INNOVATIONS IN ACCOUNTING AND REPORTING

 INNOVATIONS IN ACCOUNTING AND REPORTING

PBU

In PBU 16/02 “Information on discontinued operations” a new term “Non-current assets for sale” was added. It has to do with:

§  to material assets for sale remaining from non-current assets retired or received during repair, modernization, reconstruction;

§  to fixed assets and other non-current assets not used by the company in its activities, since it was decided to sell them (with the exception of financial investments).

These assets are accounted for separately as part of current assets from Accountants in Walsall. The termination of their use is reflected in the information on the terminated activity of the financial statements. Since 2020, this procedure has become not a right, but an obligation (Order of the Ministry of Finance of Russia dated 05.04.2019 No. 54n).

Data on discontinued operations should be reported until the period until settlement of such activities is completed. But as long as they last, such information is included in the financial statements. We would like to remind you that earlier this information was disclosed in the financial statements prior to the reporting period in which the program to terminate the activity was completed (including for this period). In this case, the calculations may not have been completed yet.

PBU 18/02 "Accounting for calculations of corporate profit tax" has been amended (Order of the Ministry of Finance of Russia dated November 20, 2018, No. 236n). Previously, temporary differences were understood only as income and expenses constituting accounting profit (loss) in one reporting period, and the tax base for income tax in another (others).

In the new edition, the list of cases when temporary differences are formed has been supplemented. For accounting and tax purposes, they added:

§  recognition in the accounting of the depreciation of financial injections that do not depend on their current market value, reserves, and other assets;

§  the use of different rules for the formation of reserves for doubtful debts and other similar reserves;

§  recognition of estimated liabilities in accounting;

§  use of different rules for determining the starting cost and depreciation of non-current assets;