Briefly about the main thing. New accounting law

1. Data contained in primary accounting documents are subject to timely registration and accumulation in accounting registers.

2. Omissions or withdrawals are not allowed when registering accounting objects in accounting registers, registration of imaginary and sham accounting objects in accounting registers. For the purposes of this Federal Law, an imaginary object of accounting means a non-existent object reflected in accounting only for appearance (including unfulfilled expenses, non-existent obligations, facts of economic life that did not take place), a sham object of accounting means an object reflected in accounting accounting instead of another object in order to cover it (including sham transactions). The reserves, funds provided for by the legislation of the Russian Federation, and the costs of their creation are not imaginary objects of accounting.

3. Accounting is kept by means of a double entry in accounting accounts, unless otherwise established by federal standards. It is not allowed to maintain accounting accounts outside the accounting registers used by the economic entity.

4. Mandatory details of the accounting register are:

1) the name of the register;

2) the name of the economic entity that compiled the register;

3) date of beginning and end of maintaining the register and (or) the period for which the register was drawn up;

4) chronological and (or) systematic grouping of accounting objects;

5) the value of the monetary measurement of accounting objects, indicating the unit of measurement;

6) the names of the positions of the persons responsible for maintaining the register;

7) signatures of persons responsible for maintaining the register, indicating their surnames and initials or other details necessary to identify these persons.

5. Forms of accounting registers are approved by the head of an economic entity on the proposal of an official who is entrusted with accounting. Forms of accounting registers for public sector organizations are established in accordance with the budget legislation of the Russian Federation.

6. The accounting register is compiled on paper and (or) in the form of an electronic document signed with an electronic signature.

7. If the legislation of the Russian Federation or an agreement provides for the submission of an accounting register to another person or to a state body on paper, an economic entity is obliged, at the request of another person or state body, to make, at its own expense, on paper copies of the accounting register drawn up in form of an electronic document.

8. In the accounting register, corrections are not allowed that are not authorized by the persons responsible for maintaining the said register. Correction in the accounting register must contain the date of correction, as well as the signatures of the persons responsible for maintaining this register, indicating their surnames and initials or other details necessary to identify these persons.

9. If, in accordance with the legislation of the Russian Federation, accounting registers are withdrawn, including in the form of an electronic document, copies of the withdrawn registers made in the manner established by the legislation of the Russian Federation are included in accounting documents.

Article 1

1. The objectives of this Federal Law are to establish uniform requirements for accounting, including accounting (financial) reporting, as well as to create a legal mechanism for regulating accounting.

2. Accounting- formation of documented systematized information about the objects provided for by this Federal Law, in accordance with the requirements established by this Federal Law, and drawing up accounting (financial) statements on its basis.

Article 2. Scope of this Federal Law

1. This Federal Law applies to the following persons (hereinafter referred to as economic entities):

1) commercial and non-commercial organizations;

2) state bodies, bodies of local self-government, governing bodies of state extra-budgetary funds of the Russian Federation and territorial state extra-budgetary funds;

3) the Central Bank of the Russian Federation;

4) individual entrepreneurs, as well as lawyers who have established law offices, notaries and other persons engaged in private practice (hereinafter referred to as persons engaged in private practice);

5) branches, representative offices and other structural subdivisions of organizations established in accordance with the legislation of foreign states located on the territory of the Russian Federation, international organizations, their branches and representative offices located on the territory of the Russian Federation, unless otherwise provided by international treaties of the Russian Federation.

2. This Federal Law shall be applied subject to the provisions of the budget legislation of the Russian Federation when maintaining budget records of non-financial and financial assets and liabilities of the Russian Federation, constituent entities of the Russian Federation and municipalities, transactions that change these assets and liabilities, as well as when compiling, submitting, considering and approval of budget reporting. The provisions of this Federal Law established in relation to public sector organizations shall apply to other organizations insofar as they exercise their powers in accordance with the budgetary legislation of the Russian Federation to maintain budget accounting and (or) draw up and submit budget reporting.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

3. This Federal Law shall apply when a trustee maintains accounting records of the property transferred to him in trust management and related accounting objects, as well as when maintaining, including by one of the legal entities participating in a simple partnership agreement, accounting of the common property of partners and associated accounting items.

4. This Federal Law shall apply in the course of accounting in the process of fulfilling a production sharing agreement, unless otherwise established by Federal Law No. 225-FZ of December 30, 1995 "On Production Sharing Agreements".

5. This Federal Law shall not apply when creating the information necessary for the preparation by an economic entity of reporting for internal purposes, reporting submitted to a credit institution in accordance with its requirements, as well as reporting for other purposes, if the legislation of the Russian Federation and the rules adopted in accordance with it the preparation of such reports does not provide for the application of this Federal Law.

Article 3. Basic concepts used in this Federal Law

For the purposes of this Federal Law, the following basic concepts are used:

1) accounting (financial) statements - information on the financial position of an economic entity as of the reporting date, the financial result of its activities and cash flows for the reporting period, systematized in accordance with the requirements established by this Federal Law;

2) authorized federal body - a federal executive body authorized by the Government of the Russian Federation to carry out the functions of developing state policy and legal regulation in the field of accounting and financial reporting;

3) accounting standard - a document that establishes the minimum necessary requirements for accounting, as well as acceptable methods of accounting;

4) international standard - an accounting standard, the application of which is a custom in international business, regardless of the specific name of such a standard;

5) chart of accounts of accounting - a systematized list of accounts of accounting;

6) reporting period - the period for which accounting (financial) statements are prepared;

7) head of an economic entity - a person who is the sole executive body of an economic entity, or a person responsible for managing the affairs of an economic entity, or a manager to whom the functions of a sole executive body have been transferred;

8) the fact of economic life - a transaction, event, operation that have or are able to have an impact on the financial position of an economic entity, the financial result of its activities and (or) cash flow;

9) public sector organizations - state (municipal) institutions, state bodies, local self-government bodies, local administration bodies, management bodies of state extra-budgetary funds of the Russian Federation and territorial state extra-budgetary funds.
(as amended by Federal Laws No. 149-FZ of May 23, 2016, No. 247-FZ of July 26, 2019)

Article 4. Legislation of the Russian Federation on accounting

The legislation of the Russian Federation on accounting consists of this Federal Law, other federal laws and regulatory legal acts adopted in accordance with them.

Federal law 402-FZ on accounting in the latest edition: structure, general provisions, uniform requirements and rules, objects.

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Structure 402-FZ

Regulation of accounting in the Russian Federation is carried out at the federal level by a number of legal documents.

The main one is the federal law (402-FZ) "On Accounting", which has its effect on December 6, 2011.

The purpose of the law is to form a legal mechanism that regulates all activities related to the formation of financial statements. The legal act specifies:

accounting rules in the Russian Federation;
formation procedure;
fundamental concepts - accounting, authorized bodies of the Federation, accounting standards (including international ones), plan-account, reporting period and others;
storage of documentation.

402-FZ contains four main sections:

GENERAL PROVISIONS.
GENERAL REQUIREMENTS FOR ACCOUNTING. This section provides a detailed explanation of the procedure and rules for accounting.
REGULATION OF ACCOUNTING. It explains in detail what documents regulate accounting in the Russian Federation, talks about the authorized bodies, their regulatory and supervisory functions. A detailed explanation of the federal accounting standards in the Russian Federation is given.
FINAL PART. It explains the features of the application of the law, and also establishes the procedure for storing accounting records.

in the latest edition

Basic provisions

According to the provisions of 402-FZ, “accounting” in a market economy is a tool for documenting and systematizing information about accounting objects, compiling financial statements in accordance with applicable law.

Federal Law 402-FZ:

defines accounting objects;
outlines the range of economic entities of the Russian Federation that are required to carry out accounting;
defines the subjects that are an exception to this rule;
establishes uniform rules and procedures for accounting;
indicates the necessary requirements for primary documents;
covers issues related to the rules of inventory, reporting, the procedure and terms of storage of documentation.

Goals, subject, scope

402-FZ specifically designates its goals, subject and scope. This:

establishing uniform for all economic entities of the Russian Federation (except for exceptions specified in the law) requirements and rules for accounting;
creation of a legal mechanism for regulating accounting and monitoring compliance with the law;
a significant expansion of the scope of the law, which already applies to non-profit organizations, budgetary, autonomous institutions and others.

