Analysis of changes in inventory accounting in accordance with FAS 5/2019 «Reserves»

Abstract

Purpose: the article aims to analyze the new rules for inventory accounting in accordance with FAS 5/2019, to point out the fundamental differences from the previously applied RAS 5/01, and to reflect the features of inventory accounting for small businesses. Discussion: with the introduction of the federal standard on inventory accounting, there is a need to understand who can apply or not apply the norms of this standard; the FAS brings together the practices of Russian and international accounting in terms of accounting for the reserves of an economic entity. It is relevant to study the innovations introduced in the FAS "Reserves" and their comparative analysis with the previous practice. Results: the article discoses the issues of similarities and differences in the practice of inventory accounting before and after the appearance of the new standard, determines the order of reflection.