On August 06, 2017, amendments to PBU 1/2008 "Accounting Policy of Organizations" came into force. The article will discuss in detail all the changes in the improved PBU 1/2008.

Changes have been made to the "Accounting policy of the organization". The changes came into effect on August 6, 2017.

Recall that Regulation 1/2008 has been in effect since 01/01/2009, previously RAS 1/98 "Accounting Policy of the Organization" was in force.

The changes mainly affected the procedure for approving the organization's own standards. A new paragraph 5.1 has appeared, which states that, if its standards are approved, a subsidiary company applies accounting methods based on these standards.

In a new reading, PBU "Accounting Policy of an Organization" 2017 provides rational accounting based on business conditions and the size of the organization, as well as on the basis of the ratio of accounting costs on a specific issue and the usefulness (value) of the relevant information (paragraph 7, clause 6 of PBU 1/ 2008).

Legal entities that are subject to the rules for conducting simplified accounting, on those issues that are not regulated by the Federal Security Service of Ukraine, have the right to be guided only by the requirements of rationality (clause 7.2 of PBU 1/2008).

Item 7 has now appeared in new form, but has not lost the previous interpretation. Now, if on a specific issue the federal standard allows several ways of keeping records, the organization chooses one of them, guided by the rules set forth in clauses 5, 5.1 and 6 of the said provision.

If an enterprise voluntarily applies regulations before the deadline for their mandatory application, this fact must be disclosed in the accounting (financial) statements (clause 23 PBU 1/2008).

Changes in the accounting policy approved for the next year can now not be disclosed in the explanatory note, because paragraph 25 is removed from the new version of Regulation 1/2008.

Deviation from FSB

In exceptional cases, when the formation of an accounting policy leads to an unreliable formation of a financial result or financial position, a legal entity has the right to deviate from the rules of PBU 1/2008. In this case, the conditions provided for in the new clause 7.3 are met.

Information in relation to the above deviation is disclosed in the accounting policy - in the sequence described in the new paragraph 20.2.

Innovations in IFRS

There were some concessions for enterprises that disclose financial statements in accordance with IFRS. The new paragraph 7 establishes the right to be guided by the FSB, taking into account the requirements of IFRS. It is allowed not to apply the accounting method established by the federal standard if it leads to a discrepancy between the accounting policy and the requirements of IFRS.

Information in relation to each method of accounting not used is disclosed in the accounting policy. At the same time, it is necessary to show the relevant requirements of IFRS, with a description of how this requirement will be violated if the method of accounting is applied in accordance with the FSB (clause 20.1 PBU 1/2008).

At the same time, based on the assumptions and requirements of paragraphs. 5 and 6, the following documents are used in sequence:

1. IFRS.
2. Provisions of federal standards on similar and (or) related issues.
3. Recommendations in the field of accounting.

Regulation on accounting
Financial statements organizations
PBU 4/99

Approved
Order of the Ministry of Finance Russian Federation
dated 06.07.99 No. 43n

(as amended by the Orders of the Ministry of Finance of the Russian Federation dated September 18, 2006 No. 115n,
dated 08.11.2010 No. 142n)

I. General provisions

1. This Regulation establishes the composition, content and methodological basis for the formation of financial statements of organizations that are legal entities under the legislation of the Russian Federation, except for credit organizations and state (municipal) institutions.

2. The provision does not apply when compiling reporting developed by an organization for internal purposes, reporting compiled for state statistical observation, reporting information submitted to a credit institution in accordance with its requirements, and compiling reporting information for other special purposes, if the rules for preparing such reporting and information does not provide for the use of this Regulation.

3. This Regulation is applied by the Ministry of Finance of the Russian Federation when establishing:

• standard forms of financial statements and instructions on the procedure for compiling reports;
• a simplified procedure for the formation of financial statements for small businesses and non-profit organizations;
• features of the formation of consolidated financial statements;
• features of the formation of financial statements in cases of reorganization or liquidation of the organization;
• features of the formation of financial statements by insurance organizations, non-state pension funds, professional participants in the securities market and other organizations in the field of financial intermediation;
• publication of financial statements.

