federal standard"Accounting Policies, Estimates and Errors"
Note: a change in an estimate is not a change in accounting policy, nor is it a correction of an error. However, a change in the method of determining (calculating) the estimated value is recognized as a change in accounting policy.

Thus, if a change in any indicator used to maintain accounting or reflected in the financial statements, is not a consequence of a change in accounting policy, then the named change is recognized as a change in the estimated value.

The order of reflection in accounting estimated values and their changes are established by the relevant federal or industry standards and other regulatory legal acts Ministry of Finance.

The order of reflection in the financial statements.

A change in the estimated value is reflected in financial statements perspective, that is:

in the period in which the change occurred, if such a change affects the indicators of the accounting (financial) statements of only this reporting period;

in the period in which the change occurred, and in future periods, if such a change affects the financial statements of this reporting period and future periods.

Disclosure of information in reporting.

The explanatory notes to the accounting (financial) statements disclose the following information on changes in the estimated value:

description of the change in the estimated value that affected the accounting (financial) statements for reporting period;

a description of the change in the estimated value that will affect the accounting (financial) statements for future periods, unless it is practically impossible to evaluate in monetary terms the impact of the change in the estimated value on the accounting (financial) statements for future periods. The fact and reasons for the impossibility of this assessment are also subject to disclosure.

Reflection of corrections of errors in financial statements

The Standard explains what is recognized as an error in the financial statements, provides the procedure for correcting it depending on the period when the error was discovered, as well as the procedure for disclosing information in the explanatory notes to the financial statements.

Error in accounting an omission and (or) distortion that occurred in the course of accounting and (or) formation of financial statements as a result of incorrect use of information about facts are considered economic life of the reporting period, which was available on the date of signing the reporting and should have been received and used in its preparation (hereinafter referred to as the reporting period error).

For reference: The date of signing of financial statements is the date of signing in in due course a complete set of accounting (financial) statements.

The deadline for the submission of financial statements is the last business day due date sending it to the body authorized to accept financial statements and (or) generate consolidated financial statements (hereinafter referred to as the authorized body).

The date of acceptance of the financial statements by the authorized body is the date of putting a mark (sending a notification) on the acceptance of the statements based on the results of the desk audit.

The date of approval of financial statements is the date of approval of the report on the relevant public legal entity or the date of approval of financial statements in accordance with budget legislation.

Error correction procedure.

Correction of the identified error is carried out in accounting additional accounting entry or an accounting entry drawn up by the “red reversal” method and an additional accounting entry. We give in the table the procedure for correcting errors, depending on the period of their detection.

Error detection period	Correction order
Reporting period error identified during implementation internal control after the date of signing the financial statements, but before the deadline for its submission	1. Entries are reflected in the accounting accounts as of the date determined by the decision of the body (official), for the implementation of internal control. 2. Corrections are made to the financial statements, the corrected statements are signed in the prescribed manner
Reporting period error revealed during a desk audit of financial statements after the deadline for their submission, but before the date of their acceptance by the authorized body	- by making entries in the accounting accounts at the end of the reporting period; – by correcting the financial statements and signing the corrected financial statements in the prescribed manner. The corrected financial statements are re-sent to the authorized body, as well as to other users to whom the original statements were submitted. The notes to the amended financial statements provide information that this reporting supersedes the one originally submitted, the reasons for the corrections and their content
Reporting period error identified in the course of internal financial control, external financial control, as well as internal control or internal financial audit after the date of acceptance of financial statements, but before the date of its approval
Reporting period error detected after the date of approval of the quarterly financial statements	Corrected by decision of the authorized body based on the significance of the identified error: - by reflecting the entries in the accounting accounts in the period in which the error was discovered; – by disclosing in the explanatory notes to the financial statements the period in which the error was discovered, a description of the error and the amount of the adjustment made
Reporting period error detected after the date of approval of the annual financial statements (hereinafter referred to as the error of the previous year)	Corrected by decision of the authorized body based on the significance of the identified error: - by making entries on the accounting accounts in the period in which the error is detected; - by retrospective recalculation of financial statements. Comparative figures disclosed in the financial statements for reporting year, beginning with the prior year in which the error occurred, unless this is impracticable. Adjusted comparative figures of the previous year(s) are given in the financial statements of the reporting year under the heading “Recalculated”

In case of a retrospective restatement of financial statements, the approved statements for the previous year (s) are not subject to revision, replacement and re-submission to users of accounting (financial) statements.

