Legal regulation of the formation of the consolidated financial statements of the organization

UDC 336.648

Authors

Molchanova S. M., Ph.D. (Econ.), Associate professor of the Department of Economics of High-Tech Production, St. Petersburg State University of Aerospace Instrumentation, St. Petersburg, Russia

Abstract

The article discusses the features of the requirements for accounting methods in organizations, as well as the preparation, presentation and disclosure of consolidated financial statements by enterprises in the Russian Federation. The term “consolidated financial statements” has been clarified as unified information reflecting the financial position, financial performance and changes in the financial position of the organization. Particular attention is paid to the compilers of the consolidated financial statements and the requirements of the international financial reporting standard (IFRS). The article clarifies the features of accounting and the formation of accounting policies of companies. Considerable attention is paid to the issues of the method of conducting accounting, the compliance of federal and industry standards with the level of development of science and the world practice of accounting, as well as with state regulatory bodies for accounting in the country. The main content of the study is the peculiarity of the presentation to the shareholders, founders or owners of the property of the enterprise, the consolidated financial statements in accordance with regulatory documents.

Keywords

sources of financing, accounting, simplified method, accounting policies, inventory, financial statements, industry standards, the Central Bank of the Russian Federation, consolidated financial statements, state (municipal) institutions, interim consolidated statements, constituent documents, the Internet.