Global Accounting Changes-News

From 01 January 2022, several new Federal Accounting Standards (FAS) which fundamentally change Russian accounting come into force. The said changes will affect all companies and accounting service providers.

Thus, introduction of FAS 6/2020 and FAS 26/2020 will significantly change accounting for fixed assets, while FAS 25/2019 will affect accounting of rented and leased assets. The new standard requirements imply at least an annual assessment of assets, certain types of costs (in particular, for overhaul) and elements of depreciation of fixed assets.

By the beginning of 2022, accountants of specialized accounting companies will need a significant volume of additional information from specialists of the client company (technical, financial specialists, employees of sales departments, etc.), as well as, in some cases, evaluation experts. This is due to the requirement for reflecting adjustments on accounts of fixed assets (including those that have already been fully depreciated, but are still in the company), as well as of the inventory (goods and materials) and effective lease agreements.

According to the audit community, such assessment data shall be documented by relevant specialists or appraisers; an opinion of an accountant in this matter will not be sufficient for auditors.

New Federal Accounting Standards grant a few preferences only to the companies entitled to simplified accounting.



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