Draft Federal Accounting Standard (FSBU) 4/2023 – Accounting (Financial) Statements: Content analysis and recommendations for improvement

Abstract

Subject. This article analyzes the content of the draft Federal Accounting Standard (FSBU) 4/2023 – Accounting (Financial) Statements from the perspective of the theory and practice of the formation and presentation of accounting (financial) statements. Objectives. The article aims to analyze the content of the draft FSBU 4/2023 – Accounting (Financial) Statements, its differences from the current regulations, including the approaches used in IFRS, as well as the comments received as a result of public discussion of the draft, and develop recommendations for its improvement. Methods. For the study, I used the methods of analysis, comparison, grouping, generalization, and the method of analogy. Results. Based on the analysis of the content of the draft FSBU 4/2023 – Accounting (Financial) Statements, as well as the comments received as a result of its public discussion, the article identifies the differences between the draft and the current regulatory documents under RAS and IFRS, its advantages and disadvantages. The article also presents recommendations for improving the content of the draft Federal Standard. Conclusions and Relevance. The draft FSBU 4/2023 – Accounting (Financial) Statements, aimed at bringing the regulatory requirements for the composition and content of information disclosed in accounting (financial) statements with the requirements of the current legislation, brings accounting (financial) statements under RAS closer to financial statements under IFRS. Taking into account the fact that the project contains certain shortcomings, there are prospects for its improvement. The results obtained can be applied in the theory and practice of accounting and reporting.