II. Definitions

4. For the purposes of this Regulation, the following concepts mean the following:

• financial statements - a unified system of data on the property and financial position of an organization and on the results of its economic activities, compiled on the basis of accounting data in accordance with established forms;
• reporting period - the period for which the organization must draw up financial statements;
• reporting date - the date as of which the organization must draw up financial statements;
• user - a legal or natural person interested in information about the organization.

III. Composition of financial statements
and general requirements

5. Accounting statements consist of balance sheet, income statement, annexes to them and an explanatory note (hereinafter appendices to the balance sheet and income statement and explanatory note referred to as explanations for balance sheet and profit and loss account), as well as an auditor's report confirming the accuracy of the organization's financial statements, if it is subject to mandatory audit in accordance with federal laws.

6. Accounting statements should give a true and complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position. Accounting statements formed on the basis of the rules established by regulatory acts on accounting are considered reliable and complete.

If, when compiling financial statements based on the rules of this Regulation, an organization reveals insufficient data to form a complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position, then the organization includes relevant additional indicators and explanations in the financial statements.

If, when preparing financial statements, the application of the rules of this Regulation does not allow forming a reliable and complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position, then the organization in exceptional cases (for example, nationalization of property) may deviate from these rules.

7. When preparing financial statements, the organization must ensure the neutrality of the information contained in it, i.e. unilateral satisfaction of the interests of some groups of users of financial statements in front of others is excluded.

Information is not neutral if, through selection or presentation, it influences the decisions and judgments of users in order to achieve predetermined results or consequences.

8. The financial statements of the organization must include performance indicators of all branches, representative offices and other divisions (including those allocated to separate balance sheets).

9. When compiling the balance sheet, income statement and explanations to them, the organization must adhere to their content and form adopted by it consistently from one reporting period to another.

Changing the accepted content and form of the balance sheet, income statement and explanations to them is allowed in exceptional cases, for example, when changing the type of activity. The organization shall provide justification for each such change. Significant change should be disclosed in the notes to the balance sheet and income statement, together with an indication of the reasons for this change.

10. For each numerical indicator of financial statements, except for the report drawn up for the first reporting period, data must be provided for at least two years - the reporting and the previous reporting ones.

If the data for the period preceding the reporting period are incomparable with the data for the reporting period, then the first of the named data is subject to adjustment based on the rules established by regulatory enactments on accounting. Each significant adjustment must be disclosed in the notes to the balance sheet and income statement, along with an indication of the reasons for this adjustment.

11. Articles of the balance sheet, income statement and others individual forms financial statements, which, in accordance with the provisions of accounting, are subject to disclosure and for which there are no numerical values ​​of assets, liabilities, income, expenses and other indicators, are crossed out (in standard forms) or not given (in forms developed independently and in an explanatory note ).

Indicators of individual assets, liabilities, income, expenses and business transactions should be presented separately in the financial statements if they are significant and if without knowledge of them by interested users it is impossible to assess the financial position of the organization or the financial results of its activities.

About certain types assets, liabilities, income, expenses and business transactions can be presented in the balance sheet or profit and loss statement in the total amount with disclosure in the notes to the balance sheet and income statement, if each of these indicators individually is not significant for the assessment by interested users of the financial position of the organization or the financial results of its activities.

12. For the preparation of financial statements, the reporting date is the last calendar day of the reporting period.

13. When compiling financial statements for the reporting year, the reporting year is calendar year from January 1 to December 31 inclusive.

The first reporting year for newly created organizations is the period from the date of their state registration to December 31 of the corresponding year, and for organizations established after October 1 - to December 31 of the next year.

14. Each constituent part of the financial statements provided for in paragraph 5 of these Regulations must contain the following data: the name of the constituent part; an indication of the reporting date or reporting period for which the financial statements are prepared; the name of the organization with an indication of its organizational and legal form; format for presenting numerical indicators of financial statements.

