Federal rules of accounting standards. Federal accounting standards: how to prepare for accountants. Changes in subaccounts of the unified chart of accounts

FSBU, or federal accounting standards, are newly introduced provisions for accounting in public sector institutions. The change in accounting in the budgetary sector began back in 2018 - the first five Federal Accounting Standards were introduced. In 2019, the second five standards were introduced. We analyze federal accounting standards from 2019, or how public sector employees should work according to the new rules.

New accounting standards 2019

From 01/01/2019, new accounting standards 2019 are mandatory for use by all public sector institutions. Now public sector organizations do not have the right to keep records in circumvention of the new rules and regulations. It is worth noting that most of the provisions do not contain fundamental changes, but only consolidate the standards that were in force before, but only at the level of recommendations.

So, federal accounting standards from 2019 for the public sector:

1. Accounting policies, estimates and errors (No. 274n dated December 30, 2017).
2. Events after the reporting date (No. 275n dated December 30, 2017).
3. Income (No. 32n dated February 27, 2018).
4. Cash flow statement (No. 278n dated December 30, 2017).
5. The impact of changes in foreign currency exchange rates (No. 122n dated February 30, 2018).

Let us outline the main innovations in more detail: accounting standards 2019.

Accounting policy 2019

Now public sector employees are required to draw up accounting policies based on the provisions of FSBU No. 274n. However, the indicated Order of the Ministry of Finance does not provide for fundamental changes. In essence, the new provisions on accounting policies are the current provisions of Law No. 402-FZ. Note that there are also innovations.

Thus, the FSB identified the following aspects:

1. The person responsible for drawing up the accounting policy is specified. This is the chief accountant or another person entrusted with accounting responsibilities.
2. The finished document must be publicly available. In other words, the UP is subject to publication on the official website of the institution.
3. Subordinate institutions must develop their own management programs based on the provisions of a higher organization, ministry, or department.
4. The cases of making changes and additions to the document are limited.

The new procedure for drawing up the CP taking into account changes in the FSBU is in a separate material.

Events after the reporting date

This FSBU established not only the concepts of events after the reporting date, but also the rules for their reflection in accounting depending on the period of their occurrence. The standard outlined the classification of events of this nature. So, depending on what type of event a particular event belongs to, the way it is reflected in the accounting records of the institution also depends. The standard also reveals the specifics of including this information in the organization’s reporting.

Let us recall that previously such provisions were disclosed only in the accounting policies of the institution. Moreover, each economic entity could establish its own exclusive rules. New accounting standards 2019 have eliminated these disagreements. Now events after the reporting date can be reflected in accounting only in accordance with the designated standards, and nothing else.

FSBU: Revenues

The initial concept of income was presented in the FSBU 2018 “Conceptual Framework”. This is the receipt of economic benefits or an increase in the useful potential of assets determined during the reporting period. Moreover, investments and contributions from the founder cannot be counted as income. It is also impossible to recognize as income the non-monetary exchange of goods, works, and services between counterparties without making appropriate payments.

The new 2019 accounting standards for income should not be applied to all cases. So, for example, the FSBU “Income” is not applicable when selling fixed assets or intangible assets, when receiving rental payments, when receiving gratuitous income and in other situations.

Now income should be divided into two groups. Those received from exchange transactions are called exchange income. These include income from transactions with assets and property of the institution. Non-exchange income is those received from non-exchange transactions. These include revenues from taxes, contributions, fines, gratuitous budget revenues, compensation for penalties, damage, harm, etc.

Impact of changes in foreign exchange rates

Current accounting standards establish that any operation of the economic activity of a subject must be reflected in accounting in ruble equivalent. That is, if the transaction was carried out in foreign currency, then the amount must be recalculated. The procedure and rules for recalculation establish accounting standards for public sector employees starting in 2019.

The new FSBU establishes methods and procedures for recalculating the value of assets and liabilities provided for foreign Russian institutions. The provisions also establish the rules for reflecting this information in the reporting of public sector organizations.

