” are completely eliminated due to reclassification into intangible assets, advances issued and expenses of the current and previous periods;
• R&D: research is written off, developments are tested for impairment;
• taken into account special rules for exploration and evaluation assets;
• revaluation is carried out on the date of transition to IFRS;
• additional capitalization of interest on loans and borrowings is carried out;
• impairment of intangible assets is reflected.

Reserves. In RAS, inventories are accounted for in accordance with PBU 5/2001 “Accounting for inventories”. As a result:

• in practice, it is possible to reflect illiquid, obsolete inventories in the balance sheet;
• book value finished products may include excess losses;
• underestimated acquisition cost in the absence of documents at the end of the reporting period;
• form priority – inventories on the balance sheet of another company (for example, “goods shipped” continue to be taken into account in the balance sheet of the owner company, despite the lack of control over them);
• understatement of the reserve by the amount of write-down of inventories to the current market value (for example, selling expenses are not deducted from the market value of inventories);
• reflection of all inventory items as part of current assets.
• the item “Inventories” includes deferred expenses;
• "transfer" prices in separate reporting companies may not be at current value.

IFRSs typically make adjustments to comply with (IAS 2 Inventories):

• valuation of all reserves at the lowest actual cost and net realizable value;
• using the accrual method for late supplier invoices and retro discounts, distributing them to the remaining inventory;
• allocation of long-term reserves: emergency, strategic reserve;
• recognition of inventories depending on the nature of the transaction;
• transfer to non-current assets inventories intended for the creation of fixed assets;
• complete recount of all biological assets (IAS 41 Agriculture).

Financial assets. In RAS, accounting is governed by PBU 19/2002 “Accounting for Financial Investments”. As a result:

• the classification into negotiable and non-current is established initially and then does not change. In this case, we do not mean loans issued, for which the term changes over time to short-term, but perpetual shares, which, as a rule, are not transferred to another category, regardless of the company’s intentions to own or sell;
• the initial and subsequent assessment is carried out at actual cost according to primary documents and does not take into account the time value of money;
• overvaluation of long-term assets as a result of non-use of discounted value;
• a provision for doubtful debts is rarely created; bad debts are written off only if a number of requirements are met;
• monetary documents (tickets, vouchers, forms, etc.) are reflected as cash;
• cash equivalents are included in other current assets (deposits for three months or less);

IFRS has a different classification of financial assets (IAS 39 " Financial instruments: Recognition and Measurement", IFRS 9 "Financial Instruments"), which leads to the following adjustments:

• recalculation of the carrying value of all financial instruments;
• calculation of the full reserve for accounts receivable;
• recalculation of interest and acquisition costs at the effective interest rate;
• regularly checking all assets for impairment;
• reflection of operations in essence and not in form;
• recognition of derivative instruments;
• writing off vouchers and tickets as expenses or advances;
• transfer of short-term deposits into cash.

Financial obligations. In RAS there is no specific PBU regulating this section, therefore one should be guided by general standards, including Order of the Ministry of Finance of Russia dated July 29, 1998 No. 34n:

• the initial and subsequent assessment at actual cost, according to primary documents, does not take into account the time value of money;
• guarantees and warranties issued for third parties are reflected off the balance sheet;
• derivative instruments are not recognized.

In IFRS, accounting is carried out in accordance with IAS 39 (IFRS 9) and, as a rule, leads to the following adjustments:

• classification into long-term and short-term may change (compliance with “covenants” - special conditions loan agreements); the short-term component of long-term debt is highlighted;
• the initial assessment is carried out taking into account the time value of money;
• subsequent measurement at fair or amortized cost, depending on the category;
• guarantees and guarantees issued for third parties are disclosed in the reporting;
• the liability is recognized for the part of the costs related to the reporting period (cut-off). For example, utility expenses, dealer bonuses, year-end bonuses, etc.;
• reflection of operations in essence, not in form.

