Accounting for financial instruments: development of Russian and international rules

UDC 657.6

Authors

Grishkina S.N., Sidneva V.P.

Abstract

The article is devoted to the issues of improving the regulatory framework for reporting financial assets and liabilities. The trends in the development of requirements for accounting for financial assets and liabilities in Russia are analyzed. The comparative characteristic of accounting rules for financial instruments of international and Russian standards is given. The practice of reflecting financial assets and liabilities in the statements of Vnesheconombank Corporation is considered. The impact of the application of the new standard for financial instruments (IFRS) on the financial performance of the corporation is revealed.

Keywords

IFRS, financial instruments, financial investments, fair value, amortized cost, impairment.