If the error was made earlier than the previous year, for which comparative figures are disclosed in the financial statements, the incoming balances under the item “ Financial results economic entity» balance sheet, as well as the values of related financial statements for the earliest prior year for which comparative figures are disclosed.

In the case when it is practically impossible to unambiguously attribute the amounts of adjustments to a specific previous year, the incoming balances under the item “Financial result of an economic entity” of the balance sheet, as well as the values of related items of the accounting (financial) statements for the earliest previous year to which they can be adjusted are subject to adjustment. attributed, or at the beginning of the reporting year.

The procedure for disclosing information in reporting in relation to errors of previous years.

The following information is disclosed in the explanatory notes to the financial statements for the reporting year:

error description;

the amount of adjustment for each item of the accounting (financial) statements for each of the previous years, for which comparative indicators are disclosed in the accounting (financial) statements, to the extent that it is practically possible;

the total amount of the adjustment at the beginning of the earliest of the previous years, for which comparative indicators are disclosed in the accounting (financial) statements;

a description of the reasons why it is not practicable to adjust the comparative figures of the accounting (financial) statements for one or several previous years, as well as a description of the method for recording the correction of an error, indicating the period in which the corrections are reflected.

Let's summarize all of the above. The Standard contains General requirements to the formation, approval and change of accounting policies. The procedure for reflecting the consequences of changes in accounting policies in accounting and financial statements is described in detail. Also, this document establishes the rules for reflecting changes in estimated values and corrections of errors in financial statements.

With the entry into force of this standard, the main provisions of the accounting policy are subject to public disclosure on the official website of the institution.

It is planned that the Standard will be applied in the preparation of financial statements for periods beginning on January 1, 2018. Earlier application is allowed upon agreement with the Ministry of Finance.

accounting policy

In the article, we introduce you to another standard for state institutions "Accounting Policies, Estimated Values and Errors", which must be applied from 01/01/2019. We talk about common requirements for important document for the organization - accounting policy, about two ways of reflecting the amendments made to it: prospective and retrospective. From 01/01/2019, if an error is discovered, it will be necessary to recalculate the statements for all the years that have passed since the error was made.

Let's consider the new uniform requirements for accounting policy, about two ways of reflecting the amendments made to it: prospective and retrospective. From 01/01/2019, if an error is discovered, it will be necessary to recalculate the statements for all the years that have passed since the error was made.

Legal framework

The order of the Ministry of Finance 274n says that the standard is designed for use in the public sector of the economy in budget and accounting. From 01/01/2019, state, budgetary and autonomous organizations will have to form their accounting policy according to the rules set forth in it.

General provisions

The main task of the new standard is to approve uniform and binding criteria for all the criteria for creating, approving and using an accounting policy, as well as making the necessary amendments to it. The federal standard also defines the procedure for including in the reporting information about the correction of identified errors and the adjustment of estimated values.

Reflection of changes in estimated values in financial statements and disclosure of information

Changes in estimates can occur for a variety of reasons:

Correction of the calculation method.
Change in information or other circumstances on the basis of which the calculation was made.

The first item is a change in accounting policy, and should be reflected in the statements as indicated in the previous section. The second option for adjusting the accounting estimate is accounted for prospectively in the period in which the adjustment is made and thereafter. The report discloses the following information about

description;
value in monetary terms in the reporting period;
value in monetary terms in future periods, if it can be determined.

