Regulatory regulation of reporting information on Inventories: current state and development prospects

Abstract

The article presents the results of a study of regulations on the formation of reporting information on the inventories of organizations in accounting (financial) statements. According to the Program for the Development of Federal Accounting Standards, it is planned to adopt a federal standard dedicated to accounting (financial) reporting, which, in particular, will include rules for drawing up explanations to statements containing additional information about accounting objects, including the inventories of organizations. In order to implement this Program, the Russian Ministry of Finance has developed the draft FSBU 4/2023 “Accounting (financial) reporting”. This article examines the regulations presented in this project for the generation of reporting information on inventories. The results of a comparison of the requirements for the generation of reporting information on inventories set out in the draft FSBU 4/2023 are presented with the regulations for the disclosure of such information in PBU 4/99 “Accounting statements of an organization”, in Order of the Ministry of Finance of Russia No. 66n dated July 2, 2010 “On forms of financial statements of organizations” and in FAS 5/2019 “Inventories”. Both expedient and controversial aspects of regulations on the formation of reporting information on inventories are substantiated. Recommendations for resolving controversial methodological issues are presented.