Project structure of financial statements: Comparative analysis and recommendations for improvement

Abstract

Subject. This article analyzes the structure of accounting (financial) reporting, in particular, the one proposed in the draft federal accounting standard developed by the Ministry of Finance of Russia. Objectives. In addition to the analysis of the project structure of financial statements, the article aims to develop recommendations for improving this structure. Methods. For the study, we used analysis, synthesis, modeling, systematization, and generalization. Results. The article presents the results of the analysis of the requirements for financial statements, structure of reporting, balance sheet, and the statement of financial results. It proposes to introduce the principle of Financial Statements Modeling into the requirements, and some additional items on balance sheet. Conclusions and Relevance. The analysis of the draft FSBU 4/20 and regulatory documents on accounting financial statements reveals the need to replace the current PBU 4/99 and to finalize this FSBU project as soon as possible. The results of the study can be applied in the theory and practice of accounting.