Russian Accounting Standards for Financial Leases Leasing and IFRS 16 Leases: Comparative Analysis
This article examines the theoretical aspects of the reflection of lease relations considering the issue of accounting for leasing transactions in accordance with international financial reporting standards "IAS 16 - lease" and Russian rules. A special place is given to the reflection of lease transactions from the lessee and the lessor in particular: acceptance of equipment, accrual of payments under the lease agreement, depreciation of the leased object(s). This article discusses the issues of changes in the procedure for reflecting lease transactions since the entry into force of FSB 25/2018 “Lease Accounting". The article also analyzes the classification of lease agreements in accordance with International Financial Reporting Standards No. 16 and Russian standards including FSB 25. The priority of the economic essence of lease agreements over forms is also highlighted.