The issues of formation of reporting information on financial assets and financial liabilities of organizations

Abstract

Subject. This article discusses the issues related to the formation of reporting information on financial assets and financial liabilities. Objectives. The article aims to develop recommendations for solving problems related to the formation of reporting information on financial assets and financial liabilities. Methods. For the study, we used a critical analysis, synthesis, comparison, observation, and the analogy approach. Results. Based on the results of the study of the practices of forming reporting information on financial assets and financial liabilities by Russian and foreign organizations, the article offers and justifies recommendations for further improvement of the rules for the formation of reporting information on financial assets and financial liabilities in the system of Russian Accounting Standards. Conclusions and Relevance. Regulations of Russian and international standards have both aspects of unity and differences in approaches to the disclosure of information on financial assets and financial liabilities in the financial statements. The program of reforming Russian Accounting Standards can help solve the problems of reflecting information on financial assets and financial liabilities in the statements of organizations. The results obtained have both applied and theoretical areas of application in the field of financial accounting.