Analysis of existing rules and practices for disclosing information about fair value in financial statements

Abstract

One of the most important for modern accounting and reporting is fair value. Moreover, this is typical for systems of both Russian and international standards (hereinafter referred to as RAS and IFRS). Indeed, fair value, which is actively used in IFRS, has now been introduced into almost all domestic federal accounting standards (hereinafter referred to as FAS). In this regard, the importance of issues related to the indicated value cannot be overestimated. In our previous works, we explored issues related to the interpretation and calculation of fair value. In this article we turn to the analysis of disclosure of information about fair value in financial statements. When carrying out research, methods such as analysis and synthesis, grouping method, comparison, analogy method, logical approach, systematic approach were used. As a result of the research carried out in this work, the main problems associated with the disclosure of information on fair value in the reporting of modern organizations have been identified. The results obtained in this article will be useful to a wide range of readers interested in current issues related to the preparation of financial statements under RAS and IFRS; they can be used in the educational process of higher educational institutions, in the practical work of accounting departments of modern organizations, as well as in the development and improvement of relevant domestic and international accounting standards.