PRACTICAL ASPECT OF APPLYING THE FSBU STANDARD 25/2018 "LEASE ACCOUNTING"

The convergence of national accounting standards with IFRS continues. One of these steps towards the unification of the rules was the FSBU 25/2018 "Lease accounting". Currently, it can be applied on a voluntary basis, but starting with reporting for 2022, its requirements will apply to almost everyone. In this article, we will consider the procedure in accordance with which the new accounting standard will be applied.

NORMATIVE BASE

FSBU 25/2018 "Lease accounting" approved by order of the Ministry of Finance of the Russian Federation dated October 16, 2018, No. 208n. The purpose of the standard is to Accountants Walsall according to which information about its objects will be formed in accounting in such cases as granting property to other persons for a certain period for a fee or, conversely, receiving the property (from other persons for a certain period for a fee). To ensure the fulfillment of this goal, FSBU 25/2018 clearly defines the possible ways of maintaining accounting records of such property, the composition, and the content of the information required for disclosure in the financial statements.

Comments

Post a Comment

Popular posts from this blog

WHO AND WHEN SHOULD APPLY THE FSBU 25/2018

  WHO AND WHEN SHOULD APPLY THE FSBU 25/2018 Starting from the reporting  for 2022 , FSBU 25/2018 should be applied by the parties specified in the lease or sublease agreement, as well as other agreements that, by themselves or in interconnection, establish the obligation of the lessor, lessor, rightsholder, or another person to give the property into temporary possession for paid basis. The standard applies to both “standard” property leases and finance (leasing).  It does not matter that, in fact, the object transferred for temporary use for a fee or a separate part of it is on the balance sheet of one of the parties (lessor or lessee). The new rules may not be applied to contracts with a due date before the end of the year in which FSBU 25/2018 applies.  This means that if from 2020 the company changes its accounting policy in accordance with the new standard, then the  old procedure applies  to contracts up to December 31, 2019, inclusive .  FSBU 2...
Read more