15. Accounting statements must be drawn up in Russian.

16. Accounting statements must be drawn up in the currency of the Russian Federation.

17. Accounting statements are signed by the head and chief accountant (accountant) of the organization.

In organizations where accounting is maintained on a contractual basis by a specialized organization (centralized accounting) or a specialist accountant, the financial statements are signed by the head of the organization and the head of a specialized organization (centralized accounting) or by an accounting specialist.

18. The balance sheet should characterize the financial position of the organization as of the reporting date.

19. In the balance sheet, assets and liabilities should be presented with a division, depending on the maturity (maturity) for short-term and long-term. Assets and liabilities are presented as short-term if the term of circulation (repayment) for them is not more than 12 months after the reporting date or the duration of the operating cycle, if it exceeds 12 months. All other assets and liabilities are presented as non-current.

20. The balance sheet must contain the following numerical indicators (taking into account what is stated in paragraphs 6 and 11 of this Regulation):

Chapter	Group of articles	Articles
1	2	3
ASSETS
Fixed assets	Intangible assets	Rights to objects of intellectual (industrial) property
		Patents, licenses, trademarks, service marks, other similar rights and assets
		Organizational expenses
		Business reputation of the organization
	fixed assets	Land plots and nature management objects
		Buildings, machinery, equipment and other fixed assets
		Construction in progress
	Profitable investments in material values	Property to be leased
		Property provided under a rental agreement
	Financial investments	Investments in subsidiaries
		Investments in dependent companies
		Investments in other organizations
		Loans granted to organizations for a period of more than 12 months
		Other financial investments
current assets	Stocks	Raw materials, materials and other similar values
		Costs in work in progress (distribution costs)
		Finished goods, goods for resale and goods shipped
		Future expenses
	Value added tax on acquired valuables
	Accounts receivable	Buyers and customers
		Bills receivable
		Debt of subsidiaries and affiliates
		Debt of participants (founders) on contributions to the authorized capital
		Advances issued
		Other debtors
	Financial investments	Loans granted to organizations for a period of less than 12 months
		Own shares repurchased from shareholders
		Other financial investments
	Cash	Settlement accounts
		Currency accounts
		Other cash
LIABILITY
Capital and reserves	Authorized capital
	Extra capital
	Reserve capital	Reserves formed in accordance with the law
		Reserves formed in accordance with constituent documents
	Retained earnings (uncovered loss - subtracted)
long term duties	Borrowed funds	Loans maturing more than 12 months after the reporting date
		Loans maturing more than 12 months after the reporting date
	Other liabilities
Short-term liabilities	Borrowed funds	Loans maturing within 12 months after the reporting date
		Loans maturing within 12 months after the reporting date
	Accounts payable	Suppliers and contractors
		Bills payable
		Debt to subsidiaries and affiliates
		Indebtedness to the staff of the organization
		Debt to the budget and state off-budget funds
		Debts to participants (founders) for payment of income
		Advances received
		Other creditors
	revenue of the future periods
	Reserves for future expenses and payments

V. Contents of the income statement

21. The profit and loss statement should characterize the financial results of the organization's activities for the reporting period.

22. In the profit and loss statement, income and expenses should be shown with a division into ordinary and other.

23. Profit and loss statement must contain the following numerical indicators (subject to the provisions set out in paragraphs 6 and 11 of these Regulations):

• Proceeds from the sale of goods, products, works, services, net of value added tax, excises, etc. taxes and obligatory payments (net - revenue)
• Cost of sold goods, products, works, services (except for commercial and administrative expenses)
• Gross profit
• Selling expenses
• Management expenses
• Profit/loss on sales
• Interest receivable
• Percentage to be paid
• Income from participation in other organizations
• Other income
• other expenses
• Profit / loss before tax
• Income tax and other similar obligatory payments
• Profit / loss from ordinary activities
• Net income (retained earnings
• (uncovered loss)

VI. The content of the explanations to the accounting
balance sheet and income statement

24. Explanations to the balance sheet and income statement should disclose information related to the organization's accounting policies and provide users with additional data that is not appropriate to include in the balance sheet and income statement, but which are necessary for users of financial statements for a real assessment the financial position of the organization, the financial results of its activities and changes in its financial position.

