Английский язык: Сборник текстов. Гурская Т.А. - 13 стр.

    The year 1991 was crucial in accounting development in Russia due to the follow-
ing three events:
    – Publication of the new Chart of Accounts;
    – Production of a new set of financial statements similar to those used in West-
ern Accounting;
    – Beginning of preparations for radical change in accounting and auditing regu-
lation.
    In 1992, Regulation on Accounting and Reporting in the Russian Federation was
approved by decree of the Government of Russia. The document diminished the con-
trol function of accounting and declared the following equal objectives of accounting:
    1. Maintenance of control over the availability, movement, and use of material,
manpower and monetary resources according to approved norms and estimates;
    2. Provision of full and reliable information about the performance and financial
results of an enterprise, which is indispensable for operational management as well as
for investors, suppliers, customers and creditors, tax, financial, and bank authorities,
and others interested in the financial and business activity of the enterprise.
    An essentially new Russian accounting system has come into being with the intro-
duction of the new Chart of Accounts which includes greater cohesion to international
accounting norms.
    The essential elements of accounting methodology are as follows:
    – Documents form the legal foundation for recording transactions according to
the approved rules of bookkeeping. No entry should be made unless the bookkeeper
has the primary document.
    – Taking inventory is the sole means of controlling the physical safety of assets
and their valuation. It is the main method of supervising persons who are financially
responsible for assets. The safeguarding of assets is always entrusted to a financially
responsible person.
    – The uniform Chart of Accounts, which provides the nomenclature of accounts
and correspondence among them, must be used by all types of enterprises.
    – Double entry is a traditional accounting concept that is accepted in Russia as it is
in all developed countries.
    – Internal reporting includes the general ledger, summary (principal) account
registers, primary documents, inventory data, etc. External reporting includes the Bal-
ance Sheet, Statement of Financial Results and Their Uses, and supplemental forms
that are uniform and obligatory for all types of enterprises. Nonprofit organizations
and banks have their own uniform charts of accounts and financial reporting forms.
Reporting is carried out according to the statutory regulation and presented within
strictly prescribed time limits.
    – Information generated by the accounting system must be timely, reliable, full,
accurate, and objective.
    – Historical cost accounting is the only method of internal and external reporting
permitted.



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