Current accounting standards 2018

Since January 2018, five federal accounting standards have been in force, approved by Orders of the Ministry of Finance of the Russian Federation on December 31, 2016:

1. Conceptual Framework of Accounting and Reporting for Public Sector Organizations (No. 256n).
2. Fixed assets (No. 257n).
3. Rent (No. 258n).
4. Impairment of assets (No. 259n).
5. Providing accounting (financial) statements (No. 260n).

The program for introducing new accounting is regulated by Order of the Ministry of Finance of Russia dated October 31, 2017 No. 170n. Future innovations will affect the procedure for developing accounting policies, the rules for reflecting events after the reporting date, the algorithm for reflecting contingent liabilities and assets, and so on.

Federal standard 2018: fixed assets

In accounting for fixed assets in public sector institutions, the grouping of fixed assets will change: now non-residential premises, buildings and structures will be combined into one group, and a separate category has been created for perennial plantings. The institution's library collection will no longer be allocated to a separate group.

The federal standard “fixed assets 2018” introduces a completely new concept of “investment real estate” for immovable objects of an institution that are rented out or increase the value of the remaining property. However, such real estate cannot be used by the institution to carry out its main activities.

Since 2018, fixed assets can be accounted for comprehensively. For example, combine office equipment into one object. In a similar way, you can combine office furniture (table, cabinet, chair) or other objects.

The boundaries of the cost of fixed assets have been changed. Now all objects costing less than 10,000 rubles will be classified as low-value. They should be accounted for in an off-balance sheet account.

100% depreciation is now charged on fixed assets worth up to 100,000 rubles, as in tax accounting. Library collections worth up to 100,000 rubles are accounted for in a similar way.

For objects costing over 100,000 rubles, depreciation will be calculated in a new way. There will be three methods:

• linear;
• reducing balance;
• proportional to the volume of products produced.

You will have to recalculate and add additional depreciation. To help public sector accountants, the Ministry of Finance has issued guidelines for the transition and implementation of new rules. The instructions are contained in Letter No. 02-07-07/79257 dated November 30, 2017.

Major changes to the 2018 OS standard

Federal reporting standard

The 2018 Accounting Standard on Reporting contains a new methodology for the preparation and presentation of financial statements. Some reporting data will have to be disclosed.

The assets and liabilities of the institution will be divided into short-term and long-term, or current and non-current, respectively.

Officials also identified a number of principles that the institution’s budget reporting must meet:

• relevance (relevance);
• reliable presentation (completeness, neutrality, absence of significant errors);
• verification;
• timeliness;
• materiality;
• comparability;
• clarity.

Lease - federal accounting standard 2018

If an institution leases property or leases fixed assets, such transactions should be carried out in accordance with the new federal standard 2018. In order to correctly reflect transactions in accounting, it is necessary to determine which category the lease belongs to: operating (non-financial) or non-operating (financial) .

Property received under a non-operational transaction should be included in the fixed assets of a budget institution. However, a monetary liability in the amount of rent payable should also be taken into account at the same time.

An institution has the right not to apply these rules if a state organization is provided with assets for temporary possession or use. For example, biological or intangible assets for temporary use.

Ask questions and we will supplement the article with answers and explanations!

A standard is a specific norm, documented. As for accounting, there are certain requirements for it, declaring the minimum nuances and acceptable methods of accounting. They are called standards.

Let's take a closer look at industry accounting standards, in contrast to federal and internal ones.

Types of accounting standards

Federal Law “On Accounting” No. 402-FZ dated December 6, 2011, part 1 of Art. 21 identifies the following types of accounting standards:

• federal - established by the legislation of the country, relevant for any organizations operating on the territory of the Russian Federation;
• industry - adopted by regulatory documents for the relevant field of activity;
• internal - adopted by local acts of each individual enterprise.

IMPORTANT! Federal and industry standards are mandatory. When developing internal standards, the organization must ensure that they do not contradict industry and federal standards.

Features of industry standards

Industry Standards– these are the rules governing the application of federal accounting standards in different sectors of operation, created taking into account the nuances of individual types of activities (industries) or their areas.