25. Explanations to the balance sheet and profit and loss account should indicate that the financial statements are formed by the organization on the basis of the accounting and reporting rules in force in the Russian Federation, except for cases when the organization made deviations from these rules when compiling the financial statements in accordance with with paragraph 6 of this Regulation.

Significant deviations should be disclosed in the financial statements indicating the reasons that caused these deviations, as well as the result that these deviations had on understanding the state of the financial position of the organization, reflecting the financial results of its activities and changes in its financial position. The organization must provide confirmation of the assessment in monetary terms of the consequences of deviations from the accounting and reporting rules in force in the Russian Federation.

26. The procedure for disclosing the organization's accounting policy is established by the Accounting Regulations "Accounting Policy of the Organization" (PBU 1/98) (Order of the Ministry of Finance of Russia dated December 9, 1998, registered with the Ministry of Justice of Russia on December 31, 1998, registration number 1673).

27. Notes to the balance sheet and income statement should disclose the following additional information:

• on the availability at the beginning and end of the reporting period and the movement during the reporting period of certain types of intangible assets;
• on the availability at the beginning and end of the reporting period and the movement during the reporting period of certain types of fixed assets;
• on the availability at the beginning and end of the reporting period and the movement during the reporting period of leased fixed assets;
• on the availability at the beginning and end of the reporting period and the movement during the reporting period of certain types of financial investments;
• on the presence at the beginning and end of the reporting period of certain types of receivables;
• on changes in the capital (authorized, reserve, additional, etc.) of the organization;
• on the number of shares issued by the joint-stock company and fully paid; the number of shares issued but not paid or paid in part; the nominal value of shares owned by the joint-stock company, its subsidiaries and affiliates;
• on the composition of reserves for future expenses and payments, estimated reserves, their availability at the beginning and end of the reporting period, the movement of funds from each reserve during the reporting period;
• on the presence at the beginning and end of the reporting period of certain types of accounts payable;
• on sales volumes of products, goods, works, services by types (branches) of activity and geographical sales markets (activities);
• on the composition of production costs (distribution costs);
• on the composition of other income and expenses;
• about extraordinary facts of economic activity and their consequences;
• about any issued and received security for the obligations and payments of the organization;
• about events after the reporting date and conditional facts of economic activity;
• on discontinued operations;
• about affiliated persons;
• about state aid;
• on earnings per share.

28. Explanations to the balance sheet and income statement disclose information in the form of separate reporting forms (cash flow statement, statement of changes in equity, etc.) and in the form of an explanatory note.

The line item in the balance sheet and income statement to which explanations are given must indicate such disclosure.

29. Accounting statements must disclose data on the movement Money in the reporting period, characterizing the availability, receipt and expenditure of funds in the organization.

The cash flow statement should characterize changes in the financial position of the organization in the context of current, investment and financial activities.

The cash flow statement must contain the following numerical indicators (subject to the provisions set out in clauses 6 and 11 of this Regulation):

• Cash balance at the beginning of the reporting period
• Cash received - total
• including:
  • from the sale of products, goods, works and services
  • from the sale of fixed assets and other property
  • advances received from buyers (customers)
  • budget appropriations and other targeted financing
  • credits and loans received
  • dividends, interest on financial investments
  • other supply
• Funds sent - total
• including:
  • to pay for goods, works, services
  • for wages
  • for contributions to state non-budgetary funds
  • for advance payments
  • for financial investments
  • for the payment of dividends, interest on securities
  • for budgeting
  • to pay interest on loans received
  • other payments, transfers
• Cash balance at the end of the reporting period.

30. Business partnerships and companies as part of their financial statements must disclose information on the presence and changes in the authorized (share) capital, reserve capital and other components of the organization's capital.

