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Management reporting as a basis for transformation of the financial reporting system in accordance with the International financial reporting standards


Lyubov Tovsultanova
(about the author)

Tovsultanova Lyubov G. – Postgraduate; Senior Lecturer of the Chair of Finance, Credit and Insurance (Moscow State University of Economics, Statistics and Informatics, Grozny State Technical University of Petrolium named after M.D. Millionshchikov)

Published in:
Russian Journal of Entrepreneurship
– Volume 16, Number 5 (March, 2015)



Keywords: financial and management reporting, international financial reporting standards, Russian accounting standards


Citation:
Lyubov Tovsultanova (2015). Management reporting as a basis for transformation of the financial reporting system in accordance with the International financial reporting standards. Russian Journal of Entrepreneurship, 16(5), 755-766. doi: 10.18334/rp.16.5.137


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Abstract:

The author has studied the interpretation of the definition of reporting by various accounting systems. Certain differences between management reporting and financial reporting in accordance with Russian and international standards have been also analyzed. The article dwells on advantages of transforming the reporting in accordance with international standards and on the variants of such transformation. It has been substantiated in the article that the transition to the international standards of financial reporting should begin with management reporting.







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