Accounting of Material and Production Resources According to Russian and International Standards. Which Method is more Effective and Profitable?

Abstract

A scientific article is devoted to the study of accounting features of inventories according to Russian Accounting Standards (RAS) and International Financial Reporting Standards (IFRS). A comparative characteristic is carried out and their differences are described when taking into account the MPZ. The relevance of the study is justified by the period of transition of an increasing number of manufacturing enterprises of the economy of the Russian Federation (RF) to IFRS in order to improve their accounting policies. The conclusion of the article is the conclusion that international financial reporting standards disclose the issue of accounting for inventories more fully and in more detail than Russian accounting standards. In this regard, the desirable transition of Russian manufacturing enterprises to IFRS.