Principles of compilation industry, as well as other accounting standards, are aimed at regulating it:

• bringing requirements into line with the needs of people and organizations preparing and receiving financial statements;
• achieving the current level of development of practice and scientific methods of financial accounting;
• organization of unity of rules for various accounting systems;
• simplification of accounting and reporting (for those categories entitled to apply simplified accounting methods).

Common features between federal and industry standards

1. Regulate accounting methods in the organization.
2. Unconditionally required for use.
3. Install:
   • minimum required accounting rules;
   • acceptable accounting methods.

Differences between industry standards and federal standards

1. Industry standards specify federal ones.
2. They have a more basic mechanism of use.
3. The type of activity for which they are created is taken into account.
4. Can be approved only based on the results of an examination by the Standards Council.

Industry standards can be universal for certain areas of activity, detail special rules for accounting, or reveal the peculiarities of its conduct in specific areas.

NOTE! In light of the gradual transition to international accounting standards (IFRS), the development and use of industry standards is highly appropriate. The Central Bank of the Russian Federation, which regulates the domestic market, is actively developing and implementing standards for all major industries operating today in various economic sectors.

Reasons for developing industry standards

In addition to the need to bring accounting requirements closer to international ones, the Bank of the Russian Federation is guided by the following considerations that dictate the emergence of various industry standards:

• the desire for universality of accounting reporting;
• the desire to increase the information content of the submitted forms;
• the planned transition in the near future to a chart of accounts that is unified for credit and non-credit financial institutions.

Industry standards are constantly updated and introduced into the life of organizations gradually, as they are adopted and approved by the Standards Council.

What is included in industry standards

Industry requirements for accounting methods and methods specify the specifics of the application of federal ones, therefore they contain the same information, but of a specific nature:

• information about accounting objects, their definition and classification;
• rules for their acceptance for accounting and write-off;
• methods by which their value is determined;
• applicable chart of accounts;
• financial reporting requirements, etc.

Examples of industry standards

When releasing a new industry standard, the Bank of the Russian Federation places it on its official website. In addition to those already approved, it contains draft standards that are being prepared for examination. Regarding each of the published Regulations, the Bank of Russia publishes special explanations and instructions. Let us give examples of the latest new industry standards from the Bank of the Russian Federation.

1. Industry standards for non-credit financial institutions (NFIs):
   • for activities under a property trust management agreement (No. 505-p dated November 18, 2015);
   • for transactions with reserves reflecting estimated and contingent liabilities of non-credit organizations (No. 508-p dated December 3, 2015);
   • accounting of derivative financial instruments (No. 488-p dated September 4, 2015);
   • accounting of income, expenses, other comprehensive income (No. 487 dated September 04, 2015);
   • the procedure for drawing up accounting reporting documents (No. 526-p dated December 28, 2015);
   • the procedure for preparing financial statements of securities market participants and various investment funds, trade organizers and counterparties, credit rating and credit history agencies, insurance brokers (No. 532-P dated February 3, 2016), etc.
2. Industry standards for insurance organizations:
   • the procedure for drawing up documents for accounting reports (No. 526-p dated December 28, 2015);
   • operations for conducting insurance activities (No. 502-p dated November 5, 2015);
   • accounting in Russian insurance organizations and mutual insurance companies (No. 491-P September 04, 2015), etc.
3. Industry standards for credit financial institutions (CFO):
   • rules for calculating and paying remuneration to KFO staff (No. 465-p dated April 15, 2015);
   • features of meeting reserve requirements (No. 554-p dated October 20, 2016);
   • accounting for fixed assets, real estate, assets that are temporarily not in use, inventories intended for sale and received as collateral or compensation (No. 448-p dated December 22, 2014);
   • requirements for hedging (No. 525-p dated December 28, 2015), etc.

Innovations for 2018

The Bank of Russia began to perform new, additional functions: to regulate industry requirements for accounting of certain types of activities. For example, previously control for non-credit financial organizations was carried out by the Financial Service for Financial Markets and the Federal Insurance Supervision Service, and the requirements themselves were developed by the Ministry of Finance of the Russian Federation. For NFOs, from January 1, 2018, industry standards adopted by the Bank of Russia come into force: these organizations must switch to the new PBU.

