Abstract
In recent years, when selling real estate objects, Russian organizations use the account “goods shipped” recommended by the national regulator for use in this case, the balance of which in the balance sheet relates to current assets. In connection with the amendments to the Tax code of the Russian Federation, the use of this account is doubtful, as it is necessary to apply the requirement of priority of the economic nature of transactions over their legal form. In practice, most Russian companies are serious about compliance with the requirements of the regulator, as a result of which, actually sold real estate is reflected in the same section of the balance sheet, which reflects the fixed assets only intended for sale. The authors studied the annual financial statements of many major Russian companies, including the provisions of their accounting policies, and the order of reflection in the financial statements of real estate, state registration of a new owner, which occurred in the next reporting period. The study showed that most organizations do not disclose their accounting policies on this issue, which indicates that they follow the recommendations of the regulator, in the minority there are organizations that make the appropriate disclosure of accounting policies, but the position of accounting policies coincides with the opinion of the regulator. In the article the authors suggest ways to solve the situation.
Highlights
The measurement for this study was adopted from the study conducted by Zulkefli et al (2016b) that consist of training and development (11 items), recruitment and selection (10 items), internal control policy (8 items)
The measurement for corruption risk adapted from OECD and U4 Anti-Corruption Resource Centre (2015) that consists of 10 items
The results show that all the four constructs, which are training and development, recruitment and selection, internal control policies, and corruption risk are all valid measures of their respective constructs based on their parameter estimates and statistical significance (Chow and Chan, 2008)
Summary
Development of country leads to large infrastructure construction projects along with complexities and uncertainties (Guo et al, 2014). As such the risks of corruptions and misconducts are more prevalent. According to the president of International Transparency (TI) Malaysia, training and development, recruitment and selection, and internal control policies are the factors that will lead and improve the corruption risks in Malaysia (Akhbar, 2015). The success of the organization and human management, depends on the effectiveness of human resource practices such as the effectiveness of training and development programs, good recruitment and selection structures and processes and the effectiveness of internal controls
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