Reserves. The main difference between accounting systems in the case of reserves is the difficulty of translation - the term is the same, but the concepts are different: in IFRS, a reserve is an obligation of an indefinite amount and time, and in RAS it is a part of profit that is not payable to the owners.

Despite the fact that RAS applies special standard- PBU 8/2010, widely accepted estimated liabilities, and even more so, the disclosure of contingent liabilities was not received. The provision is accrued only if there is a high probability of an outflow of resources, in the case of a possible liability - only disclosure in the notes to the financial statements. The reserve is assessed using a discount rate that reflects the purchasing power of the ruble.

In IFRS, as a rule, adjustments are made and all liabilities are fully accrued (IAS 37):

• pension obligations;
• employee benefits;
• warranty obligations;
• environmental protection measures;
• for decommissioning and reclamation;
• onerous contracts;
• tax risks;
• lawsuits.

Revenue/cost. RAS uses form over substance when recognizing revenue. In IFRS, the special standard IAS 18 “Revenue” describes in detail the principles for recognizing revenue, regardless of legal forms.

In the profit and loss statement in RAS specific gravity other income and expenses may be unreasonably high due to the formal classification of a number of income and expenses as other according to PBU 9/99 and 10/99.

There are difficulties in applying the revenue recognition method “as ready” in accordance with PBU 2/2008 “Accounting for contracts construction contract". In the absence primary documents at the end of the period, expenses will most likely not be recognized, which means that expenses are understated.

• the moment of revenue recognition changes;
• discounts, installment payments, returns, etc. are taken into account;
• amounts are classified into revenue and other income;
• revenue is accrued based on the percentage of readiness;
• revenue is combined with expenses depending on the nature of the transaction (whether the company is an agent or a principal);
• most adjustments to balance sheet items (for example, impairment) affect profit and loss for the current period;
• additional expenses are accrued;
• expense items are reclassified.

Capital. In RAS, errors from previous years are reflected in retained earnings. As a result this indicator at the end of the previous year differs from the indicator at the beginning of the next. In practice, information about corrections is not always sufficiently disclosed (comparative information). In addition, reserves are created from retained earnings (in accordance with constituent documents). Contributions made by participants prior to registration may be counted as part of settlements rather than as capital.

In IFRS, as a rule, adjustments are made to:

• the effect of adjusting balance sheet items under IFRS on retained earnings;
• changes in the fair value of certain assets are recognized in equity (in other comprehensive income);
• classification as capital or liability depending on economic essence financial obligation.

The procedure for reflecting capital for an LLC may differ from reflecting the capital of an OJSC. Benefit from loans received from shareholders on preferential terms, recognized as part of capital, calculated using the current effective rate percent.

Before determining what the similarities and differences are according to RAS and IFRS, let’s decipher the abbreviations and indicate the features of their application.

Let's start with concepts: internal provisions

Russian accounting standards, or RAS for short, are the current rules and regulations for accounting, as well as reporting, which are mandatory for use by all Russian economic entities. In other words, RAS must be applied by all organizations, including budgetary institutions and not commercial organizations.

It is worth noting that the Ministry of Finance has developed separate provisions and instructions for accounting for public sector employees. For example, in state and municipal institutions the Unified Chart of Accounts should be applied (Instruction No. 157n). However, these standards are also included in Russian standards - RAS.

International postulates

International Financial Reporting Standards, or IFRS, are the framework for reporting and reporting used by international companies. For example, if an organization uses foreign capital and investments, has foreign branches or the enterprise independently invests in foreign businesses.

Also, IFRS must be applied by companies whose shares are offered for sale on foreign markets and securities exchanges. This rule also applies to foreign corporations whose shares are traded on Moscow stock exchanges.

Despite the fact that the Ministry of Finance has approved the use of IFRS for the preparation of accounting reports on the territory of the Russian Federation, regulatory authorities such as Rosstat or the Federal Tax Service will not accept accounting reports compiled according to international rules. At the same time, foreign partners or investors will also not want to get acquainted with the reports required by Russian legislation.

