Accounting as a basis of financial management

Based on the conceptual part of the new Federal Law “On Accounting”, which brings Russian legislation closer to international financial reporting standards (IFRS), the author offers on in-depth interpretation of the concept of “accounting”. It can be considered as a basis for assessing the financial condition and results of economic activities of an organization (especially a budget institution), and indirectly as a basis for the practical activities of financial management, which significantly raises the prestige and importance of accounting.