Objects

Accounting objects are understood as types of various property.

According to their composition and method of use, accounting objects are divided into three main groups:

To date, the list of accounting objects has increased significantly compared to 2013, however, among the new objects there are no fundamentally different from those that were reflected in it earlier.

Organization of reference

402-FZ prohibits the head of a separate economic entity of the Russian Federation from engaging in accounting. To perform these duties, a chief accountant is involved.

Along with it, accounting may be handled by another official (an enterprise specializing in accounting services, support).

At the same time, the person carrying out accounting must fully comply with all the requirements prescribed in federal law No. 402:

higher education (professional);
work experience as an accountant or must be at least three years (for the last five calendar years).

An obstacle to the performance of accounting activities will be:

outstanding conviction;
unexpunged conviction for financial and economic crimes.

The law details actions of the accounting person in case of conflict situations with the management of the organization (in matters of accounting):

In case of disputes, the written permission of the head (or other persons with the right to sign) is required for the accountant to perform certain actions.
The law provides for the degree of responsibility of the head for violations in the organization, accounting, and also in the storage of documentation.

Primary Documents - Article 9

Primary documents are those on the basis of which the general ledger is filled out, as well as those entered in general registers. They testify to all financial events occurring in the economic entity of the Russian Federation.

High requirements are imposed on the preparation of such documents, errors in them are not allowed. They are filled in according to strictly established forms (forms).

In addition, the primary documents include cash documents:

credit (expenditure) orders (KO);
cash book;
a separate register of incoming (expenditure) KOs.

exception from primary documents (according to accounting rules for 2020) is an invoice. It does not apply to financial statements. This document is intended and compiled for . The classification of primary documents is reflected in the following table:

Changes 2020

Some changes in accounting for 2020:

Five new standards (stocks, fixed assets, documents (document flow), assets (intangible), reporting. While it is expected to use them (after entry into force) at their own discretion, however, starting from 2020, their mandatory use is planned.
The limit of fixed assets is withdrawn from accounting.
Adjustment of plan accounts.
The accounting system for small businesses is being simplified. This applies to fixed assets, materials, etc. It is allowed to take them into account at the cost set by the supplier.
Change in terms of accrual of depreciation of fixed assets - once a year.

CHAPTER I. GENERAL PROVISIONS

Article 1

2. Accounting - the formation of documented systematized information about the objects provided for by this Federal Law, in accordance with the requirements established by this Federal Law, and the preparation of accounting (financial) statements on its basis.

Article 2. Scope of this Federal Law

1. This Federal Law applies to the following persons (hereinafter referred to as economic entities):

1) commercial and non-commercial organizations;

2) state bodies, bodies of local self-government, governing bodies of state extra-budgetary funds of the Russian Federation and territorial state extra-budgetary funds;

3) the Central Bank of the Russian Federation;

Article 3. Basic concepts used in this Federal Law

For the purposes of this Federal Law, the following basic concepts are used:

3) accounting standard - a document that establishes the minimum necessary requirements for accounting, as well as acceptable methods of accounting;

4) international standard - an accounting standard, the application of which is a custom in international business, regardless of the specific name of such a standard;

5) chart of accounts of accounting - a systematized list of accounts of accounting;

6) reporting period - the period for which accounting (financial) statements are prepared;

Article 4. Legislation of the Russian Federation on accounting

The legislation of the Russian Federation on accounting consists of this Federal Law, other federal laws and regulatory legal acts adopted in accordance with them.

Chapter 2. GENERAL REQUIREMENTS FOR ACCOUNTING

Article 5. Objects of accounting

The objects of accounting of an economic entity are:

1) facts of economic life;

2) assets;

3) obligations;

4) sources of financing of its activities;

5) income;

6) expenses;

7) other objects if it is established by federal standards.

Article 6. Obligation to keep accounting records

1. An economic entity is obliged to keep accounting records in accordance with this Federal Law, unless otherwise established by this Federal Law.

2. Accounting in accordance with this Federal Law may not be kept:

1) an individual entrepreneur, a person engaged in private practice - if, in accordance with the legislation of the Russian Federation on taxes and fees, they keep records of income or income and expenses and (or) other objects of taxation or physical indicators characterizing a certain type of entrepreneurial activity ;
(Clause 1 as amended by Federal Law No. 292-FZ of November 2, 2013)

2) a branch, representative office or other structural subdivision of an organization established in accordance with the legislation of a foreign state located on the territory of the Russian Federation - if, in accordance with the legislation of the Russian Federation on taxes and fees, they keep records of income and expenses and (or) other objects of taxation in the manner prescribed by the said legislation.

3. Accounting is kept continuously from the date of state registration until the date of termination of activities as a result of reorganization or liquidation.

4. Simplified accounting methods, including simplified accounting (financial) statements, may be applied, unless otherwise provided by this article, to the following economic entities:
(as amended by Federal Law No. 344-FZ of November 4, 2014)

1) small businesses;

2) non-profit organizations;
(Clause 2 as amended by Federal Law No. 344-FZ of November 4, 2014)

3) organizations that have received the status of participants in the project for the implementation of research, development and commercialization of their results in accordance with the Federal Law of September 28, 2010 N 244-FZ "On the Skolkovo Innovation Center".

(Part 4 as amended by Federal Law No. 292-FZ of November 2, 2013)

5. Simplified methods of accounting, including simplified accounting (financial) reporting, do not apply to the following economic entities:

1) organizations whose accounting (financial) statements are subject to mandatory audit in accordance with the legislation of the Russian Federation;

2) housing and housing-construction cooperatives;

3) credit consumer cooperatives (including agricultural credit consumer cooperatives);

4) microfinance organizations;

5) organizations of the public sector;
(as amended by Federal Law No. 247-FZ of July 26, 2019)

6) political parties, their regional branches or other structural subdivisions;

7) bar associations;

8) law firms;

9) legal advice;

10) bar associations;

11) notary chambers;

12) non-profit organizations included in the register of non-profit organizations performing the functions of a foreign agent, provided for by Clause 10 of Article 13.1 of Federal Law No. 7-FZ of January 12, 1996 "On Non-Profit Organizations".

(Part 5 was introduced by Federal Law No. 344-FZ of November 4, 2014)

Article 7. Organization of accounting

1. Accounting and storage of accounting documents shall be organized by the head of an economic entity, unless otherwise established by the budgetary legislation of the Russian Federation.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

2. In the event that an individual entrepreneur, a person engaged in private practice, keep accounting in accordance with this Federal Law, they themselves organize accounting and storage of accounting documents, and also bear other obligations established by this Federal Law for the head of an economic subject.

3. The head of an economic entity is obliged to entrust accounting to the chief accountant or other official of this entity or to conclude an agreement on the provision of accounting services, unless otherwise provided by this part. The head of a credit organization is obliged to entrust accounting to the chief accountant. The head of an economic entity who, in accordance with this Federal Law, is entitled to apply simplified methods of accounting, including simplified accounting (financial) statements, as well as the head of a medium-sized business entity, with the exception of economic entities specified in Part 5 of Article 6 of this Federal Law, may take over the accounting.
(as amended by Federal Laws No. 425-FZ of December 28, 2013, No. 344-FZ of November 4, 2014)

3.1. The procedure for the transfer of powers to maintain accounting records and submit accounting (financial) statements to public sector organizations is established by the budgetary legislation of the Russian Federation.
(Part 3.1 was introduced by Federal Law No. 247-FZ of July 26, 2019)

4. In open joint stock companies (except for credit organizations), insurance organizations and non-state pension funds, joint-stock investment funds, management companies of mutual investment funds, in other economic entities whose securities are admitted to circulation on organized trading (with the exception of credit organizations) , in public sector organizations compiling consolidated (summary) budget reporting, consolidated reporting of state (municipal) institutions, the chief accountant or other official who is responsible for accounting must meet the following requirements:

1) have higher education;

2) have work experience related to accounting, preparation of accounting (financial) statements or audit activities, at least three years out of the last five calendar years, and in the absence of higher education in the field of accounting and audit - at least five years out of the last seven calendar years;
(as amended by Federal Law No. 185-FZ of July 2, 2013)

3) not have an unexpunged or outstanding conviction for crimes in the field of economics.

5. Additional requirements for the chief accountant or other official responsible for accounting may be established by other federal laws.