The statement of changes in equity must contain the following numerical indicators (subject to the provisions set out in paragraphs 6 and 11 of these Regulations):

• The amount of capital at the beginning of the reporting period
• Capital increase - total
• including:
  • through an additional issue of shares
  • through property revaluation
  • through the growth of property
  • due to the reorganization of a legal entity (merger, accession)
  • at the expense of income, which, in accordance with the rules of accounting and reporting, are directly attributed to capital increases
• Decrease in capital - total
• including:
  • by reducing the par value of shares
  • by reducing the number of shares
  • due to the reorganization of a legal entity (separation, spin-off)
  • at the expense of expenses that, in accordance with the rules of accounting and reporting, are directly related to the reduction of capital
• The amount of capital at the end of the reporting period.

31. Explanations to the balance sheet and income statement should disclose (if these data are not available in the information accompanying the accounting report):

• legal address of the organization:
• main activities;
• the average annual number of employees for the reporting period or the number of employees as of the reporting date;
• the composition (surnames and positions) of the members of the executive and control bodies of the organization.

VII. Rules for evaluating accounting items

32. When evaluating the items of financial statements, the organization must ensure compliance with the assumptions and requirements provided for by the Accounting Regulation "Accounting Policy of the Organization" (PBU 1/98).

33. The data of the balance sheet at the beginning of the reporting period should be comparable with the data of the balance sheet for the period preceding the reporting period (taking into account the reorganization carried out, as well as changes related to the application of the Accounting Regulations "Accounting Policy of the Organization").

34. Accounting statements do not allow a set-off between assets and liabilities, profit and loss items, except when such a set-off is provided for by the relevant accounting regulations.

35. The balance sheet should include numerical indicators in the net - assessment, i.e. minus regulatory values, which should be disclosed in the notes to the balance sheet and income statement.

36. The rules for evaluating individual articles of financial statements are established by the relevant accounting regulations.

37. In case of deviation from the rules provided for in paragraphs 32 - 35 of this Regulation, significant deviations must be disclosed in the notes to the balance sheet and income statement, together with an indication of the reasons that caused these deviations, and the result that these deviations had on understanding status on the financial position of the organization, reflection of the financial results of its activities and changes in its financial position.

38. Articles of financial statements compiled for the reporting year must be confirmed by the results of an inventory of assets and liabilities.

VIII. Information related to financial statements

39. An organization may provide additional information related to financial statements if the executive body considers it useful for interested users in making economic decisions. It reveals the dynamics of the most important economic and financial indicators activities of the organization for a number of years; planned development of the organization; prospective capital and long-term financial investments; borrowing policy, risk management; activities of the organization in the field of research and development work; environmental protection measures; other information.

Additional information, if necessary, can be presented in the form of analytical tables, graphs and diagrams.

When opening additional information, for example, environmental protection measures, the main ongoing and planned activities in the field of protection are given environment, the impact of these measures on the level of long-term investments and profitability in the reporting year, characteristics financial implications for future periods, data on payments for violation of environmental legislation, environmental payments and payments for natural resources, current environmental protection costs and the degree of their impact on the financial results of the organization.

IX. Audit of financial statements

40. In cases stipulated by federal laws, accounting statements are subject to mandatory audit.

41. The final part of the auditor's report issued on the basis of the results of the mandatory audit of financial statements should be attached to these statements.

X. Publicity of financial statements

42. The financial statements are open to users - founders (participants), investors, credit institutions, creditors, buyers, suppliers, etc. The organization must provide an opportunity for users to familiarize themselves with the financial statements.

43. The organization is obliged to ensure the submission of annual financial statements to each founder (participant) within the time limits established by the legislation of the Russian Federation.

44. The organization is obliged to submit financial statements in one copy (free of charge) to the state statistics body and to other addresses provided for by the legislation of the Russian Federation, within the time limits established by the legislation of the Russian Federation.

45. In cases stipulated by the legislation of the Russian Federation, the organization publishes financial statements together with the final part of the audit report.

46. ​​Publication of financial statements is made no later than June 1 of the year following the reporting year, unless otherwise provided by the legislation of the Russian Federation.

