APPLICATION OF IFRS PRINCIPLES TO THE INVENTORY ACCOUNTING IN THE NATIONAL SISTEM OF BOOK-KEEPING ON AN EXAMPLE OF THE RUSSIAN-VIETNAMESE OIL COMPANY VIETSOVPETRO

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Inventories for the majority of the of Petroleum enterprises are the important resource providing uninterrupted production, therefore the true and fair valuation of material-industrial inventories is important for management of the cost price of production and services of the modern enterprise. Features of the Russian and Vietnamese inventory accounting are presented in this article and national Vietnamese rules of the inventory accounting are analyzed on the subject of their conformity to main IFRS principles. In connection with reforming of national accounting systems there are their essential differences from the International financial reporting standards in rules of the inventory accounting. The problem of realisation of a principle of conservative inventory accounting in Russia and Vietnam, on the basis of the comparative analysis of realisation of the concept of conservatism in the IAS 2 and according to national standards PBU 5/01, VAS 2 is discussed. So, in Russia and Vietnam application of a principle of conservatism is carried out by means of creation an allowance in the accounting on the end of year at impairment of material inventories. It does not contradict IFRS; however the author urges to investigate a problem more deeply. It proves a position, that conservatism at reflexion of inventories in accounting and the financial reporting assumes its display constantly at all stages of the operational cycle connected with movement of is material-industrial inventories of the enterprise: at the moment of a recognition, at expenditure in production and at reflexion of the rests of inventories on the end of year. On the basis of the analysis of standards and the accounting policy of Russian-Vietnamese enterprise «Vietsovpetro» the conclusion that absence of not overestimated estimation of inventories in the financial reporting at the moment of recognition is observed that is the most important for achievement of reliability of the financial reporting becomes. The author also gives recommendations about application of various methods at expenditure in production for various groups of inventories, having excluded thus method LIFO.