THE COMPARATIVE CHARACTERISTIC OF CLASSIFICATION AND VALUATION OF OBLIGATIONS USED IN THE SYSTEMS OF RUSSIAN AND INTERNATIONAL STANDARDS
The paper covers the problems of classification and valuation of liabilities used in the systems of Russian and international accounting standards. In the Russian accounting system, the term «obligation» includes the concept of «receivables and payables». The international accounting system operates with the term «financial liability» as a component of financial instruments in the form of receivables and payables. In the Russian accounting system, the valuation of commitments is based on the principle of nominalism which is similar to valuation of financial commitments by their true value in the international accounting system. However, the Russian accounting system allows certain changes in the valuation of the amount of the accounts receivable to the amount of reserves for doubtful debts. Other methods of obligation valuation used in the international accounting system include: replacement cost, possible redemption price, and discounted redemption price – the methods which are not applicable in the Russian accounting system. The identified differences in the classification and valuation of obligations may result in misunderstanding of financial statements of enterprises made in accordance with Russian and international accounting standards.
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