47. The date of submission of financial statements for an organization is the day of its postal dispatch or the day of its actual transfer to the affiliation.

If the date of submission of financial statements falls on a non-working (day off) day, then the deadline for submission of financial statements is the first following business day.

XI. Interim financial statements

48. The organization must draw up interim financial statements for the month, quarter on an accrual basis from the beginning of the reporting year, unless otherwise provided by the legislation of the Russian Federation.

49. Interim financial statements consist of a balance sheet and a profit and loss statement, unless otherwise established by the legislation of the Russian Federation or by the founders (participants) of the organization.

50. General requirements for interim financial statements, the content of its components, the rules for evaluating items are determined in accordance with this Regulation.

51. The organization must generate interim financial statements no later than 30 days after the end of the reporting period, unless otherwise provided by the legislation of the Russian Federation.

52. Submission and publication of interim financial statements are carried out in cases and in the manner prescribed by the legislation of the Russian Federation or the constituent documents of the organization.

Article 21 of the Federal Law No. 402-FZ of 06.12.2011 “On Accounting”(Further - Law No. 402-FZ) defines the following structure of regulatory documents (in addition to regulations - laws and codes) governing the field of accounting (see diagram).

Wherein federal standards set as are common accounting requirements (which must be applied by all economic entities, regardless of the type of economic activity), and special accounting requirements in certain industries ( part 3 And 4 tbsp. 21 of Law No. 402-FZ). General requirements include, in particular:

• definitions and signs of accounting objects, the procedure for their classification, the conditions for their acceptance for accounting and write-off in accounting;
• permissible methods of monetary measurement of accounting objects;
• the procedure for recalculating the cost of accounting objects, expressed in foreign currency, into the currency of the Russian Federation;
• requirements for accounting policies (including determining the conditions for its change), inventory of assets and liabilities, documents and workflow;
• chart of accounts and the procedure for its application;
• the composition, content and procedure for the formation of information disclosed in the accounting (financial) statements, including samples of the forms of these statements, as well as the composition of the appendices to the balance sheet and the income statement and the composition of the annexes to the balance sheet and the report on the intended use of funds;
• the conditions under which the accounting (financial) statements give a reliable idea of ​​the financial position of the economic entity as of the reporting date, the financial result of its activities and the cash flow for the reporting period;
• simplified accounting methods, including simplified accounting (financial) reporting, for economic entities entitled to apply such methods in accordance with this law.

In turn, the features of the application of federal standards in certain types of economic activity are established industry standards (Part 5 Art. 21 of Law No. 402-FZ).

At the time of entry into force Law No. 402-FZ(recall, it has been applied since January 1, 2013) not a single federal standard has been approved. Moreover, these standards have not been approved over the past years (since 2013). The Ministry of Finance has only plans for their approval, and the deadline for their introduction is often postponed.

Another postponement of the introduction of new federal standards was carried out recently Order of the Ministry of Finance of Russia dated June 7, 2017 No. 85n. It provides an estimated timetable for the implementation of federal standards (see table).

№	Working title of the draft standard	Estimated effective date of the standard for mandatory application
1	"Stocks"	2019
2	"Intangible assets"	2019
3	"Rent"	2020
4	"Fixed assets"	2020
5	"Unfinished Capital Investments"	2020
6	"Accounts receivable and payable (including debt costs)"	2020
7	"Documents and workflow in accounting"	2020
8	"Financial statements "	2020
9	"Non-commercial activity"	2020
10	"Income"	2020
11	"Expenses"	2020
12	"Financial instruments"	2021
13	"Mining"	2021
14	"Participation in affiliated organizations and joint activities"	2021

As you can see, the financiers plan to put the first federal standard into effect only in 2019. This means that when conducting accounting, economic entities, as before, should be guided by the rules approved by the PBU, which entered into force before January 1, 2013.

Moreover, Federal Law No. 160-FZ dated July 18, 2017(Further - Law No. 160-FZ) these standards are recognized as federal. Corresponding amendments have been made to Art. 30 of Law No. 402-FZ, in which from July 19, 2017 a new part 1.1 where it is mentioned. This part also contains an important caveat that the rule on the priority of federal standards over industry ones does not apply to such standards.