6. An individual with whom an economic entity enters into an agreement on the provision of accounting services must comply with the requirements established by part 4 of this article. A legal entity with which an economic entity enters into an agreement on the provision of accounting services must have at least one employee who meets the requirements established by paragraph 4 of this article, with whom an employment contract has been concluded.

7. The chief accountant of a credit institution and the chief accountant of a non-credit financial institution must meet the requirements established by the Central Bank of the Russian Federation.

8. In the event of disagreements regarding the maintenance of accounting between the head of an economic entity and the chief accountant or other official who is entrusted with the maintenance of accounting, or a person with whom an agreement on the provision of accounting services has been concluded:

1) the data contained in the primary accounting document are accepted (not accepted) by the chief accountant or other official who is entrusted with accounting, or by the person with whom the contract for the provision of accounting services has been concluded, for registration and accumulation in registers accounting by written order of the head of the economic entity, which is solely responsible for the information created as a result of this;

2) the accounting object is reflected (not reflected) by the chief accountant or other official who is entrusted with accounting, or by the person with whom the contract for the provision of accounting services has been concluded, in the accounting (financial) statements on the basis of a written order of the head an economic entity that is solely responsible for the reliability of the presentation of the financial position of the economic entity as of the reporting date, the financial result of its activities and cash flows for the reporting period.

Article 8. Accounting policy

1. The totality of methods of conducting accounting by an economic entity constitutes its accounting policy.

2. An economic entity independently forms its accounting policy, guided by the legislation of the Russian Federation on accounting, federal and industry standards.

3. When forming an accounting policy in relation to a specific accounting object, a method of accounting is selected from the methods allowed by federal standards.

4. If federal standards do not establish a method of accounting for a particular accounting object, such a method is independently developed based on the requirements established by the legislation of the Russian Federation on accounting, federal and (or) industry standards.

5. Accounting policies must be applied consistently from year to year.

6. Changes in accounting policies may be made under the following conditions:

1) changing the requirements established by the legislation of the Russian Federation on accounting, federal and (or) industry standards;

2) development or selection of a new method of accounting, the use of which leads to an increase in the quality of information about the object of accounting;

3) a significant change in the conditions of activity of an economic entity.

7. In order to ensure comparability of the accounting (financial) statements for a number of years, the accounting policy is changed from the beginning of the reporting year, unless otherwise stipulated by the reason for such a change.

Article 9. Primary accounting documents

1. Each fact of economic life is subject to registration by the primary accounting document. It is not allowed to accept for accounting documents that document facts of economic life that did not take place, including those underlying imaginary and feigned transactions.

2. Mandatory details of the primary accounting document are:

1) the name of the document;

2) date of drawing up the document;

3) the name of the economic entity that prepared the document;

5) the value of the natural and (or) monetary measurement of the fact of economic life, indicating the units of measurement;

6) the title of the position of the person (persons) who made (have completed) the transaction, operation and responsible (responsible) for its execution, or the title of the position of the person (persons) responsible (responsible) for the execution of the event;
(as amended by Federal Law No. 357-FZ of December 21, 2013)

7) signatures of the persons provided for in paragraph 6 of this part, indicating their surnames and initials or other details necessary to identify these persons.

3. The primary accounting document must be drawn up at the time of the fact of economic life, and if this is not possible, immediately after its completion. The person responsible for registration of the fact of economic life ensures the timely transfer of primary accounting documents for registration of the data contained in them in accounting registers, as well as the reliability of these data. The person who is entrusted with the maintenance of accounting, and the person with whom the contract for the provision of accounting services is concluded, are not responsible for the compliance of primary accounting documents compiled by other persons with the accomplished facts of economic life. Requirements in writing of the chief accountant, another official who is entrusted with accounting, or a person with whom an agreement has been concluded for the provision of accounting services, regarding compliance with the established procedure for documenting the facts of economic life, submission of documents (information), necessary for accounting, the official who is entrusted with accounting, or the person with whom the contract for the provision of accounting services is concluded, are mandatory for all employees of the economic entity.

4. Forms of primary accounting documents are determined by the head of an economic entity upon the proposal of an official who is entrusted with accounting. Forms of primary accounting documents for public sector organizations are established in accordance with the budgetary legislation of the Russian Federation.
(as amended by Federal Laws No. 357-FZ of December 21, 2013, No. 247-FZ of July 26, 2019)

5. The primary accounting document is compiled on paper and (or) in the form of an electronic document signed with an electronic signature.

6. If the legislation of the Russian Federation or the agreement provides for the submission of a primary accounting document to another person or to a state body on paper, an economic entity is obliged, at the request of another person or state body, at its own expense, to make hard copies of the primary accounting document drawn up in form of an electronic document.

7. Corrections are allowed in the primary accounting document, unless otherwise established by federal laws or regulatory legal acts of the bodies of state regulation of accounting. The correction in the primary accounting document must contain the date of the correction, as well as the signatures of the persons who drew up the document in which the correction was made, indicating their surnames and initials or other details necessary to identify these persons.

8. If, in accordance with the legislation of the Russian Federation, primary accounting documents, including in the form of an electronic document, are withdrawn, copies of the withdrawn documents made in accordance with the procedure established by the legislation of the Russian Federation are included in accounting documents.

Article 10. Accounting registers

1. Data contained in primary accounting documents are subject to timely registration and accumulation in accounting registers.

4. Mandatory details of the accounting register are:

1) the name of the register;

2) the name of the economic entity that compiled the register;

3) date of beginning and end of maintaining the register and (or) the period for which the register was drawn up;

4) chronological and (or) systematic grouping of accounting objects;

5) the value of the monetary measurement of accounting objects, indicating the unit of measurement;

6) the names of the positions of the persons responsible for maintaining the register;

7) signatures of persons responsible for maintaining the register, indicating their surnames and initials or other details necessary to identify these persons.

6. The accounting register is compiled on paper and (or) in the form of an electronic document signed with an electronic signature.

Article 11. Inventory of assets and liabilities

1. Assets and liabilities are subject to inventory.

2. During the inventory, the actual presence of the relevant objects is revealed, which is compared with the data of accounting registers.

3. The cases, terms and procedure for conducting an inventory, as well as the list of objects subject to inventory, are determined by the economic entity, with the exception of the mandatory inventory. Mandatory inventory is established by the legislation of the Russian Federation, federal and industry standards.

4. The discrepancies revealed during the inventory between the actual availability of objects and the data of accounting registers are subject to registration in accounting in the reporting period to which the date as of which the inventory is carried out.

Article 12. Monetary measurement of accounting objects

1. Objects of accounting are subject to monetary measurement.

2. Monetary measurement of accounting items is carried out in the currency of the Russian Federation.

3. Unless otherwise established by the legislation of the Russian Federation, the cost of accounting items expressed in foreign currency shall be subject to conversion into the currency of the Russian Federation.

Article 13. General requirements for accounting (financial) reporting

1. Accounting (financial) statements should give a reliable idea of the financial position of an economic entity as of the reporting date, the financial result of its activities and the cash flow for the reporting period, which is necessary for users of these statements to make economic decisions. Accounting (financial) statements should be compiled on the basis of data contained in accounting registers, as well as information determined by federal and industry standards.
(as amended by Federal Law No. 357-FZ of December 21, 2013)

2. An economic entity draws up annual accounting (financial) statements, unless otherwise established by other federal laws, regulatory legal acts of the bodies of state regulation of accounting.

3. Annual accounting (financial) statements are prepared for the reporting year.

4. Interim accounting (financial) statements are prepared by an economic entity in cases where the legislation of the Russian Federation, regulatory legal acts of state accounting regulation bodies, agreements, constituent documents of an economic entity, decisions of the owner of an economic entity establish the obligation to submit it.
(Part 4 as amended by Federal Law No. 251-FZ of July 23, 2013)

5. Interim accounting (financial) statements are prepared for a reporting period less than a reporting year.

6. Accounting (financial) statements must include performance indicators of all divisions of an economic entity, including its branches and representative offices, regardless of their location.

