Classification and valuation of inventories in accordance with the requirements of FSBU 5/2019 «Inventories»
DOI:
https://doi.org/10.17308/meps.2021.4/2584Keywords:
accounting, international financial reporting standards, federal accounting standards, accounting (financial) statements, inventories, work in progress, materials, finished products, goods, costs, actual cost, net sales value, carrying amount, allowance for impairment, fair value, retrospective transition, prospective transitionAbstract
Purpose: to systematize and critically evaluate the requirements for the assessment and classification of inventories in accordance with the effective FSBU 5/2019 «Inventories». Discussion: the adopted inventory accounting procedure differs significantly from the one used earlier. It is necessary to study its main provisions, some of which are fundamentally new for domestic practice, since any changes in the regulatory documents of the accounting sphere increase the risk of making errors in accounting, which in turn contributes to the formation of unreliable information in the accounting (financial) statements of the organization. Results: the main differences in the definition and valuation of inventories are presented by the new Federal Accounting Standard adopted to replace the one that was in effect until January 1, 2021 (PBU 5/01 «Inventory Accounting»).
