Evaluation of assets, obligations and capital in the system of two-dimensional financial reporting formation on the basis of risk-oriented approach

The article focuses on the assessment of assets, liabilities and capital under IFRS and methodologies for generating financial statements based on a risk-based approach. The relevance of this topic is due to the acceleration of the convergence of Russian and international standards, as evidenced by the appearance of projects of the FSB, the provisions of which are largely borrowed from IFRS. The authors aim to develop recommendations on the valuation of assets, liabilities and capital in the system of forming the company's two-dimensional financial statements. In the process of research, the authors presented the main points in favor of implementing risk-based accounting, in accordance with IFRS for the assessment of fixed assets, focused on emerging problems of costing and financial results in connection with the application of an estimate at the fair value, based on the proposed new two-dimensional format of financial reporting (for nominal and fair indicators).The authors focused on differences in approaches to estimate the fair value of assets in translation, revaluation and depreciation transactions. During the research, it was established that the introduction of two-dimensional accounting and financial reporting (in nominal and fair terms) to Russian enterprises would remove problems associated with the adaptation of IFRS provisions and would help to expand the information base for evaluating the investment attractiveness and creditworthiness of enterprises. There are differences in the estimation of the fair value of assets in the methods it's recount (method of discounting cash flows in the income approach), reevaluation and depreciation (usage of methods of market and/or income and/or cost approach in accordance with IFRS 13 “Fair Value”). IFRS has a risk-basedapproach; however, it only applies to individual cases of valuation of assets, liabilities and capital, and does not allow the formation of full-fledged risk-oriented reporting. Therefore, for improving Russian accounting standards in the framework of projects, the FSB needs to extend the risk-based approach to all cases, forming accounting and reporting in a two-dimensional measurement (nominal and fair valuation).