7. Accounting (financial) statements are prepared in the currency of the Russian Federation.

7.1. Accounting (financial) statements are prepared on paper and (or) in the form of an electronic document signed with an electronic signature. If the legislation of the Russian Federation or an agreement provides for the submission of accounting (financial) statements to another person or to a state body on paper, an economic entity is obliged, at the request of another person or state body, to make hard copies of accounting (financial) statements at its own expense, compiled as an electronic document.
(Part 7.1 was introduced by Federal Law No. 444-FZ of November 28, 2018)

8. Accounting (financial) statements are considered drawn up after they are signed by the head of the economic entity.
(as amended by Federal Law No. 444-FZ of November 28, 2018)

9. Approval and publication of accounting (financial) statements are carried out in the manner and in cases established by federal laws. If federal laws and (or) constituent documents of an economic entity provide for the approval of the accounting (financial) statements of an economic entity, it is not allowed to make corrections to such statements after their approval.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

10. In case of publication of accounting (financial) statements that are subject to mandatory audit, such accounting (financial) statements must be published together with the auditor's report.
(Part 10 as amended by Federal Law No. 357-FZ of December 21, 2013)

11. No trade secret regime can be established with regard to accounting (financial) statements.

12. Legal regulation of consolidated financial statements is carried out in accordance with this Federal Law, unless otherwise provided by other federal laws.

Article 14. Composition of accounting (financial) statements

1. Annual accounting (financial) statements, with the exception of cases established by this Federal Law, consist of a balance sheet, a statement of financial results and annexes thereto.

2. The annual accounting (financial) statements of a non-profit organization, with the exception of cases established by this Federal Law and other federal laws, consist of a balance sheet, a report on the intended use of funds and annexes thereto.

3. The composition of interim accounting (financial) statements, with the exception of cases established by this Federal Law, is established by federal standards.

4. The composition of the accounting (financial) statements of public sector organizations is established in accordance with the budgetary legislation of the Russian Federation.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

5. The composition of the accounting (financial) statements of the Central Bank of the Russian Federation is established by Federal Law No. 86-FZ of July 10, 2002 "On the Central Bank of the Russian Federation (Bank of Russia)".

Article 15. Reporting period, reporting date

1. The reporting period for annual accounting (financial) statements (reporting year) is a calendar year - from January 1 to December 31 inclusive, except for cases of creation, reorganization and liquidation of a legal entity.

2. The first reporting year is the period from the date of state registration of an economic entity to December 31 of the same calendar year, inclusive, unless otherwise provided by this Federal Law and (or) federal standards.

3. If the state registration of an economic entity, with the exception of a credit institution, an organization of the public sector, is made after September 30, the first reporting year is, unless otherwise established by the economic entity, the period from the date of state registration to December 31 of the calendar year following year of its state registration, inclusive. The first reporting year of a newly created public sector organization is the period from the date of its creation to December 31 of the same calendar year, inclusive, unless otherwise provided by this Federal Law and (or) federal public finance accounting standards.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

4. The reporting period for interim accounting (financial) statements is the period from January 1 to the reporting date of the period for which interim accounting (financial) statements are prepared, inclusive.

5. The first reporting period for interim accounting (financial) statements is the period from the date of state registration of an economic entity to the reporting date of the period for which interim accounting (financial) statements are prepared, inclusive.

6. The date on which the accounting (financial) statements are prepared (reporting date) is the last calendar day of the reporting period, except for cases of reorganization and liquidation of a legal entity.

Article 16

1. The last reporting year for a reorganized legal entity, except for cases of reorganization in the form of affiliation, is the period from January 1 of the year in which the state registration of the last of the resulting legal entities was carried out until the date of such state registration.

2. When a legal entity is reorganized in the form of affiliation, the last reporting year for a legal entity that is merging with another legal entity is the period from January 1 of the year in which an entry was made in the Unified State Register of Legal Entities on the termination of the activities of the merged legal entity, until the date of its making.

3. The reorganized legal entity shall draw up the last accounting (financial) statements as of the date preceding the date of state registration of the last of the legal entities that have arisen (the date of making an entry in the Unified State Register of Legal Entities on the termination of the activities of the affiliated legal entity).

4. The latest accounting (financial) statements must include data on the facts of economic life that took place in the period from the date of approval of the deed of transfer (separation balance sheet) until the date of state registration of the last of the legal entities that have arisen (the date of making an entry in the Unified State Register of Legal Entities about the termination activities of the affiliated legal entity).

5. The first reporting year for a legal entity that has arisen as a result of reorganization, with the exception of public sector organizations, is the period from the date of its state registration to December 31 of the year in which the reorganization took place, inclusive, unless otherwise established by federal standards.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

6. A legal entity that has arisen as a result of reorganization, with the exception of public sector organizations, must draw up the first accounting (financial) statements as of the date of its state registration, unless otherwise established by federal standards.

7. The first accounting (financial) statements are drawn up on the basis of the approved transfer act (separation balance sheet) and data on the facts of economic life that took place in the period from the date of approval of the transfer act (separation balance sheet) to the date of state registration of legal entities arising as a result of the reorganization, for with the exception of organizations in the public sector (the date of making an entry in the Unified State Register of Legal Entities on the termination of the activities of the affiliated legal entity).
(as amended by Federal Law No. 247-FZ of July 26, 2019)

8. The procedure for compiling accounting (financial) statements of a public sector organization that has arisen as a result of reorganization is established by the authorized federal body.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

Article 17

1. The reporting year for a legal entity in liquidation is the period from January 1 of the year in which an entry on liquidation was made in the Unified State Register of Legal Entities until the date of making such an entry.

2. The last accounting (financial) statements of a liquidated legal entity shall be drawn up by a liquidation commission (liquidator) or by an arbitration manager if the legal entity is liquidated as a result of being declared bankrupt.

3. The latest accounting (financial) statements are drawn up on the date preceding the date of making an entry on the liquidation of a legal entity in the Unified State Register of Legal Entities.

4. The latest accounting (financial) statements are compiled on the basis of the approved liquidation balance sheet and data on the facts of economic life that took place in the period from the date of approval of the liquidation balance sheet to the date of making an entry on the liquidation of the legal entity in the Unified State Register of Legal Entities.

4.1. The procedure for compiling accounting (financial) statements of a public sector organization in the event of its liquidation (abolition) is established by the authorized federal body.
(Part 4.1 was introduced by Federal Law No. 247-FZ of July 26, 2019)

Article 18. Mandatory copy of accounting (financial) statements

1. Economic entities obliged to compile accounting (financial) statements, with the exception of public sector organizations and the Central Bank of the Russian Federation, submit one mandatory copy of the annual accounting (financial) statements to the state statistics body at the place of state registration.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

2. A mandatory copy of the prepared annual accounting (financial) statements shall be submitted no later than three months after the end of the reporting period. When submitting a mandatory copy of the prepared annual accounting (financial) statements that are subject to mandatory audit, the auditor's report on it is submitted together with such reports or no later than 10 working days from the day following the date of the audit report, but no later than December 31 of the year following reporting year.
(as amended by Federal Law No. 357-FZ of December 21, 2013)

3. Mandatory copies of accounting (financial) statements, together with audit reports, constitute the state information resource. Interested parties are provided with access to the specified state information resource, except in cases where, in the interests of maintaining state secrets, such access should be limited, as well as in cases and persons established by the Government of the Russian Federation.
(As amended by the Federal Laws of December 21, 2013 N 357-FZ, of December 31, 2017 N 481-FZ)

4. The procedure for submitting a mandatory copy of the accounting (financial) statements together with an auditor's report, as well as the rules for using (including fees for using, unless otherwise provided by other federal laws) the state information resource provided for by Part 3 of this article, are approved by the federal executive body, performing the functions of generating official statistical information on social, economic, demographic, environmental and other social processes in the Russian Federation.
(As amended by the Federal Laws of December 21, 2013 N 357-FZ, of July 29, 2018 N 272-FZ)

Article 19. Internal control

1. An economic entity is obliged to organize and exercise internal control over the facts of economic life.

2. An economic entity, the accounting (financial) statements of which are subject to mandatory audit, is obliged to organize and exercise internal control over accounting and preparation of accounting (financial) statements (except for cases when its head has assumed the responsibility for accounting).

