The role of IFRS in the national accounting system

Abstract

The subject of consideration in the publication was the introduction of international financial reporting standards into the national legal system. In particular, attention is focused on the bodies whose competence includes the consideration and implementation of financial reporting standards, the procedure for adopting such standards, as well as the structural content of such bodies. The initial document that launched the implementation of IFRS in Russia was Decree of the President of the Russian Federation of April 3, 1997 No. 278 “On priority measures to implement the Address of the President of the Russian Federation to the Federal Assembly “Order in power — order in the country”. The article notes that not all practices have accepted the existing reality, the cases that impede the development of financial reporting standards are named. Different positions on this issue are presented, in which the authors justifiably criticize the implementation of standards.