Reflection of corrections of errors in financial statements

An error in reporting is a misrepresentation caused by the misuse or non-use of information about the facts of economic life that was available when generating reporting forms.

If an error is detected on the date of signing the report, but before submission to the authorized body, a corrective accounting operation or an erroneous one is reversed and a new one is posted on the last day of the reporting period. Updated reporting forms are being prepared.

If an error is detected after sending the reporting, but before the date of approval of the consolidated report, the decision to correct it will be made by the authorized body, to which it is necessary to send an appropriate message. Two options are possible:

The error is corrected on the last day of the reporting period, the revised reporting is re-sent to the authorized body.
The error is corrected in the new reporting period, information about it is disclosed in explanatory note to the report.

If an error is detected at the end of the reporting year, to correct it, it is necessary to make a retrospective recalculation for previous years, starting from the one in which it was made. Comparative indicators are corrected in such a way as if there were no errors. At the same time, the reporting provided earlier is not changed and is not provided again. If it is impossible to make changes within the year in which the error was made, the nearest incoming balance under the item “Financial result” is changed. Adjusted results are displayed in the new reporting period marked "Recalculated". The explanatory note discloses the following information:

error description;
the total amount of the adjustment and for each item;
a description of the reasons if the correction for one or more previous years was impossible;
description of the method of correcting the error and the period of reflection in accounting.

Thus, it is necessary to work with all violations in accounting, identified by internal control, external audit, desk audits.

In previous issues of the magazine, we got acquainted with certain federal accounting standards for public sector organizations approved under the Program, which will come into force in 2018. It was assumed that 11 standards will come into effect from the new year.

However, the plans of the Ministry of Finance have changed, and the entry into force of some of them has been postponed to 01/01/2020. Today, it remains to approve three federal standards, the drafts of which are posted on the website of the Ministry of Finance. One of them is “Accounting Policies, Estimates and Errors” (hereinafter referred to as the Standard “Accounting Policies”). It is about him that will be discussed in this article.

Subject of regulation.

The standard "Accounting policy" regulates the following issues:

features of the formation, approval and change of accounting policies;
the procedure for reflecting changes in estimated values in the accounting (financial) statements;
rules for reflecting corrections of errors in accounting (financial) statements.

Let's dwell on the main points.

Accounting policy and its components.

Accounting policy - a set of methods for organizing and maintaining accounting, applied by the subject of accounting consistently from year to year.

The responsibility for the formation of an accounting policy lies with the chief accountant or other individual (legal) person within the framework of the accounting authorities assigned to him, and, upon approval, with the head of the accounting entity.

An accounting policy is drawn up based on the peculiarities of the structure of the institution, sectoral and other nuances of its activities performed by it in accordance with the legislation of the Russian Federation and (or) functions. This takes into account the provisions of the current legislative acts of the Russian Federation, federal and industry accounting standards, other regulatory legal acts of the bodies regulating accounting, as well as the accounting policy of the body exercising the powers and functions of the founder.

If, in relation to any object of accounting, the above-mentioned regulatory legal acts do not provide for the rules for its reflection in accounting, the institution, in agreement with the founder and financial authority of the relevant public legal entity determines the accounting policy based on the requirements established by the Federal Standard " Conceptual foundations accounting and reporting for organizations public sector”, approved by the Order of the Ministry of Finance of the Russian Federation of December 31, 2016 No. 256n.

As part of the accounting policy, the following must be approved:

the procedure for recognition and derecognition of accounting objects, methods for evaluating accounting objects, as well as the procedure for disclosing information about them in accounting (financial) statements;
a working chart of accounts containing accounting accounts necessary for maintaining synthetic and analytical accounting;
the procedure for conducting an inventory of assets and liabilities;
forms of primary (consolidated) accounting documents used to reflect the facts of economic life, registers and other accounting documents for which the legislation of the Russian Federation does not establish mandatory forms for their compilation. At the same time, the approved forms of documents must contain required details primary accounting document provided by law RF;
document flow rules and technology for processing accounting information, including the procedure and terms for the transfer of primary (consolidated) accounting documents in accordance with the approved workflow schedule for reflection in accounting;
the procedure for organizing and ensuring (implementing) internal control;
other solutions necessary for the organization and maintenance of accounting and the formation of accounting (financial) statements.