3. The procedure for organizing and exercising internal control by organizations of the budgetary sphere of the facts of economic life being committed is established taking into account the provisions of the budgetary legislation of the Russian Federation on internal financial control.
(Part 3 was introduced by Federal Law No. 247-FZ of July 26, 2019)

Chapter 3. REGULATION OF ACCOUNTING

Article 20. Principles of accounting regulation

Accounting regulation is carried out in accordance with the following principles:

1) compliance of federal and industry standards with the needs of users of accounting (financial) statements, as well as the level of development of science and accounting practice;

2) unity of the system of accounting requirements;

3) establishing simplified accounting methods, including simplified accounting (financial) reporting, for economic entities entitled to apply such methods in accordance with this Federal Law;
(Clause 3 as amended by Federal Law No. 292-FZ of November 2, 2013)

4) application of international standards as the basis for the development of federal and industry standards;

5) providing conditions for the uniform application of federal and industry standards;

6) the inadmissibility of combining powers to approve federal standards and state control (supervision) in the field of accounting.

Article 21. Documents in the field of accounting regulation

1) federal accounting standards, federal accounting standards for public finance (hereinafter referred to jointly as federal standards);

2) sectoral accounting standards, sectoral public finance accounting standards (hereinafter, collectively referred to as industry standards);

3) normative acts of the Central Bank of the Russian Federation provided for by part 6 of this article;

5) standards of the economic entity.

(Part 1 as amended by Federal Law No. 247-FZ of July 26, 2019)

2. Federal and industry standards are mandatory, unless otherwise provided by these standards.

2.1. Federal accounting standards establish the minimum required accounting requirements, as well as acceptable accounting methods for economic entities, with the exception of public sector organizations. Federal Public Finance Accounting Standards establish the minimum required accounting requirements, as well as acceptable accounting methods for organizations in the public sector.
(Part 2.1 was introduced by Federal Law No. 247-FZ of July 26, 2019)

3. Federal standards, regardless of the type of economic activity, establish:

1) definitions and attributes of accounting objects, the procedure for their classification, the conditions for their acceptance for accounting and writing them off in accounting;

2) acceptable methods of monetary measurement of accounting objects;

3) the procedure for recalculating the cost of accounting items expressed in foreign currency into the currency of the Russian Federation for accounting purposes;

4) requirements for an accounting policy, including the determination of the conditions for its change, inventory of assets and liabilities, accounting documents and workflow in accounting, including types of electronic signatures used to sign accounting documents;

5) the chart of accounts and the procedure for its application, except for the charts of accounts for credit institutions and non-credit financial institutions and the procedure for their application;
(Clause 5 as amended by Federal Law No. 160-FZ of July 18, 2017)

6) the composition, content and procedure for the formation of information disclosed in the accounting (financial) statements, including sample forms of accounting (financial) statements, as well as the composition of the appendices to the balance sheet and the income statement and the composition of the annexes to the balance sheet and the report on intended use of funds;

7) the conditions under which the accounting (financial) statements give a reliable idea of the financial position of the economic entity as of the reporting date, the financial result of its activities and the cash flow for the reporting period;

8) the composition of the last and first accounting (financial) statements during the reorganization of a legal entity, the procedure for its preparation and the monetary measurement of objects in it;

9) the composition of the latest accounting (financial) statements upon liquidation of a legal entity, the procedure for its preparation and the monetary measurement of objects in it;

10) simplified accounting methods, including simplified accounting (financial) statements, for economic entities entitled to apply such methods in accordance with this Federal Law.
(as amended by Federal Law No. 292-FZ of November 2, 2013)

4. Federal standards may establish accounting requirements for certain types of economic activity.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

5. Industry standards establish the features of the application of federal standards in certain types of economic activity.

6. Charts of Accounts for Credit Institutions and Non-Credit Financial Institutions and the Procedure for Their Application, the Procedure for Recording Individual Accounting Objects in the Accounts and Grouping Accounts in Accordance with the Indicators of the Accounting (Financial) Statements of Credit Institutions and Non-Credit Financial Institutions, Forms disclosure of information in the accounting (financial) statements of credit institutions and non-credit financial institutions are established by the regulations of the Central Bank of the Russian Federation.
(Part 6 as amended by Federal Law No. 160-FZ of July 18, 2017)

7. Recommendations in the field of accounting are adopted in order to correctly apply federal and industry standards, reduce the cost of organizing accounting, as well as disseminate best practices in organizing and maintaining accounting, the results of research and development in the field of accounting.

9. Recommendations in the field of accounting may be adopted in relation to the procedure for applying federal and industry standards, forms of accounting documents, with the exception of those established by federal and industry standards, organizational forms of accounting, organization of accounting services of economic entities, accounting technology, organization procedure and exercising internal control over their activities and accounting, as well as the procedure for the development of standards by these persons.

11. The standards of an economic entity are intended to streamline the organization and maintain its accounting records.

12. The necessity and procedure for developing, approving, changing and canceling the standards of an economic entity are established by this entity independently.

13. The standards of an economic entity are applied equally and equally by all divisions of an economic entity, including its branches and representative offices, regardless of their location.

14. An economic entity that has subsidiaries is entitled to develop and approve its own standards that are mandatory for use by such companies. The standards of the specified entity, which are mandatory for application by the parent company and its subsidiaries, must not create obstacles for such companies to carry out their activities.

15. Federal and industry standards and the regulations of the Central Bank of the Russian Federation provided for by Part 6 of this Article shall not contradict this Federal Law. Industry standards and the regulations of the Central Bank of the Russian Federation provided for by part 6 of this article must not contradict federal standards. Recommendations in the field of accounting, as well as the standards of an economic entity, must not contradict federal, industry standards and the regulations of the Central Bank of the Russian Federation provided for by Part 6 of this Article.
(as amended by Federal Law No. 160-FZ of July 18, 2017)

16. Federal and industry standards, as well as programs for the development of federal standards, are approved by regulatory legal acts in the prescribed manner, subject to the provisions of this Federal Law.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

17. Documents for the organization and maintenance of accounting by the Central Bank of the Russian Federation, including the chart of accounts of accounting and the procedure for its application, are approved in the manner established by Federal Law No. 86-FZ of July 10, 2002 "On the Central Bank of the Russian Federation (Bank Russia)".

Article 22. Subjects of accounting regulation

1. Bodies of state regulation of accounting in the Russian Federation are the authorized federal body and the Central Bank of the Russian Federation.

2. Regulation of accounting in the Russian Federation can also be carried out by self-regulatory organizations, including self-regulatory organizations of entrepreneurs, other users of accounting (financial) statements, auditors interested in participating in the regulation of accounting, as well as their associations and unions and other non-profit organizations, pursuing the goals of the development of accounting (hereinafter - the subjects of non-state regulation of accounting).

Article 23. Functions of bodies of state regulation of accounting

1. Authorized federal body:

1) approves programs for the development of federal standards in the manner established by this Federal Law;
(as amended by Federal Law No. 247-FZ of July 26, 2019)

2) approves federal standards and, within its competence, industry standards and generalizes the practice of their application;

3) organize the examination of draft accounting standards;

4) approves the requirements for the execution of draft accounting standards;

5) participates in the prescribed manner in the development of international standards;

6) represents the Russian Federation in international organizations operating in the field of accounting and accounting (financial) reporting;

7) perform other functions provided for by this Federal Law and other federal laws.

2. The Central Bank of the Russian Federation, within its competence:

1) develops and approves industry standards and the regulations of the Central Bank of the Russian Federation provided for by Part 6 of Article 21 of this Federal Law and summarizes the practice of applying these standards and regulations;
(Clause 1 as amended by Federal Law No. 160-FZ of July 18, 2017)

2) participates in the preparation and approves programs for the development of federal standards;
(as amended by Federal Law No. 247-FZ of July 26, 2019)

3) participates in the examination of draft federal standards;

4) participates together with the authorized federal body in the prescribed manner in the development of international standards;

5) performs other functions provided for by this Federal Law and other federal laws.

Article 24. Functions of the subject of non-state regulation of accounting

The subject of non-state regulation of accounting, unless otherwise provided by this Federal Law:
(as amended by Federal Law No. 247-FZ of July 26, 2019)

1) develops draft federal standards, conducts a public discussion of these drafts and submits them to the authorized federal body;

2) participates in the preparation of programs for the development of federal standards;
(as amended by Federal Law No. 247-FZ of July 26, 2019)

3) participates in the examination of draft accounting standards;

4) ensures the compliance of the draft federal standard with the international standard on the basis of which the draft federal standard has been developed;

6) develop proposals for improving accounting standards;

7) participates in the development of international standards.

