On the content and formation of accounting statements in the conditions of application of FAS 4/2023

Aim. Compare the composition and content of the accounting (financial) republic, as well as the requirements for its formation, presented in FAS 4/2023 and the currently applicable regulatory documents regarding these aspects.

Objectives. To analyze the provisions of FAS 4/2023; to conduct a comparative analysis of the content of FAS 4/2023 and current regulations in the field of preparation and presentation of accounting (financial) statements; to identify similarities and differences between the documents; to identify changes in the content and formation of accounting (financial) statements from 2025.

Methods. The authors used general methods of scientific cognition, including comparison, description, study of documents.

Results. FAS 4/2023 “Accounting (Financial) Reporting” was approved in pursuance of the Program for the Development of Federal Accounting Standards. In fact, its application will begin in the preparation of statements in 2025. FAS 4 will replace the Regulation on Accounting PBU 4/99 “Accounting Reporting of Organization” approved by Order of the Ministry of Finance of the Russian Federation No. 43n dated July 6, 1999, and Order No. 66n dated July 2, 2010 of the Ministry of Finance of the Russian Federation “On Forms of Accounting Reports of Organizations”. With the help of general methods of scientific knowledge the similarities and differences in the normative-legal regulation of aspects of the content and preparation of accounting (financial) statements are revealed; the changes to be taken into account by accountants in the formation of accounting statements in the next year are established. This study is relevant given the ongoing transformations in the regulation of accounting and reporting. The issues of composition, content and formation of accounting financial statements of organizations require special attention, since the informativeness of this set of documents has a significant impact on the adoption of various kinds of managerial / economic decisions.

Conclusions. FAS 4 discloses exclusively aspects of the composition and content of organizations’ accounting statements, covering this topic in a comprehensive and detailed manner. It provides clear definitions of the main accounting concepts related to accounting reporting, which have long been known to accountants, but have not yet been enshrined in regulatory legal acts. Now one document contains information about the components of the annual and interim accounting (financial) statements, samples of forms, requirements for the reliability and content of information from the statements; the minimum list of indicators for disclosure is defined, regardless of their materiality; the rules of signing the statements are fixed.

1. Accounting (financial) reporting. Federal accounting standard FSBU 4/2023. Approved by order of the Ministry of Finance of Russia dated October 4, 2023 No. 157n. Konsul’tantPlyus. URL: https://www.consultant.ru/document/cons_doc_LAW_472684/ (accessed on 08.07.2024). (In Russ.)

2. Financial statements of the organization. Accounting regulations PBU 4/99. Approved by the order of the Ministry of Finance of the Russian Federation dated July 6, 1999 No. 43n (as amended on November 8, 2010, with amendments dated January 29, 2018). Konsul’tantPlyus. URL: https://www.consultant.ru/document/cons_doc_LAW_18609/ (accessed on 08.07.2024). (In Russ.).

3. On the forms of financial statements of organizations. Order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n (as amended on April 19, 2019). Konsul’tantPlyus. URL: https://www.consultant.ru/document/cons_doc_LAW_103394/ (accessed on 08.07.2024). (In Russ.).

4. On accounting. Federal Law of December 6, 2011 No. 402-FZ (as amended on December 12, 2023). Konsul’tantPlyus. URL: https://www.consultant.ru/document/cons_doc_LAW_122855/(accessed on 08.07.2024). (In Russ.).

5. Cash flow statement PBU 23/2011. Accounting regulations. Approved by the order of the Ministry of Finance of the Russian Federation dated February 2, 2011 No. 11n. Konsul’tantPlyus. URL: https://www.consultant.ru/document/cons_doc_LAW_112417/(accessed on 08.07.2024). (In Russ.).

6. Accounting (financial) reporting. Review of FSBU 4/2023 from 1C experts. BUKH.1C. 2024. URL: https://buh.ru/articles/obzor-fsbu-4-2023-bukhgalterskaya-finansovaya-otchetnost-ot-ekspertov-1s.html (accessed on 08.07.2024). (In Russ.).

7. Demyakhina E.V. Formation of accounting reporting in accordance with the new federal standard FSBU 4/2023 “Accounting (financial) reporting”. Vestnik Taganrogskogo instituta ekonomiki i upravleniya = Bulletin of Taganrog Institute of Management and Economics. 2024;(2):27-34. (In Russ.).

8. Fixed assets. Federal Accounting Standard FSBU 6/2020. Approved by order of the Ministry of Finance of Russia dated September 17, 2020 No. 204n (as amended on May 30, 2022). Official website of the Ministry of Finance of Russia. URL: https://minfin.gov.ru/ru/document/?id_4=133537-&ysclid=lzl2na0zih33562983 (accessed on 08.07.2024). (In Russ.).