Methods of accounting for and reporting of changes in accounting policies
The subject of the research is the problems associated with recording the effects of changes in accounting policy of organizations. The goal is to support recommendations on the methodology of recording changes in accounting policies. The methods of the study include a comparison of regulations of Russian and international standards, and the critical analysis of different scientific points of view related to implications of changes in accounting policy of organizations. The comparison of Russian and international accounting regulations resulted in conclusions on significant differences in the regulations on recording the effects of changes in accounting policy of organizations under the RAS and the IFRS. The critical analysis of Russian accounting regulations showed the absence of comprehensive regulations on the effects of changes in accounting policy of organizations. The authors proved that most problems relate to retrospective reflection of effects of changes in accounting policies. Based on the critical analysis of scientific viewpoints, the authors systematized similarities and differences between approaches to recording the effects of changes in accounting policies in the modern scientific literature. The conclusions are both of applied and theoretical significance in the field of accounting and reporting. The authors justified their proposals related to the methodology of recording the effects of changes in accounting policy to optimize the process. The proposals include a recommended methodology for adjusting financial statements of previous periods to reflect the effect of retrospective changes in accounting policies, as well as the rationale for the conditions, under which the retrospective approach to recording changes in accounting policies can provide reliable information in financial statements.