The Financial and Accounting Consultations e-Journal of June 2014 is Out.

The new issue presents an overview of changes in legislation for April 2014, as well as the articles of FBK specialists on the topical issues.

In particular, the article of Irina Kenzeeva, the Accounting Processes Development and Standardization Department manager, examines complicated cases of accounting of suppliers’ estimated liabilities.

Rather often they come across ambiguous situations in their practice, in particular, in respect of accounting of estimated liabilities on the liquidation of fixed assets and recultivation of land.
For example, how to make reserves for recultivation if the manufacturing entities and the license for reclamation belong to two different legal entities? Should an estimated liability be necessarily made in regard to suspended wells? Is it possible not to apply the discount factor in the estimated liabilities for the newly established manufacturing entities?

In the expert’s opinion these situations need comprehensive analysis to produce an optimal decision in terms of ensuring the reliability of financial reporting.

In her article I. Kenzeeva dwells on the rules of accounting applicable to each specific case and gives recommendations on how to report estimated liabilities in the accounting more correctly.

The pilot issue of The Financial and Accounting Consultations monthly e-journal was out in September 2009. The publication continues covering the subjects of “Your Business Advocate”, “The New in Accounting” and “Financial and Accounting Consultations” business magazines that used to be published in paper format.