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Deputy Director of FBK Department of development and standardization of accounting processes spoke at the conference of ‘Company accounting policy – 2013’, the Moscow Times
Date of publication
21.06.2013On 19 June Nina Khudyakova, Deputy Director of the FBK Department of development and standardization of accounting processes spoke at the Moscow Times conference of Company accounting policy – 2013. She presented her report on the Accounting policy according to RAS: practical aspects of approaching IAS, in which she analyzed a few practical examples of the development of corporate accounting principles for large holding companies to apply IAS to the accounting principles in Russia.
The consultant shared her experience of application in the RAS corporate accounting principles of the calculation procedure for the amounts of interest to be capitalized as in IAS, and she also spoke about the possibility of approaching IAS in the part of accounting for financial investments as well as the expenses on remuneration to the employees.
Ambiguous situations were offered for the discussion in relation to determining the market values of the shares in the absence of regular transactions in the securities market; and the procedure for reflecting the gains and losses from revaluation in the absence of intent to derive income from the sale of shares within 12 months after the reporting date.
‘For shares not for sale within 12 months from the date of their purchase it is possible to consider the variant when the revaluation surplus is included in the equity until its disposal, with the subsequent write-off of the accumulated amounts in the income statements’, explained N. Khudyakova, ‘Which corresponds to the accounting policies for financial assets available for sale in accordance with IAS 39 Financial Instruments: Recognition and Measurement’.
The following persons also took part in the conference: Igor Sukharev, head of the sector for methodology of accounting and reporting, Department for regulation of accounting, financial reporting and auditing under the MOF of Russia, Ivan Topolia, head of the TransTeleCom department of economics and finance, and others.