Accounting and Macroeconomic Issues of Evaluation of Financial Instruments in Preparing Financial Statements

Abstract

The article is devoted to the analysis of modern problems of valuation in reporting of financial assets and liabilities based on the fair value concept presented in IFRS 13. The development trends of valuation methods and requirements for financial assets and liabilities accounting in national and international financial reporting standards are considered. The application of the International Financial Reporting Standard (IFRS) 9 (mandatory introduction from January 1, 2018), which requires the use of a new classification of financial instruments and a model for recognizing expected credit losses, is analyzed. The comparative characteristic of accounting rules for financial instruments of international and Russian standards is given. The practice of applying the new rules in the reporting of Vnesheconombank Corporation and the group of companies in the oil and gas sector is examined and their influence on the financial performance of companies is revealed. Based on the results of the study, the main directions of activity in the field of solving problems arising in the process of evaluating financial instruments and the requirements for the formation and disclosure of an effective basis for determining an estimate at fair value are formulated.