Improving Accounting for Financial Assets of Budgetary Institutions Using IFRS

Abstract

International Financial Reporting Standards (IFRS) are an integral part of accounting, the application of which improves the comparability of data with those of other international enterprises in the relevant industry and helps investors make the most informed economic decisions. Research objectives: analysis of existing literature on the advantages and problems of implementing IFRS as part of the unification of the financial reporting process. Problems associated with the implementation of budget accounting and reporting of financial assets of budgetary institutions using IFRS. The main problems in the transition of budgetary institutions to IFRS are considered to be the inconsistency of IFRS with domestic accounting practice, the immaturity of the economy and financial markets, the lack of IFRS specialists and constant changes in standards. Entities of public interest and large businesses have the right to apply changes made to IFRS before their publication, in the manner established by the Cabinet of Ministers of the Kyrgyz Republic, with subsequent disclosure in the notes to the financial statements.