Improving the Formation of Financial Statements in Accordance with International Standards as the Most Important Instrument for International Economic Integration

Abstract

Purpose

The purpose of this article is to identify problems and opportunities for improving the formation of financial statements (FS) in accordance with International Standards, which is the most important instrument for international economic integration.

Design/Methodology/Approach

In carrying out the research, we used the FS of the modern organizations, prepared in accordance with International Standards (IASs and IFRSs), posted on the official websites of these organizations. At the same time, we researched the FS of both Russian and foreign organizations in order to draw conclusions about the problems of preparing FS in accordance with International Standards, which are typical for most modern organizations in different countries. When conducting research, we used methods such as comparison, analysis and synthesis.

Findings/Results

We identified the main problems that arise in practice when preparing FS in accordance with International Standards, which are typical for both Russian and foreign organizations. We also analysed the project of the IASB (the organization that develops these standards) to improve the requirements for the preparation of FS in accordance with International Standards. Based on the analysis carried out, we identified the main problems arising from the planned requirements of this project. As a result of the research carried out, we made proposals for solving the identified problems of the formation of FS in accordance with International Standards.

Conclusions/Recommendations/Value

Our proposals can be used to improve the regulations of International Standards for the formation of FS, and can also be applied in the practical work of modern organizations.

Citation

Druzhilovskaya, T.Y., Druzhilovskaya, E.S., Stozharova, T.V., Vilkova, E.V. and Denisova, I.P. (2022), "Improving the Formation of Financial Statements in Accordance with International Standards as the Most Important Instrument for International Economic Integration", Popkova, E.G. and Andronova, I.V. (Ed.) Current Problems of the World Economy and International Trade (Research in Economic Anthropology, Vol. 42), Emerald Publishing Limited, Leeds, pp. 219-231. https://doi.org/10.1108/S0190-128120220000042021