Disclosure of financial assets in the reporting of State-financed organizations: Comparing Russian federal and International reporting standards

Subject. This article discusses the issues of adapting the Russian Accounting Standard for Government Finance (FSBU GF) – Financial Instruments to the principles of the International Public Sector Accounting Standards (IPSAS). Objectives. The article aims to summarize and systematize the rules for presenting information on financial assets based on the provisions of the FSBU GF) – Financial Instruments, compare them with international standards, analyze the current state and prospects of using international principles of information disclosure, and the practical aspects of applying IPSAS. Methods. For the study, I used observation, comparison, generalization, and interpretation. Practical aspects of applying IPSAS when preparing financial statements regarding the presentation and disclosure of information on financial assets are considered using the cases of higher educational institutions of Russia. Results. The article finds that the methodological basis of the Russian Accounting Standard for Government Finance (FSBU GF) – Financial Instruments consists of three international standards: IPSAS 28 – Financial Instruments: Presentation, IPSAS 29 – Financial Instruments: Recognition and Measurement, and IPSAS 30 – Financial Instruments: Disclosures. Starting with the reporting for 2023, IPSAS 41 – Financial Instruments began to be applied in the public sector, completely replacing IPSAS 29. Conclusions. Based on the analysis and comparison of the provisions of Russian federal and international standards, the article concludes that full synchronization of the standards is not observed. There are significant differences in the principles of presentation and disclosure of information on financial assets under FSBU GF and IPSAS with respect to a number of aspects. The procedure for presenting data in accordance with international standards is associated with a number of difficulties, one of which is the adaptation of many economic categories used in the international accounting system to the Russian accounting practice.