Article 25

1. To conduct an expert examination of draft federal accounting standards and sectoral accounting standards, an accounting standards council is established under the authorized federal body.
(as amended by Federal Laws No. 251-FZ of July 23, 2013, No. 247-FZ of July 26, 2019)

2. The Accounting Standards Board conducts an examination of draft federal accounting standards and industry accounting standards for:
(as amended by Federal Laws No. 251-FZ of July 23, 2013, No. 247-FZ of July 26, 2019)

1) compliance with the legislation of the Russian Federation on accounting;

2) compliance with the needs of users of accounting (financial) statements, as well as the level of development of science and accounting practice;

3) ensuring the unity of the system of accounting requirements;

4) providing conditions for the uniform application of federal accounting standards and industry accounting standards.
(as amended by Federal Laws No. 251-FZ of July 23, 2013, No. 247-FZ of July 26, 2019)

3 - 4. Lost force from September 1, 2013. - Federal Law of July 23, 2013 N 251-FZ.

5. The composition of the accounting standards council includes:

1) 10 representatives of subjects of non-state regulation of accounting and the scientific community, of which at least three members are subject to rotation once every three years;

2) five representatives of state accounting regulation bodies.

6. The composition of the accounting standards council is approved by the head of the authorized federal body. Proposals on candidates for members of the accounting standards council, with the exception of representatives of the authorized federal body, are submitted to the authorized federal body by subjects of non-state regulation of accounting, the Central Bank of the Russian Federation, scientific organizations and higher educational institutions.

7. Candidates for members of the Accounting Standards Board must have a higher education, an impeccable business (professional) reputation and professional experience in the field of finance, accounting or audit.
(as amended by Federal Law No. 185-FZ of July 2, 2013)

8. The chairman of the council for accounting standards is elected at the first meeting of the council from among the representatives of the subjects of non-state accounting regulation included in its composition. The chairman of the accounting standards board has at least two deputies.

9. The secretary of the council for accounting standards is a representative of the authorized federal body from among the members of the council.

10. Meetings of the accounting standards council are convened by its chairman, and in the absence of the chairman by an authorized deputy chairman as necessary, but at least once every three months. The meeting is considered competent if at least two thirds of the members of the accounting standards council are present.

11. Decisions of the council on accounting standards are made by a simple majority of votes of the members of the council participating in its meeting.

12. Meetings of the Accounting Standards Board are public.

13. Information about the activities of the accounting standards board should be open and publicly available.

14. The regulation on the accounting standards council is approved by the authorized federal body. The regulations of the accounting standards council are approved by this council independently at the first meeting.

Article 25.1. Public Finance Accounting Standards Board

(introduced by Federal Law No. 247-FZ of July 26, 2019)

1. To conduct an examination of draft federal public finance accounting standards and sectoral public finance accounting standards, a council on public finance accounting standards is created under the authorized federal body.

2. The Public Finance Accounting Standards Board conducts an examination of draft federal public finance accounting standards and sectoral public finance accounting standards for:

1) compliance with the legislation of the Russian Federation on accounting and budgetary legislation of the Russian Federation;

2) compliance with the needs of users of accounting (financial) statements of public sector organizations, as well as the level of development of science and accounting practice;

3) ensuring the unity of the system of requirements for accounting for public sector organizations;

4) provision of conditions for the uniform application of federal and sectoral accounting standards for public finance.

3. The Council for Public Finance Accounting Standards shall include:

1) five representatives of state accounting regulatory bodies, of which at least three are representatives of the authorized federal body;

2) twelve representatives of the financial authorities of the constituent entities of the Russian Federation, municipalities, state financial control bodies, organizations of the public sector and the scientific community, of which at least three members of the council are subject to rotation once every three years.

4. The composition of the public finance accounting standards council is approved by the head of the authorized federal body. Proposals on candidates for members of the Council on Public Finance Accounting Standards, with the exception of representatives of the authorized federal body, are submitted to the authorized federal body by the Central Bank of the Russian Federation, financial authorities of the constituent entities of the Russian Federation, municipalities, state financial control bodies and public sector organizations.

5. Candidates for members of the Public Finance Accounting Standards Board must have a higher education, an impeccable business (professional) reputation and professional experience in the field of public administration and finance, accounting, public financial control and (or) audit.

6. The chairman of the public finance accounting standards council and his deputy are appointed by the head of the authorized federal body.

7. The secretary of the council for public finance accounting standards is a representative of the authorized federal body from among the members of the council.

8. Meetings of the public finance accounting standards council are convened by its chairman, and in the absence of the chairman by his deputy, as necessary, but at least once every three months. The meeting is considered competent if at least two thirds of the members of the Public Finance Accounting Standards Board are present.

9. Decisions of the Council on Public Finance Accounting Standards are taken by a simple majority of votes of the members of the Council participating in its meeting.

10. Meetings of the Public Finance Accounting Standards Board are public.

11. Information about the activities of the public finance accounting standards board should be open and publicly available.

12. The regulation on the public finance accounting standards council is approved by the authorized federal body. The regulation of the public finance accounting standards council is approved by the council at its first meeting.

Article 26

(as amended by Federal Law No. 247-FZ of July 26, 2019)

1. Federal accounting standards are developed and approved in accordance with the program for the development of federal accounting standards. Federal public finance accounting standards are developed and approved in accordance with the program for the development of federal public finance accounting standards (hereinafter, collectively referred to as the federal standards development program).

2. Bodies of state regulation of accounting and subjects of non-state regulation of accounting submit proposals concerning programs for the development of federal standards to the authorized federal body.

3. The authorized federal body approves programs for the development of federal standards in agreement with the Central Bank of the Russian Federation.

4. Programs for the development of federal standards, if necessary, are specified in order to ensure compliance of federal standards with the needs of users of accounting (financial) statements, international standards, the level of development of science and accounting practice.

5. The authorized federal body shall ensure the availability of programs for the development of federal standards for the Central Bank of the Russian Federation, subjects of non-state regulation and other interested parties (hereinafter referred to as interested parties) for familiarization purposes.

6. The rules for the preparation and clarification of programs for the development of federal standards are approved by the authorized federal body.

Article 27. Development and approval of federal standards

1. The developer of a federal standard (hereinafter referred to as the developer) may be any subject of non-state regulation of accounting, unless otherwise provided by this Federal Law.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

2. Notification of the development of a federal standard shall be sent by the developer to the authorized federal body and posted on the official websites of the authorized federal body and the developer in the information and telecommunications network "Internet" (hereinafter referred to as the "Internet" network). If the developer of the federal standard is the authorized federal body, the notification of the development of the federal standard and the notification of the completion of the public discussion of the draft federal standard are posted on the official website of the authorized federal body on the Internet.
(as amended by Federal Laws No. 357-FZ of December 21, 2013, No. 247-FZ of July 26, 2019)

3. Not later than 10 working days after the date of posting on the developer's official website on the Internet a notification of the development of a federal standard, the developer places it on his official website on the Internet. The draft federal standard, posted on the official website of the developer on the Internet, should be available for review without charging a fee. The developer is obliged, at the request of the interested person, to provide him with a copy of the draft federal standard on paper. The fee charged by the developer for providing the specified copy on paper cannot exceed the costs of its production and shipment. No fee shall be charged for providing the said copy to state accounting regulation bodies and subjects of non-state accounting regulation.
(as amended by Federal Law No. 357-FZ of December 21, 2013)

4. From the day the draft federal standard is posted on the official website of the developer on the Internet, the developer conducts a public discussion of the draft federal standard. The period of public discussion of the draft federal standard cannot be less than three months from the date of placement of the specified draft on the official website of the developer on the Internet. Notification of the completion of the public discussion of the draft federal standard shall be sent by the developer to the authorized federal body and posted on the official websites of the authorized federal body and the developer on the Internet.
(Part 4 as amended by Federal Law No. 357-FZ of December 21, 2013)

5. During the period of public discussion of the draft federal standard, the developer:

1) accept comments in writing from interested persons. The developer cannot refuse to accept comments in writing;

2) discusses the draft federal standard and comments received in writing;

3) draws up a list of comments received in writing with a summary of the content of such comments and the results of their discussion;

4) finalizes the draft federal standard, taking into account the comments received in writing.

6. The developer is obliged to keep the comments received in writing until the approval of the federal standard and submit them to the authorized federal body upon his request.

