Features of Disclosure of Information about Assets of Public Administration Sectors in the Balance Sheet

Abstract

The article presents the development of the accounting of the public sector during the budget reform implemented in Russia in the late XXth — early XXIst centuries. The study showed a close relationship between the information request of users and the content of public sector accounting statements. It is found that the modern content of the balance sheet — one of the most important reporting forms is a consequence of changing approaches to the management of state (municipal) finances and objects of state (municipal) ownership, as well as the information needs of key users of reporting information. The article reveals the features of the first system — forming element of the balance sheet — an asset, and the criteria for assigning objects of public sector entities to assets. The analysis of federal accounting standards of public finance and other regulatory legal acts allowed us to systematize the requirements for the valuation of assets in the balance sheet. It is concluded that the expansion of valuation methods increases the qualitative characteristics that ensure the usefulness of reporting information for users. At the same time, the use of new methods of valuation of assets is problematic due to their insufficient development. The obtained results can be used for the further development of the valuation of objects, as well as by practitioners for the preparation of the balance sheet and the implementation of state financial control.