About the differences in the practice of international and Russian financial reporting standards in the preparation of the balance sheet

With the development of digital means of communication, international economic interactions are expanding. This trend is also expressed in the Republic of Sakha (Yakutia). The countries of the Asia-Pacific region actively participate in the export and import of goods from the region. The volume of non-raw non-energy exports of Yakutia in 2020 amounted to 116.6 million US dollars. The relevance of the research topic is that Russian accounting standards are formed on the basis of international financial reporting standards and are updated every year, erasing the differences between the two standards. The basic principles of accounting and reporting coincide with IFRS: double entry, business continuity, accrual accounting method, the principle of balance sheet formation, methods of cost accounting and depreciation of fixed assets, the application of the organization’s own accounting policy. The subject of the study is the structure of the balance sheet prepared in accordance with international financial reporting standards. The purpose of the study is to find differences in balance indicators. This work was carried out by visual comparison of the designated standards and practices for application in the field of financial accounting, management accounting theory. The similarities and differences of these standards and the method of balance transformation are demonstrated. The scientific novelty consists in the fact that the work carried out a practical comparison of the reporting structure for the transformation of indicators of the main forms of financial statements compiled in accordance with Russian accounting standards (hereinafter-RAS), by visual comparison with international financial reporting standards and the continuity of indicators of balance sheet lines. The practical significance of the work consists in the fact that it provides an opportunity to demonstrate the structure of the financial statements of an enterprise in order to convey information from accounting data of Russian organizations to foreign users of financial statements prepared in accordance with international financial reporting standards (hereinafter-IFRS) for planning investment projects and making management decisions by foreign users, attracting investments.