Regulations on accounting in the Russian Federation

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

On January 1, 1999, Accounting Regulation 34n came into force. It refers to the Program for the reform of financial reporting in Russia, created according to international standards. New accounting provisions are formed from several sections.

First section

This part describes the main provisions of accounting. Consider its brief content. The first section includes the main provision on accounting established by the law of Russia, the rules for generating reports and their transfer for consideration by authorized persons. In the same part, the features of the transfer of the necessary information to consumers are established. In addition, it also gives a clear definition of the term "accounting", describes the main components and sets its main goals, describes the rules for regulating this procedure. All of these principles are based on the laws of the Russian Federation and normative and legal acts. Responsible persons are also mentioned, controlling a clearfulfillment of all rules. The size and complexity of the work allows the head of the organization to create a specialized department, which will be headed by the chief accountant or a hired specialist, or you can seek help from an organization working with accounting (this task can be performed by one person). But also the manager can do the work of reporting on his own.

Second section

This section contains the main accounting provisions (PBU), the rules for systematization and distribution of information into cells, samples of property valuation. The same part provides a detailed description of the verification of the availability and recalculation of property, as well as the fulfillment of specific obligations, the procedure for detecting inconsistencies between the received data and the original ones certified in the documentation.

Third section

This part of the document tells about a number of rules that must be followed when maintaining records. Their formation is carried out by means of the Federal Law and the Accounting Regulations. When maintaining reports, it is necessary to observe a double entry of all operations carried out in the economy for the working chart of accounts, which is formed on the basis of the general Chart of Accounts compiled by the Ministry of Finance of Russia. The accounting regulations of the Russian Federation say that all records relating to reporting must be kept in Russian. In this case, the funds are converted into rubles. If the original documents were written inone of the foreign languages, then it is mandatory to translate them into Russian. When maintaining records, it is important to record the costs of production and output separately from the costs related to various inputs. It is equally important to maintain constant reporting on the activities of the economy. In the case of any operation, it is necessary to draw up documents during or after the procedure. They must be filled out in accordance with the forms and samples approved by the head of the organization. He has the right to draw up the rules for maintaining all records and data storage.

Archiving information

In order to properly systematize, distribute and store all papers and information, it is necessary to refer to the samples and standards that are created by the Ministry of Finance of Russia. In addition, regional authorities or organizations themselves can take part in the development of forms, while observing some uniform rules. It is necessary to evaluate the property, taking into account all the funds spent on its acquisition. If no fee was charged for the material values, then the price data at the time of receipt is used to carry out the above operation. In the event that information about objects (objects) of property is revealed directly by the organization itself, the assessment is made in accordance with the cost of the property. The laws of the Russian Federation and legal acts of the Ministry of Finance provide for isolated cases when the procedure for carrying out this activity may differ fromthe options described above. Inventory of property assets and liabilities is an integral procedure for accounting. The head of the organization must personally determine the regularity and conditions for the recount of property. However, there are such exceptions when the inventory becomes mandatory for a certain period and is based on the rules from the Accounting Regulations. Each organization may have individual reporting rules, but they should be based on common standards and procedures.

Fourth section

For each organization, rules, features and time periods are established in which all accounting reports for the year must be submitted. It is also mentioned that the information received is available for review to banks, investors, creditors, buyers, suppliers and any other interested parties. The rules and procedures for submitting documentation are determined on the basis of the laws of the Russian Federation.

Fifth Section

If an organization has subsidiaries or affiliates, then its responsibilities include not only control and maintenance of its own financial statements, but also the preparation of general documentation. It includes information about all organizations that are subordinate to the main one, even if they exist outside of Russia. When compiling documentation, it must be signed by the head of the organization and the accountant who was involved in the preparation of reports.

Sixth section

In this part of the documentdescribes the rules for the distribution, structuring and storage of all accounting documentation. The time periods during which it is allowed to store papers and reporting are determined by the national rules for the formation of archives. However, usually this period cannot be less than five years. The authorities of inquiry, the prosecutor's office, the court and the tax police or inspection have the right to pick up the documents. The person responsible for keeping records and reporting is the head of the organization. The chief accountant, as well as another person whose work is related to reporting, is allowed to make copies of the documentation in case of their withdrawal. This must be done in front of witnesses, who are the representatives of the authorities seizing the documents. It is necessary to indicate the date of the procedure and the reason why the copies were needed.

Defining "assumptions"

This term can be called the basic principles and provisions of accounting. If we talk specifically about reporting in Russia, then the assumption is the rules for its preparation. This term also applies to record keeping. The organization is not required to mention and announce the existence of a code of practice, since their existence is obvious. However, deviations from the rules arising from the preparation of documentation are not allowed. If there are any, then it is imperative to indicate the reason for what happened. A number of assumptions are distinguished, which include the isolation of the organization according to the property criterion, constantactivities without interruption, compliance with the rules of the accounting regulations within the specified time limits, as well as in the required sequence.

Reporting requirements

There are other rules and principles for accounting around the world. These include caution, materiality, property valuation rules. For such principles, the term "requirements" has been introduced in Russia. Each organization must take into account the requirements for the completeness, timeliness and consistency of the accounting documentation compiled. There are several basic principles. The first requirement is to document all aspects of the activity.

The second says that all activities should be reflected in accounting records in a timely manner. In addition, there is a requirement for discretion (another name is caution). This concept refers to the ability of the organization to prepare for the occurrence of losses. In other countries, the income of the organization is taken into account in the documentation only after it is received, while losses can be mentioned already when there is only a threat of their occurrence. In order to solve this problem, organizations need to have reserve funds.