HARMONIZATION ACCOUNTING OF FINANCIAL LIABILITIES ACCORDING TO RUSSIAN AND INTERNATIONAL STANDARDS IN SHIPBUILDING
This article describes the basic principles of accounting for financial liabilities under international financial reporting standards. Features of financial liabilities are presented on the example of a shipbuilding company. The long technological cycle of construction of the ship determines the need for the formation of financial liabilities based on the long-term nature of the sources of funding. The article provides a short description of the international financial reporting standards on financial instruments. Concepts, classifications of financial instruments, the essence and examples of financial assets, equity instruments are considered. Types and classifications of financial liabilities are disclosed, it is noted that a number of liabilities, meanwhile, are never financial. The article deals with the issues of initial recognition, evaluation and subsequent recognition of financial liabilities in accounting for international standards. The economic substance of the fair value and amortized cost of the financial liability is detailed. Harmonization of accounting of financial liabilities is presented on the example of shipbuilding organization JSC "Admiralty shipyards". Conditional examples of attracting financial sources reveal the peculiarities of accounting for financial liabilities by comparing the reflection of business transactions according to international financial reporting standards and Russian accounting standards.
Keywords: international financial reporting standards, Russian accounting standards, shipbuilding enterprises, financial instrument, financial asset, financial liability, equity instrument, debt instrument, derivative financial instruments, initial measurement, profit and loss, amortized cost, fair value.
Highlights:
the regulatory framework for the accounting of financial liabilities in the Russian Federation is not sufficiently developed, there are no legislatively established concepts for a number of financial liabilities, and the methods and approaches to accounting and reporting financial liabilities in financial statements differ significantly from those adopted in international practice.
shipbuilding, being a capital-intensive long-term production cycle, naturally cannot do without attracted capital, including the use of financial instruments.
credit risk insurance is also inextricably linked with financial instruments. In this regard, to harmonize theoretical and practical approaches to accounting for financial liabilities and reporting it makes sense to provide in domestic accounting standards approaches used by international financial reporting standards.
ches to accounting for financial liabilities and reporting it makes sense to provide in domestic accounting standards approaches used by international financial reporting standards.
Nina F. Bashkatova, Candidate of Economics, Associate Professor; Sofya A. Polukhina, Candidate of Economics, Associate Professor - St. Petersburg State Marine Technical University.