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5.

Example 5

N 01.01.2011

01.01.2011 Company N sold services for

200 000

$200,000 on the stipulated terms of a two-

2 .

year deferral of payment.

In accordance with RAS,1 revenues will be

recorded at historical value ($200,000), but

200 000),

according to the IFRS,2 only at the present

value.

Lets say that the market average interest rate

on loans is 20%.

20%.

The fair value of revenue from services

rendered (and customer accounts receivable)

will be equal to $138,889 ($200,000/

138 889 ( 200 000 : (1+0,2)2).

(1+0.2)2).

At the end of the year, financial statements

prepared in accordance with the IFRS will

show3 accrued interest income of $27,778

27 778 ( 138 889 20%).

($138,889 20%).

Dr (BS) 138

Dr. Accounts receivable (BS) $138,889

889
Dr (BS) 27

Dr. Accounts receivable (BS) $27,778

778
Cr (BS) 138 889

Cr. Revenues (BS) $138,889

Cr (IS) 27 778

Cr. Interest income (IS) $27,778

Russian Accounting Standards sr. wiki


International Financial Reporting Standards sr. wiki
3 Added to clear up the missing in
2

In addition, it is necessary to calculate the

deferred profit tax, since in tax accounting

there is no time value of money.

, 20%

So, when the profit tax rate is 20%, deferred

taxes will be equal (for accounts receivable) to

( ) 6

$6,667 ($200,000 ($138,889 + $27,778))

667 (200 000 (138 889 + 27 778)) 20%.

20%.

Compare the end of the year financial

()

statements ($)

p/n

200

166

000

667

6 667
3

200
000

Figures

Accounts
receivable

138

889

income tax
Revenues
Interest
income

27 778

expenditure
of profit tax

IFRS

200,000

166,667

6,667

200 000

138 889

27,778

6,667

Provision for

RAS

Deferred

Recorded by:

6 667

The RAS is lacking a mechanism for recording

the time value of money.

The IFRS has one.

In the IFRS, profit is regarded as the growth in

the companys net assets, unrelated to capital

contribution4 and it is calculated on the

balance sheet5.

Companies should take the conditions of

rising prices and inflation into account and

transition to replacement value accounting.

This is related to the fact that the IFRS profit

and loss statement6 demonstrates the efficacy

of managerial work in managing a companys

resources. However, in the RAS profit is

calculated based on the data from the profit

and loss statement.

Additionally, in the daily use and vocabulary

of most accountants accounting according to

the RAS, there are not a lot of terms,

, ,

definitions, figures, or articles that are used by

, , ,

specialists doing IFRS reporting.

,

.

Had shareholder originally, looked-up shareholder contribution, only capital contribution comes up
Never heard of this expression before, but Google and The Economist have.
6http://www.investopedia.com/terms/p/plstatement.asp
5

In particular, the professional vocabulary of

most Russian accountants lacks such concepts

, :

as:

1) ;

1. Fair value

2) ;

2. Recoverable amount

3) ;

3. Present value

4) (, ,

4. Derivatives (swaps, warrants,

..);
5) (,
, )

forfaiting, etc.)
5. Hybrid financial instruments
(complex, combinable, convertible)

;
6) ;

6. Golden parachute

7)

7. Defined benefit pension

;
8)
.

8. Weighted average rate of capital


services and others7

Sources
http://www.economist.com/economics-a-to-z/w
http://taxes.about.com/od/income/qt/interest_income.htm
http://russia-consulting.eu/sites/default/files/RUSSIA_BRIEFING_Russian_Accounting.pdf

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