7. The finalized draft of the federal standard and the list of comments received in writing from interested parties shall be posted by the developer on its official website on the Internet no later than 10 working days from the date of placement on the official websites of the authorized federal body and the developer on the Internet of the notice of completion public discussion of the draft federal standard. These documents posted on the official website of the developer on the Internet should be available for review without charging a fee.
(as amended by Federal Law No. 357-FZ of December 21, 2013)

9. The finalized draft of the federal standard, together with a list of comments received in writing from interested parties, is submitted by the developer to the authorized federal body, which organizes the examination of this draft.

10. The Accounting Standards Board prepares, within a period of not more than two months from the date of submission by the developer of the draft federal standard, a reasoned proposal to accept such a draft for approval or to reject it on the basis of the documents specified in Part 9 of this Article and taking into account the results of the examination. Such a proposal, together with the documents specified in part 9 of this article and the results of the examination, shall be sent to the authorized federal body. The Public Finance Accounting Standards Board, within a period of not more than two months from the date of submission for examination of the draft federal public finance accounting standard, prepares a reasoned proposal to accept this draft for approval and (or) proposals for its adjustment, taking into account the results of the examination. Such proposals, together with the documents specified in Part 9 of this Article and the results of the examination, shall be sent to the authorized federal body.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

11. The authorized federal body, on the basis of documents submitted by the accounting standards council, within a period of not more than one month, accepts the draft federal accounting standard for approval or rejects it. The authorized federal body, on the basis of documents submitted by the public finance accounting standards council, within a period of not more than one month, accepts the draft federal public finance accounting standard for approval or finalizes it. The draft federal standard accepted for approval is prepared and approved by the authorized federal body in accordance with the established procedure.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

12. A draft federal standard proposed by the accounting standards council for adoption may be rejected if it does not comply with the legislation of the Russian Federation.

13. If the draft federal standard is rejected, a reasoned decision of the authorized federal body with the attachment of the documents specified in Part 9 of this Article shall be sent to the developer of the draft federal standard within a period of not more than 10 working days after the date of adoption of such a decision.

14. Amendments to the federal standard or its cancellation are carried out in the manner established by this article. Amendments to the federal standard due to changes in the legislation of the Russian Federation may be made at the initiative of the authorized federal body.

15. Examination of the draft industry accounting standard is carried out by the accounting standards council. The review of the draft industry public finance accounting standard is carried out by the Public Finance Accounting Standards Board. Examination of draft industry standards is carried out in accordance with the procedure established for the examination of federal standards by parts 9-13 of this article.
(Part 15 was introduced by Federal Law No. 344-FZ of November 4, 2014; as amended by Federal Law No. 247-FZ of July 26, 2019)

Article 28. Development of federal standards by the authorized federal body

1. The authorized federal body develops:
(as amended by Federal Law No. 247-FZ of July 26, 2019)

1) federal accounting standards for public finance;
(Clause 1 as amended by Federal Law No. 247-FZ of July 26, 2019)

2) federal accounting standards in the event that no subject of non-state regulation of accounting assumes obligations to develop a federal accounting standard provided for by the approved program for the development of federal accounting standards.
(as amended by Federal Law No. 247-FZ of July 26, 2019)

2. The development of the federal standard by the authorized federal body is carried out in the manner established by Article 27 of this Federal Law.

Chapter 4. FINAL PROVISIONS

Article 29. Storage of accounting documents

1. Primary accounting documents, accounting registers, accounting (financial) statements, audit reports on them are subject to storage by an economic entity for the periods established in accordance with the rules for organizing state archives, but not less than five years after the reporting year.
(as amended by Federal Law No. 251-FZ of July 23, 2013)

2. Accounting policy documents, standards of an economic entity, other documents related to the organization and maintenance of accounting, including the means that ensure the reproduction of electronic documents, as well as the verification of the authenticity of an electronic signature, are subject to storage by an economic entity for at least five years after a year, in which they were used for the preparation of accounting (financial) statements for the last time.

3. An economic entity must provide safe conditions for storing accounting documents and protect them from changes.

4. When changing the head of the organization, the transfer of accounting documents of the organization must be ensured. The procedure for the transfer of accounting documents is determined by the organization independently.
(Part 4 was introduced by Federal Law No. 134-FZ of June 28, 2013)

Article 30

1. Until the federal and sectoral standards provided for by this Federal Law are approved by the state accounting regulatory bodies, the rules for maintaining accounting and compiling financial statements approved by the authorized federal body and the Central Bank of the Russian Federation before the date of entry into force of this Federal Law shall apply. Prior to the approval of the federal and industry standards provided for by this Federal Law, the authorized federal body and the Central Bank of the Russian Federation shall have the right to make changes, including those caused by changes in the legislation of the Russian Federation, to the rules for maintaining accounting and compiling financial statements approved by them before the date of entry into force of this federal law.
(as amended by Federal Laws No. 344-FZ of November 4, 2014, No. 247-FZ of July 26, 2019)

1.1. Accounting regulations approved by the Ministry of Finance of the Russian Federation in the period from October 1, 1998 until the day this Federal Law enters into force are recognized for the purposes of this Federal Law as federal accounting standards. At the same time, the requirement established by the second sentence of Part 15 of Article 21 of this Federal Law that industry standards and the regulatory acts of the Central Bank of the Russian Federation provided for by Part 6 of Article 21 of this Federal Law shall not contradict federal standards shall not apply to these provisions.
(Part 1.1 was introduced by Federal Law No. 160-FZ of July 18, 2017; as amended by Federal Law No. 247-FZ of July 26, 2019)

2. The provisions of Parts 4 and 6 of Article 7 of this Federal Law shall not apply to persons who, as of the date of entry into force of this Federal Law, are entrusted with accounting.

3. The provision of Part 2 of Article 15 of this Federal Law shall not apply when changing the type of state (municipal) institution.

Article 31

Recognize invalid:

1) Federal Law No. 129-FZ of November 21, 1996 "On Accounting" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 1996, No. 48, Art. 5369);

2) Federal Law No. 123-FZ of July 23, 1998 "On Amendments and Additions to the Federal Law "On Accounting" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 1998, No. 30, Art. 3619);

3) Federal Law No. 32-FZ of March 28, 2002 "On Amendments and Additions to the Federal Law "On Accounting" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 2002, No. 13, Art. 1179);

4) Article 9 of the Federal Law of December 31, 2002 N 187-FZ "On Amendments and Additions to Part Two of the Tax Code of the Russian Federation and Certain Other Legislative Acts of the Russian Federation" (Collected Legislation of the Russian Federation, 2003, N 1, Article 2 );

5) Article 3 of Federal Law No. 191-FZ of December 31, 2002 "On Amendments and Additions to Chapters 22, 24, 25, 26.2, 26.3 and 27 of Part Two of the Tax Code of the Russian Federation and Certain Other Legislative Acts of the Russian Federation" (Meeting legislation of the Russian Federation, 2003, N 1, item 6);

6) Clause 7 of Article 2 of Federal Law No. 8-FZ of January 10, 2003 "On Amendments and Additions to the Law of the Russian Federation "On Employment in the Russian Federation" and Certain Legislative Acts of the Russian Federation on Financing Measures to Promote Employment of the Population" (Sobraniye zakonodatelstva Rossiyskoy Federatsii, 2003, N 2, art. 160);

7) Article 23 of the Federal Law of June 30, 2003 N 86-FZ "On the introduction of amendments and additions to certain legislative acts of the Russian Federation, the recognition of certain legislative acts of the Russian Federation as invalid, the provision of certain guarantees to employees of internal affairs bodies, bodies for controlling turnover narcotic drugs and psychotropic substances and the abolished federal bodies of the tax police in connection with the implementation of measures to improve public administration" (Sobraniye zakonodatelstva Rossiyskoy Federatsii, 2003, No. 27, art. 2700);

8) Article 2 of Federal Law No. 183-FZ of November 3, 2006 "On Amendments to the Federal Law "On Agricultural Cooperation" and Certain Legislative Acts of the Russian Federation" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 2006, No. 45, Art. 4635);

9) Article 32 of the Federal Law of November 23, 2009 N 261-FZ "On Energy Saving and on Increasing Energy Efficiency and on Amending Certain Legislative Acts of the Russian Federation" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 2009, N 48, Art. 5711);

10) Article 12 of the Federal Law of May 8, 2010 N 83-FZ "On Amending Certain Legislative Acts of the Russian Federation in Connection with the Improvement of the Legal Status of State (Municipal) Institutions" (Collected Legislation of the Russian Federation, 2010, N 19, art. 2291);

11) Federal Law No. 209-FZ of July 27, 2010 "On Amendments to Article 16 of the Federal Law "On Accounting" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 2010, No. 31, Art. 4178);

12) Article 4 of Federal Law No. 243-FZ of September 28, 2010 "On Amendments to Certain Legislative Acts of the Russian Federation in Connection with the Adoption of the Federal Law "On the Skolkovo Innovation Center" (Sobranie Zakonodatelstva Rossiyskoy Federatsii, 2010, No. 40, Art. 4969).

