Theoretical and Methodological Basis of Accounting of Intangible Assets as a Result of Innovative Activities of Economic Entities
<b>Subject</b> This article discusses the theoretical and methodological provisions of accounting of intangible objects as a result of innovative activities of economic entities in the Russian accounting practice and International Financial Reporting Standards system. <br></br> <b>Objectives</b> The article aims to reveal similarities and differences between the current Russian regulatory acts, the requirements of IFRS to recognize intangible assets, and the draft of the Federal accounting standard <i>Intangible Assets</i> (IA). And also, it aims to reveal the changes planned in the Russian IA accounting practice and develop recommendations on harmonization of Russian and international accounting standards of IA. <br></br> <b>Methods</b> For the study, I used the methods of comparison, analysis, generalization, and systematization. <br></br> <b>Results</b> The article shows similarities and differences of approaches to reflect intangible assets in the current Russian regulatory documents and IFRS. The analysis of the draft of the Federal accounting standard <i>Intangible Assets</i> says about discrepancies between the existing rules of IA accounting in the Russian Federation and those described in the draft. The article proposes to clarify the definition of the <i>Cost</i> category in the draft and define the amortized value of the asset and examples of research and development activities. The article justifies the necessity of amendments to the Russian forms of financial statements at approval of the draft of the Federal accounting standard <i>Intangible Assets</i>. <br></br> <b>Conclusions</b> The article concludes on convergence of the Russian methodology of IA objects accounting with IFRS when approving the draft of the Federal accounting standard <i>Intangible Assets</i>, which will help reduce the cost of economic entities to transform financial statements into IFRS format.