To create Regulations regarding accounting in NFOs, the Bank of Russia used the framework it had previously developed regarding CFOs. Many points remain the same, but there are also innovations associated with the widespread convergence with IFRS.

REFERENCE! If in the provisions adopted by the Bank of the Russian Federation as the main market regulator, any issues are not resolved in the relevant regulations, it is recommended to use the requirements of IFRS.

Specialized organizations are ready to help enterprise management quickly switch to new methods of accounting by providing assistance in:

• formulation of accounting policies;
• correlation of existing PBUs with industry and federal standards;
• numbering of new personal accounts;
• developing a methodology for assessing assets and liabilities;
• automation of accounting according to new requirements.

Specialists are ready to train and advise accounting workers on any issues related to the transition to a new level of accounting for financial activities.

Any enterprise operates within the framework determined by the relevant legislative norms. The accounting activities of organizations are also subject to special rules, united by the sonorous name “Accounting Standards”. Modern accounting is subject to requirements developed at various levels and regulating different parties. Let's understand the hierarchy of these regulatory documents.

Russian accounting standards: federal, industry, intra-company

So, accounting standards are documents that establish fundamental requirements for the maintenance and methodology of accounting. They are:

• federal, i.e. valid and mandatory throughout the Russian Federation in companies of any industry and form of ownership;
• industry-specific, i.e. established for use by companies in various industries;
• intra-company, i.e. developed and used in the system of a subject (company or enterprise).

Federal Accounting Standards

The main domestic law regulating accounting activities in each company is the Law “On Accounting” No. 402-FZ dated December 6, 2011. It establishes the unifying framework of RAS, providing for the procedure and approval of federal standards. Mandatory for use in any company, regardless of its type of activity, they define:

• characteristics and classification of accounting objects, conditions for their registration and disposal;
• assessment methods;
• conditions for converting value from foreign currency into national currency;
• the need to adopt the company's accounting policies;
• accounting chart of accounts;
• rules for preparing financial statements, etc.

Federal accounting standards, and these are all the provisions governing accounting, are approved by the Ministry of Finance of the Russian Federation. Today, national accounting standards include 24 accounting standards and several special provisions.

Intracompany accounting standards, usually in the form of local acts of the enterprise, are developed by the company and are intended for accounting specifically in it. The need for their development, as well as the procedure for review and approval, amendment or cancellation, is also determined by the company independently. It is only important that the standards established by the company do not contradict federal regulations and accepted industry standards, but complement them in connection with the necessary specifics or functionality of production.

Industry Accounting Standards (ASBU)

The specifics of using federal standards in various types of functioning are regulated by industry standards. The mechanism for their application is more elementary, and they are created taking into account the characteristics of the industry or direction in it.

Industry standards are included in the general category of legal acts that define accounting issues along with federal, intra-company standards and recommendations. They dictate the requirements:

Minimum required - in terms of rules for the use of accounting;

Acceptable - in terms of accounting methods.

The specificity of industry accounting standards is manifested in the fact that they, like federal ones, are mandatory for use. They are approved only after a special examination by the Standards Council. By combining the basic principles of accounting in the Russian Federation, industry accounting standards can:

Detail, selectively clarifying, special accounting requirements or accounting for certain types of activities, for example, accounting in budgetary organizations;

Can be used as a universal option.

The rapid approach of Russian accounting principles to IFRS is justified and inevitable. It is IFRS that become the basis for the development and application of OSBU. Currently, the main market regulator, the Bank of Russia, is actively developing draft OSBUs for various industries and activities.

OSBU: examples and projects

The Bank of Russia posts on its website the already approved OSBU and projects that regulated the accounting processes of various entities. Many of them have been developed recently and are beginning (and more often are only planned) to be introduced into the life of companies gradually and step by step. The emergence of OSBU is due to:

State prospects for the convergence of RAS and IFRS;

The future (from 2018-2019) transition to a unified chart of accounts (USC), combining the activities of credit (CFO) and non-credit (NFO) financial organizations;

The desire to establish uniformity and increase the information content of reporting.

