Conceptual issues of accounting (financial) reporting: Innovation, discussion and prospects

Abstract

Subject. The article discusses issues related to the conceptual foundations of the formation of accounting (financial) statements in the system of Russian accounting standards. Objectives. The article aims to identify the prospects for solving the problematic aspects of the conceptual framework for the formation of accounting (financial) statements. Methods. For the study, I used critical analysis, synthesis, comparison, observation, and systematization. Results. The article presents the results of a comparison of conceptual approaches to the formation of accounting (financial) statements in the new FAS FSBU 4/2023 – Accounting (Financial) Statements, its draft and the RAS PBU 4/99 – Accounting Statements of the Organization that it replaces, and it offers certain recommendations for solving controversial issues of the conceptual framework for the formation of accounting (financial) statements in the system of Russian accounting standards. Conclusions and Relevance. The new FAS FSBU 4/2023 – Accounting (Financial) Statements introduces a number of important clarifications in the regulation of the conceptual framework for the formation of accounting (financial) statements compared to the regulations of the RAS PBU 4/99 – Accounting Statements of the Organization. A number of conceptual issues of the formation of accounting (financial) statements in the new FAS FSBU 4/2023 – Accounting (Financial) Statements are debatable. The solution of controversial issues is possible in the course of further development of the statutory regulation of Russian accounting. The results obtained have both applied and theoretical areas of application in the field of financial accounting.