The issues of convergence of assets accounting in RAS and IFRS considering the application of FSBU 6/2020 – Property, Plant and Equipment

Abstract

Objectives. This article aims to consider the main innovations in the rules for accounting for fixed assets introduced by the Federal Accounting Standard (FSBU) 6/2020 – Property, Plant and Equipment, and the effect of these innovations on the possibility of convergence of the Russian Accounting Standards (RAS) and International Financial Reporting Standards (IFRS). Methods. For the study, we used analysis and synthesis, and research methods, based on logical grounds. Results. The article examines the new rules for accounting for fixed assets introduced by FSBU 6/2020, identifies and analyzes the remaining significant differences in the valuation of assets in accordance with RAS and IFRS, affecting the need to form additional adjustments when preparing financial statements under IFRS. The article proposes practical ways of convergence between RAS and IFRS in terms of accounting for fixed assets and eliminating the difference that remained after the entry into force of FSBU 6/2020 – Property, Plant and Equipment. Conclusions. It is expected that from 2023 and on, the revaluation of fixed assets will have practically no impact on the tax base for the property tax of organizations. Obviously, solving the problem of the need for double (parallel) accounting for fixed assets for RAS and IFRS will lead to a wide range of undeniable advantages.