General documents that combine the basic requirements for accounting operations, equally applied by both CFOs and NFOs;

Specific, i.e. defining the rules for accounting for transactions that characterize any particular type of activity.

Examples of OSBU include documents recently approved by the Bank of Russia:

For NFO – OSBU:

Operations related to the implementation of the agreement on trust management of property of the NFO dated November 18, 2015 No. 505-p;

Reserves – estimated and contingent liabilities of NFO dated December 3, 2015 No. 508-p;

The procedure for compiling accounts. reporting dated December 28, 2015 No. 526-p, etc.

For insurers - OSBU:

- “The procedure for compiling accounts. reporting" dated December 28, 2015 No. 526-p;

Operations of non-state pension funds related to the conduct of insurance activities" dated 05.11.2015 3502-p.

For KFO – OSBU:

Remuneration to employees of the KFO dated April 15, 2015 No. 465-P;

Operations related to the fulfillment of reserve requirements dated October 20, 2016 No. 554-p;

- fixed assets, intangible assets, real estate, temporarily unused assets, inventories intended for sale and received under compensation or pledge agreements dated December 22, 2014 No. 448-p, etc.

So, industry, as well as federal accounting standards, dictate certain rules for conducting accounting operations in Russian companies, establishing both general requirements and specific ones, acceptable only for certain organizations or ongoing operations.

The approximate structure of each federal accounting standard, which the Russian Ministry of Finance plans to develop and put into effect in the coming years, has become known. More about this in our review.

The future belongs to the FSBU

There is a special structure under the Russian Ministry of Finance - the Accounting Standards Council. By Protocol No. 3 (Section II) dated July 1, 2016, he approved the approximate contents of the FSBU.

In our opinion, accountants need to understand what we are talking about. Since, apparently, all-Russian and industry accounting standards will become the main regulatory requirements in this area. They replace various PBUs.

In 2017 and 2018, the situation with federal accounting standards will change little. They will remain in project status. Their implementation is planned by the Ministry of Finance for 2019–2021.

The Ministry of Finance proposes the following structure and content of federal accounting standards:

Sections and subsections	The main content of the FSBU
Section 1: General Provisions	The subject of legal regulation of the federal accounting standard. Including an explanation of the goals and motives for its adoption.
	Scope of the standard: · relationship; · accounting objects; · economic entities that are and/or are not covered by the relevant FSB; · cases of voluntary application of the standard. Definition and characteristics of accounting objects covered by the FSB Other specific terms and definitions that the standard mentions
Section 2: Content	The procedure for classifying accounting objects
2.1. Classification of accounting objects 2.2. Conditions for accepting objects for accounting 2.3. Valuation of accounting objects (initial, subsequent) 2.4. Conditions for writing off objects in accounting	Conditions for accepting objects for accounting Acceptable options for monetary measurement of accounting objects. Including when accepting them for accounting in the future. Conditions for writing off objects in accounting Special methods of accounting for objects due to their specificity (the procedure for converting the value of objects expressed in foreign currency into the currency of the Russian Federation for accounting purposes, etc.) Simplified methods of accounting for economic entities that have the right to use them on the basis of the Law “On Accounting” No. 402-FZ
Section 3: Disclosure	The composition and content of information about accounting objects that are disclosed in the accounting (financial) statements
Section 4: Entry into force and transitional provisions Applications to the FSBU (there may not be any)	Date of entry into force of the FSBU Possibility and procedure for early application of FSB Transitional provisions (the procedure for generating comparable information, including during the transition from accounting in accordance with PBU to accounting based on FAS) List of regulatory legal acts that must be amended due to the entry into force of the FSB (with a listing of the relevant changes) List of regulatory legal acts that cease to be in force due to the entry into force of the FSB Tables, formulas, examples, other

In Russia it began in 2015. Then the Ministry of Finance approved the program for their development by order No. 64n. By 2016, the work was completed. There are currently 29 accounting standards included in the program. According to the order of the department, they should come into force in stages from January 1, 2018. Implementation into practice should be completed by 2020. At the same time, adjustments will be made to existing laws, Regulations on accounting and reporting, and other regulatory documents.

