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The Ministry of Justice has registered the Minfin’s order, thus officially approving two Russia’s national accounting standards AS 1/2008 “Accounting policies” and AS 21/2008 “Changes in accounting estimates”. Those will be effective starting from January 1, 2009.

The renewed version of AS 1/2008 differs from still effective AS 1/98. For instance, from the beginning of 2009, it won’t be a chief accountant’s exclusive right to make decisions on accounting policy – in fact, anyone officially authorized for accounting practices (according to Russia’s legislation) will be able to do that. It will be possible to change accounting policies wherever there are certain sound reasons for that (currently, it is still possible only at the beginning of an accounting period). In all cases where there aren’t sufficient requirements for book-keeping provided by the legislation, it is possible to apply IFRS principles. Finally, the latest edition of the standard clarifies information to be disclosed in case of changes in accounting policy (namely, reasons for those changes, specification, order of disclosure of those in financial accountancy, and corrections).

The renewed version of AS 21/2008 introduces a new notion of “changes of accounting estimates”. There are also requirements to recognize and disclose information on those changes in financial accountancy. For example, a correction to the asset’s (or liability’s) value is a change of accounting estimates, so is correction to the asset’s realization value in case this correction is due to appearance of new financial information on the organization’s financial position, its future profits or obligations. There are many estimates to be used in accountancy: for instance, reserves for doubtful debts, reserves for a decrease in value of inventories, useful life of property, plant and equipment, estimates of future economic benefits from amortized assets and other. There haven’t been any rules to account for changes of those estimates until now.

Source: “Russian Tax Courier”