We add: the indicated amendments have been made to Law No. 402-FZ very timely, since immediately after the signing by the President of the Russian Federation Law No. 160-FZ was registered by the Ministry of Justice Order of the Ministry of Finance of Russia dated April 28, 2017 No. 69n who introduced a number of significant amendments to PBU 1/2008 "Accounting policy of organizations"(which economic entities will need to take into account when drawing up an accounting policy for the purposes of accounting for 2018). In particular, the named standard is supplemented with new provisions that define the basic principles for the formation of the main accounting document of any economic entity.

Their essence is this:

1. Organizations are granted the right to choose the methods of accounting independently from other legal entities. An exception is made for subsidiaries: They must use the same methods as the parent company.

2. If a company prepares financial statements in accordance with IFRS, then when forming an accounting policy, it has the right to be guided by federal accounting standards, based on the requirements of IFRS. However, if the method of accounting recommended by federal standards is contrary to IFRS, then the organization may not apply this method. The company will then have to justify why the method proposed by the federal standard is contrary to IFRS.

3. Subjects that have the right to apply simplified accounting methods, in the absence of proposals for keeping records on a specific issue in federal standards, can form an accounting policy based only on the principle of rationality.

4. In exceptional situations, if the application PBU 1/2008 will lead to obtaining unreliable information about the financial position of the subject, he is allowed to deviate from the rules PBU 1/2008 provided that the circumstances preventing the use of this PBU are identified and alternative accounting methods are introduced that do not lead to an even greater unreliability of accounting. The organization is obliged to disclose the selected alternative methods of accounting (in the accounting policy and explanations to the financial statements).

	PBU name	Date of approval by order of the Ministry of Finance of the Russian Federation	Order number Ministry of Finance of the Russian Federation
	On approval of accounting regulations
	Accounting for construction contracts
	Accounting for assets and liabilities denominated in foreign currency
	Accounting statements of the organization
	Accounting for inventories
	Accounting for fixed assets
	Events after the reporting date
	Conditional facts of economic activity
	Organization income
	Organization expenses
	Related Party Information
	Segment Information
	State aid accounting
	Accounting for intangible assets
	Accounting for expenses on loans and credits
	Information on discontinued operations
	Accounting for expenses for research, development and technological work
	Accounting for corporate income tax calculations
	Accounting for financial investments
	Information about participation in joint activities
	Changes in estimates

An accounting statement usually includes the following elements:

name and number of PBU;

general provisions (indicate the scope of the relevant PBU and the conditions for recognizing the corresponding accounting object);

definitions (basic definitions and concepts for the relevant accounting object);

assessment (specify different kinds applied estimates for the object);

accounting procedure (describes the accounting procedure for the presence, change and disposal of the corresponding accounting object);

the composition of information to be disclosed in the composition, information on accounting policies and in financial statements.

Domestic PBUs, unlike international standards, are not advisory, but mandatory. Most PBUs provide for various options for accounting for the same object.

Third level (methodical) draw up methodological recommendations (instructions), instructions, comments and letters from the Ministry of Finance of the Russian Federation, other ministries and departments.

Guidelines, recommendations, instructions and other similar documents of the third level are designed to specify accounting standards in accordance with industry and other features. They are developed by the Ministry of Finance of the Russian Federation and various departments. Documents of this level offer possible options for setting up accounting directly in an organization, depending on its industry affiliation, scale and types of production, based on the requirements and rules set forth in the documents of the first and second levels of the accounting regulatory system. Third-level documents include guidelines, orders, letters from the Ministry of Finance and other executive authorities dealing with accounting issues (Goskomstat of Russia, the Central Bank of Russia, the Ministry of Economic Development and Trade of Russia, etc.).

The most important documents of this level are the chart of accounts for accounting of the financial and economic activities of enterprises and the Instructions for its application.