Public sector organizations

Special accounting standards have been developed for these entities. All of them are combined into the “Conceptual Framework of Accounting and Reporting”. This document states:

• Key ways of maintaining documentation.
• Accounting objects, rules for their recognition, evaluation.
• The general procedure for the formation of information reflected in the reporting, the qualitative characteristics of the information.
• Principles for preparing documentation.
• Basic requirements for the inventory procedure of liabilities and assets.

Public sector entities must apply these accounting standards from 1 January. 2018. At the same time, reporting for 2017 is prepared according to the previous rules.

What remains unchanged?

The accounting standards for public sector organizations include certain provisions contained in Section 1 of Instruction No. 157n. In particular, the following remained unchanged:

• Range of subjects of accounting.
• Rules for creating a chart of accounts.
• Accounting methods (accrual, double entry, recognition of expenses and income).
• Requirements for the preparation and storage of primary documentation and registers.
• Document flow procedure.
• Requirements for the inventory procedure of liabilities and assets.

Correction of wording

Certain principles are set out in the new standards and in a clearer way than in existing guidelines. We are talking, in particular, about the assumption of temporal certainty. It means that recognition of objects is carried out in the period in which the facts of the enterprise’s economic activity took place, as a result of which they arose or changed, regardless of the write-off or receipt of money.

In addition, the definition of material information has received a clearer formulation. Data are recognized as such if their omission or distortion may affect the decision of the founders or other interested parties, which they make on the basis of information from accounting documents. The materiality of information depends on the level of influence of its absence or distortion. There is no single quantitative criterion for assessing this indicator. In this regard, the degree of materiality is determined in each case individually.

Reporting classification

The standards for public sector organizations include certain provisions from the first sections of the Instructions approved by Orders of the Ministry of Finance No. 33n and 191n. They specify the list of reporting subjects, the rules for desk audits, and the introduction of adjustments to the information enshrined in the Federal Law “On Accounting.”

In addition, the classification of reporting is fixed. According to the accounting standard, it is divided into:

• General and consolidated (according to the degree of generalization of data and the order of their formation).
• General and special purpose (according to the degree of information disclosure).

This classification is also defined in the regulations in force today. However, the Standard contains a complete description of it.

Accounting objects

The new Accounting Standard for public sector organizations reveals the definitions of liabilities, assets (including net), expenses, and income.

An asset is property (including funds in cash and non-cash forms):

• Belonging to an institution or being used by an organization.
• Controlled as a result of business transactions.
• Having useful potential and capable of bringing economic benefits.

New terms have been used in asset attributes. One of these concepts is useful potential. It is considered the suitability of an asset for use in the organization’s activities, for exchange, and for repaying obligations. At the same time, the exploitation of property should not always be accompanied by the receipt of money. In relation to an asset, it is sufficient that it serves to enable the organization to realize its objectives and achieve its goals. Accordingly, the object has certain consumer qualities.

Future economic benefits are the receipts of cash or cash equivalents from the use of the asset. For example, these could be rental payments.

The presence of control over an asset by an institution indicates the right of the organization to use the object (including temporarily) to extract future economic benefits or useful potential, the ability to regulate or exclude access of third parties to it.

International Accounting Standards

To ensure the unity of recognition, assessment, and disclosure of information about financial and economic transactions on the world market, IFRS were developed. International accounting standards ensure the comparability of financial documentation between enterprises and the availability of information for external users.

IFRS can significantly reduce the costs of economic entities in preparing financial statements. This is especially important for companies with an extensive network of representative offices in different countries. At the same time, enterprises using international standards significantly reduce the cost of raising capital.

The market value of capital depends on the risks and prospects for return. Certain risks are determined by the specifics of the enterprise's activities. However, many of them are associated with a lack of information about the effectiveness of investments. The reason for this is the lack of standardized reporting. IFRS solves this problem. This is why many countries are striving to introduce international standards into their practices.

Openness of information attracts more investors. They, in turn, are willing to make smaller profits, realizing that greater data transparency provides a significant reduction in risks.