Federal Accounting Standard FSBU 28/2023 – Taking Inventory: An analysis of the structure and content

Abstract

Subject. This article examines and discusses the structure and content of the new Federal Accounting Standard FSBU 28/2023 – Taking Inventory, registered by the Ministry of Justice of the Russian Federation on April 5, 2023. Objectives. The article aims to analyze the structure and content of the FSBU 28/2023 – Taking Inventory Standard, identify provisions that are based on the previous inventory rules, and identify the approved Standard's new developments. Methods. For the study, we used the methods of comparative analysis, systematization, and grouping. Results. Based on a comparative analysis of the content of present-day regulatory documents in the field of inventory and the approved Standard FSBU 28/2023 – Taking Inventory, as well as a comparison of its structure with the structure of its draft, the article finds that the approved Standard includes three sections instead of the four presented in its draft, and describes the regulation of its requirements. The article groups the inventory results according to the valuation and the method of recognition in accounting with the reflection of accounting records and identifies the main developments of the Standard. Conclusions and Relevance. Federal Accounting Standard FSBU 28/2023 – Taking Inventory is unique because there is no analogue in international standards. To correctly apply FSBU 28/2023, reduce the cost of organizing an inventory, and disseminate its implementation practices, self-regulation (non-government) bodies should develop appropriate recommendations. The results obtained can be applied both in the theory of accounting and in the practice of inventory of assets and liabilities.