Chart of Accounts(a systematic list of synthetic accounting accounts) is a scheme for registering and grouping the facts of economic activity in accounting. It contains the names and numbers of synthetic accounts (accounts of the first order) and sub-accounts (accounts of the second order).

Instructions for using the Plan accounts establishes uniform approaches to the application of the Chart of Accounts and the reflection of the facts of economic activity on the accounts of accounting. It provides a brief description of synthetic accounts and sub-accounts opened for them: their structure and purpose, the economic content of the facts of economic activity generalized on them, the order in which the most common facts are reflected are disclosed.

Operating in Russia (since January 1, 2001 and at the present time) the Chart of Accounts and Instructions for its application were approved by order of the Ministry of Finance of the Russian Federation dated October 31, 2000 No. 94n. The transition to the new Chart of Accounts was allowed to take place during 2001, as soon as the organization was ready. In the period from 1991 to 2000, the Chart of Accounts was in force in Russia, approved by order of the USSR Ministry of Finance dated November 11, 1991 No. 56.

The Chart of Accounts 2001 is unified and mandatory for use in organizations that keep double-entry accounting in all sectors of the national economy and activities (except for banks and budgetary institutions), regardless of subordination, form of ownership, organizational and legal form.

On the basis of a standard Chart of Accounts and Instructions for its application, organizations approve working Chart of Accounts, containing a complete list of synthetic and analytical accounts (including sub-accounts).

To account for specific operations, organizations have the right (in agreement with the Ministry of Finance) to enter, if necessary, additional synthetic accounts into the Chart of Accounts, using free account codes for this.

The sub-accounts provided for in the Chart of Accounts are used based on the requirements of the management of the organization, including the need for analysis and control of its activities. In addition, organizations can clarify the content of individual of them, as well as introduce additional sub-accounts, exclude them or merge them.

It should be borne in mind that an organization is not required to use all of the synthetic accounts shown in the Chart of Accounts. She chooses those of them that she really needs to reflect the facts of the ongoing financial and economic activities.

The procedure for maintaining analytical accounting is established by the organization on the basis of the provisions of the Instructions for the Application of the Chart of Accounts and other regulations for individual sections of accounting (accounting for fixed assets, intangible assets, inventories, etc.).

Fourth level (organizational) make up working documents on accounting, developed and approved by the management of the organization itself. Working documents of an economic entity determine the procedure for organizing accounting and the features of its maintenance on microlevel.

The main working documents of the organization are:

a document (order) on the accounting policy of the organization for the purposes of accounting;

a document (order) on the accounting policy of the organization for tax purposes;

forms of primary and other documents approved by the head;

workflow schedules approved by the head;

approved by the head of the working Chart of Accounts;

forms of internal reporting approved by the head.

It should be noted that many organizations are limited to the development of an order on accounting policies. The rest of the working documents are either missing (workflow schedules, internal reporting forms), or not approved by the head (forms of primary accounting documents ”working Chart of Accounts). Such organizations violate the accounting and reporting procedures established by the Law “On Accounting” and other regulatory documents of the accounting legislation.

In accordance with Art. 6 of the Law of the Russian Federation No. 129-FZ of November 21, 1996, the accounting policy adopted by the organization is approved by order or order of the person responsible for the organization and state of accounting (director).

It affirms:

working Chart of Accounts, containing synthetic and analytical accounts necessary for accounting in accordance with the requirements of timeliness and completeness of accounting and reporting;

forms of primary accounting documents used to process business transactions, for which standard forms of primary accounting documents are not provided, as well as forms of documents for internal financial statements;

the procedure for conducting an inventory and methods for assessing types of property and liabilities;

document flow rules and accounting information processing technology;

the procedure for monitoring business transactions, as well as other decisions necessary for the organization of accounting.

The accounting policy adopted by the organization is applied consistently from year to year. A change in the accounting policy may be made in cases of changes in the legislation of the Russian Federation or regulations of the bodies that regulate accounting, the organization develops new methods of accounting or a significant change in the conditions of its activities. In order to ensure comparability of accounting data, changes in accounting policies should be introduced from the beginning of the financial year.