Abstract: the article analyzes new approaches to the recognition of materials in accounting in accordance with international rules, outlines the problems of accounting for inventories in accordance with the approaches set forth in FSA 5/2019 “Inventories”, shows the effect of the transfer of ownership in recognition of assets.
The cornerstone in the recognition of transactions in the movement of inventory in Russian accounting is compliance with the requirement of transfer of ownership from seller to buyer. Beginning with 01/01/2021, for the recognition of the stock as an asset, it does not matter if the buyer has ownership rights (economic management or operational management) or not.
Changes in recognition of revenue occurred after the adoption and enforcement of IFRS 15 “Revenue from contracts with customers” in the Russian Federation.
A significant difference between IFRS 15 “Revenue from contracts with customers” as compared to the previous standards IAS 18 “Revenue” and IAS 11 “Construction contracts” is the recognition of revenue stipulated in the contract between the buyer and seller.
The article indicates the need development of global recommendations in the form of a synthesis of the main approaches to the organization of accounting.
The authors point out that fundamental changes are currently taking place in Russian accounting in the direction of international accounting and financial reporting standards. The authors believe that accounting regulators in regulatory documents need to disclose such basic concepts as control over accounting objects, criteria for recognizing fair value, explain the rules for changing the valuation of inventory, the procedure for calculating the amount of the estimated obligation to dismantle, dispose of inventory and restore the environment, and much more. There is an urgent need for a regulatory framework that should include the basis for generating accounting information in Russia in the transition to international accounting and financial reporting standards.
Keywords: moment of transfer of ownership, agreement between seller and buyer with special conditions for the transfer of ownership, generally accepted transfer of ownership, different from the generally accepted transfer of ownership, moment of recognition of reserves as assets