The thing is that profit according to IFRS and RAS are completely different economic indicators. However, this is not the only difference between these terms. Let's conduct a comprehensive comparison of IFRS and RAS (table).

International and Russian standards: comparison

The table will help you finally understand where the concepts converge and what the differences are between IFRS and RAS. So, let's look at the key features of international and Russian standards, taking into account the basic principles of accounting. For convenience, we present the data in the form of a table:

Basic principle of accounting and reporting	International Standards (IFRS)	Russian standards (RAS)
Purposes of collecting, summarizing and systematizing data in reporting	Financial statements are used for analysis current situation affairs and for making management decisions.	Reporting is necessary to provide data to regulatory authorities.
Design features	Transactions with the highest value are reflected first. economic impact on financial result. Moreover, the accountant’s judgment in this matter is the determining factor.	All facts of the economic life of an institution must be reflected in accounting accordingly, regardless of economic significance.
Accounting for income and expenses of a subject: the principle of matching indicators	In IFRS, this principle is strictly observed and no exceptions are allowed.	Although this principle is enshrined in Russian legislation, in practice it is rarely observed or violated.
Reporting period	For reports compiled using international principles, the period can be determined arbitrarily. That is, there is no connection to the calendar year.	Exceptions are provided only for newly created enterprises and organizations (date of creation - December 31).
Consolidated reporting	It involves the generation of reporting data as a whole for a group of interdependent entities. For example, reports are prepared for the corporation as a whole, including the parent office and separate units and branches.	Report consolidation is widely used in the budget sector. So, for example, all institutions are required to draw up an individual balance sheet, then send the report to a higher manager for consolidation. In the end budget reporting is formed not only separately by institutions, but also by managers, chief managers, and so on.
The procedure for determining the tax base	Determined by the company's management, depends on the chosen method of repaying the book value of the company's assets.	Individual for each tax obligation, regulated by the Tax Code of the Russian Federation. For the most part tax base is defined as the difference between the income received and the expenses incurred (for example, personal income tax, income tax, simplified tax system 15%).
	Reporting may be generated in functional currency. Let us recall that the functional currency for an enterprise is recognized as monetary unit, in which the main types of calculations are carried out, as well as in which revenue is reflected (received).	Keeping records, as well as preparing financial statements, is allowed only in rubles. All transactions performed in foreign currency, are subject to recalculation in the prescribed manner.

Despite the significant difference between IFRS and RAS, the Ministry of Finance of the Russian Federation is trying to bring Russian standards into line with international requirements. Of course, it is too early to talk about complete identity. However, some significant differences have been eliminated with the introduction of new RAS standards.

Cash and cumulative methods
RAS/ IFRS

RAS (Russian accounting standards) - a set of norms of federal legislation of Russia and Accounting Regulations (PBU), issued by the Ministry of Finance of the Russian Federation, which regulate accounting rules. Apply along with IFRS, USA and others accounting standards business practices.

RAS are mandatory for use on the territory of the Russian Federation and apply to non-bank commercial organizations. Accounting for banking activities is carried out in accordance with the rules issued by the Central Bank of Russia. However, when developing relevant regulations Central Bank focuses on PBUs issued by the Ministry of Finance of the Russian Federation.

Legislative framework

Federal law on accounting No. 129-FZ was signed on November 21, 1996. Latest changes entered on November 3, 2006 federal law No. 183-FZ.

Main differences with international financial reporting standards

One of the fundamental differences between Russian accounting and IFRS is the strict regulation of the actions of an accountant. Due to this Russian accountants, not accustomed to relative freedom of action, face significant difficulties in transforming reporting according to IFRS.

RAS has a unified chart of accounts that is mandatory for use.

RAS are traditionally focused on the requests of regulatory authorities, primarily tax authorities, while IFRS are focused mainly on users who have an actual or potential financial interest in the reporting entity: shareholders, investors and counterparties.

RAS does not provide for the consolidation of reporting for holding companies, which significantly complicates their analysis, since the report reflects only the activities of the parent company and does not reflect the activities of its subsidiaries.

Links

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