Article 32. Entry into force of this Federal Law

The president
Russian Federation
D. MEDVEDEV

Publication date: 02/01/2013 12:31 (archived)

On January 1, 2013, Federal Law No. 402-FZ of 06.12.2011 “On Accounting” (hereinafter referred to as the Law “On Accounting”, Law No. 402-FZ) came into force.

The scope of the new Law “On Accounting” has been significantly expanded. In addition to organizations, branches and representative offices of foreign organizations, economic entities covered by the law include: individual entrepreneurs; lawyers who have established law offices; notaries; other individuals in private practice.

From January 1, 2013, all organizations are required to keep accounting records, regardless of the taxation system they apply.

Individual entrepreneurs and persons engaged in private practice (including lawyers engaged in advocacy in a lawyer's office), according to subpara. 1 of paragraph 2 of Article 6 of Law No. 402FZ may not keep accounting records if, in accordance with the legislation of the Russian Federation on taxes and fees, they keep records of income or income and expenses and (or) other objects of taxation in the manner established by this legislation.

The list of accounting objects in Law No. 402-FZ has undergone significant changes.

Instead of the property of organizations, assets are named as the object of accounting in the Law, income and expenses are added to the list of accounting objects.
A significant change in the list of accounting objects is the replacement of business transactions with the facts of economic life. At the same time, in paragraph 8 of Art. 3 of Law No. 402-FZ, the fact of economic life is defined as a transaction, event, operation that has or is able to influence the financial position of an economic entity, the financial result of its activities and (or) cash flow.

Thus, the Law "On Accounting", introducing into the objects of accounting the facts of economic life instead of business transactions, adds such new objects of accounting as transactions and events.

Another accounting object is the sources of financing the activities of an economic entity (clause 4, article 5 of Law No. 402-FZ).

The new subjects of accounting regulation are self-regulatory organizations (SROs). Such organizations can be SROs of entrepreneurs, other users of accounting (financial) statements, auditors, as well as their associations and unions, and other non-profit organizations. Law No. 402-FZ establishes the possibility of non-state regulation of accounting. In Art. 24 of Law No. 402-FZ lists the main functions of the subject of non-state accounting regulation, in accordance with which SROs can: develop draft federal standards, conduct a public discussion of these projects and submit them to the authorized federal body; participate in the preparation of the federal standards development program; participate in the examination of draft accounting standards; develop and adopt recommendations in the field of accounting; develop proposals for improving accounting standards; participate in the development of international standards.

In paragraph 3 of Art. 3 of Law No. 402-FZ defines an accounting standard as a document that establishes the minimum necessary requirements for accounting and acceptable ways of maintaining it.

According to Part 1 of Art. 21 of Law No. 402-FZ distinguish between federal, industry standards and standards of an economic entity.

At the same time, Law No. 402-FZ establishes a strict hierarchy of documents regulating accounting, and establishes the rule of consistency of these documents (part 15 of article 21 of Law No. 402-FZ):

Federal and industry standards must not contradict the Federal Law “On Accounting”;
- industry standards should not contradict federal standards;
- recommendations in the field of accounting and standards of an economic entity should not contradict federal and industry standards.

As before, the head of the economic entity is responsible for the organization of accounting.

However, from 01.01.2013, only heads of small and medium-sized businesses have the right to keep accounting independently. The heads of organizations that are not small or medium-sized businesses are required to entrust accounting to the chief accountant or other official or conclude an agreement on the provision of accounting services.

Note that Law No. 402-FZ does not contain a provision on the need for the signature of the chief accountant on monetary and settlement documents, documents confirming financial and credit obligations.

Law No. 402-FZ establishes the requirements (part 4 of article 7 of the Law is listed), which the chief accountants of economic entities must comply with.

Law No. 402-FZ does not list the mandatory components of an accounting policy (working chart of accounts, forms of primary accounting documents, etc.), but only a general definition of an accounting policy as a set of accounting methods by an economic entity, and also lists the basic principles of its formation.

The Law "On Accounting" allows for a change in accounting policy not from the beginning of the reporting year, if such a procedure for changing the accounting policy is due to the reason for this change.

Primary accounting documents, as before, must be compiled in connection with each fact of economic life (previously it was required to be done in connection with each business transaction).

An important innovation is the absence in Law No. 402-FZ of the requirement for the mandatory use of unified forms of primary accounting documentation approved by the State Statistics Committee of the Russian Federation.

Since 2013, the forms of all primary documents that the enterprise uses to document the facts of economic life must be approved by the head of the economic entity and contain the mandatory details listed in paragraph 2 of Art. 9 of Law No. 402-FZ. (Note that the list of such requisites has remained unchanged.)

The exception is public sector organizations. For them, the forms of primary accounting documentation are established in accordance with the budget legislation.

A new requirement of Law No. 402-FZ is the obligation to indicate in the primary accounting document, in addition to the signatures of the persons who made the transaction or operation or formalized the event, their names and initials. Previously, such a requirement was contained only in paragraph 13 of the Regulation on accounting and financial reporting in the Russian Federation.

Norms h. 5, 6 Art. 9 of Law No. 402-FZ equalize the rights of primary accounting documents on paper and in the form of an electronic document certified by an electronic signature. The Law "On Accounting" recognizes an electronic document certified by an electronic signature as equal to a document on paper.

The Law "On Accounting" does not contain a ban on making corrections to cash and bank documents. However, in Part 7 of Art. 9 of Law No. 402-FZ contains a clause "unless otherwise established by federal laws or regulatory legal acts of state accounting regulatory bodies." At the same time, in accordance with clause 2.1 of the Regulations on the procedure for conducting cash transactions with banknotes and coins of the Bank of Russia on the territory of the Russian Federation (approved by the Bank of Russia on October 12, 2011 No. 373-P) and clause 2.4 of the Regulations on the rules for the transfer of funds (approved by the Bank of Russia 06/19/2012 No. 383-P) making corrections to cash and bank documents is not allowed.

Corrections in other documents must contain, in addition to the date of correction and signatures of the persons who initially certified these documents, the names and initials of these persons, or other details necessary for their identification.

The Law "On Accounting" does not contain a list of cases of mandatory inventory. Such a list should be established by the legislation of the Russian Federation, federal and industry standards.

In addition, Law No. 402-FZ does not regulate the reflection of inventory results in accounting. It only says that the identified discrepancies are subject to registration in accounting in the reporting period to which the date as of which the inventory was carried out refers.

As part of the annual accounting (financial) statements of commercial organizations, the balance sheet, the statement of financial results and annexes to them remained (clause 1, article 14 of Law No. 402-FZ).

Law No. 402-FZ defines the composition of the annual reporting of non-profit organizations: these are the balance sheet, the report on the intended use of funds and annexes to them, the list of which, as the Ministry of Finance of Russia explained in Letter No. 07-02-06 / 126 dated 05.05.2012, is determined federal standards. The volume of interim reporting of economic entities and the cases of its preparation should also be fixed in federal standards.

The Law "On Accounting" establishes the obligation of economic entities (with the exception of public sector organizations and the Central Bank of the Russian Federation) to submit a mandatory copy of the annual accounting (financial) statements to only one user - the state statistics body.

A certain innovation is the creation in 2013 of a state information resource that will generate mandatory copies of annual accounting (financial) statements submitted to state statistics bodies no later than three months after the end of the reporting period (Article 18 of Law No. 402-FZ). Access to this resource will be provided to all interested persons, except for cases when, in the interests of maintaining state secrets, such access should be limited. In this regard, the trade secret regime was removed from the accounting (financial) statements, as well as from the accounting registers by Law No. 402-FZ.