Change in accounting policy.

A change in accounting policy is made from the beginning of the reporting period, unless otherwise stipulated by the reason for such a change.

The Accounting Policy standard allows for a change in accounting policy when the following circumstances arise (clause 8):

Change in accounting policy

Changes in the legislation of the Russian Federation on accounting, federal and (or) industry standards and regulatory legal acts of the bodies regulating accounting		Development or selection by an institution of a method for organizing and maintaining accounting records, the use of which will make it possible to present reliable and more relevant information in the accounting (financial) statements		A significant change in the conditions of the institution's activities, including its reorganization, a change in the powers assigned to the accounting entity and (or) the functions performed by it

application of the method of organizing and maintaining accounting to reflect the facts of economic life, which are different in essence from the facts of economic life that took place earlier;
approval of a new way of organizing and maintaining accounting to reflect the facts of economic life that arose in the activities of the institution for the first time.

Ways to apply the changed accounting policy.

The accounting policy standard provides for retrospective and prospective methods of applying the changed accounting policy.

Ways to apply the changed accounting policy

Promising way		retrospective method

Application of the changed accounting policy to the facts of economic life that arise after the date of the corresponding change in accounting policy		Applying the changed accounting policy to the facts of economic life in such a way as if the changed accounting policy were applied from the moment the corresponding fact of economic life arose

The Accounting Policies standard establishes the need to assess the consequences of changes in accounting policies that have had or could have a significant effect on financial position, financial result of activity and (or) movement Money institutions, in terms of money. Such an assessment is made as of the date from which the said amendments apply.

Consequences of a change in accounting policy caused by:

changes in the legislation of the Russian Federation on accounting, federal and (or) industry standards and other regulatory legal acts of the bodies regulating accounting are reflected in accounting and reporting in the manner established by the relevant regulatory legal act. In the absence of such an order, the retrospective method is applied;
reasons other than the above, which had or could have a significant impact on the financial position, financial performance and (or) cash flows of the institution, are reflected by retrospective application of the changed accounting policy.

When applying the retrospective method, the incoming balances under the item “Financial result of an economic entity” of the balance sheet, as well as the values of related items of the accounting (financial) statements for the earliest previous year, for which comparative indicators are disclosed in the accounting (financial) statements, or at the beginning reporting year, unless otherwise practicable.

The amounts of adjustments to comparatives are reflected in the accounting entries in the period in which the change in accounting policy took place.

Retrospective application of a changed accounting policy is not practicable if a monetary estimate of the effect of the change:

cannot be produced due to insufficient (absence) of information for the corresponding previous year;
requires the use of estimates based on information that was not available at the date of presentation of the accounting (financial) statements for the previous year.

When it is not practicable to estimate in monetary terms the effects of a change in accounting policy with respect to prior reporting years, an entity applies the changed accounting policy to business events that occur after the date of the relevant change in accounting policy ( promising application changed accounting policy).

Disclosure of changes in accounting policies in reporting.

With regard to changes in accounting policies, the following information is disclosed in the notes to the accounting (financial) statements:

1) rationale for changes;

3) the procedure for reflecting the consequences of a change in accounting policy in the financial statements, including indications of the circumstances in connection with which the chosen procedure is applied, and the date from which the changed accounting policy is applied;

4) in case of retrospective application of the changed accounting policy:

amounts of adjustments related to changes in accounting policies for each item of the accounting (financial) statements for each of the previous years, for which comparative figures are disclosed in the statements;
the amount of the adjustment relating to years prior to those for which comparative figures are disclosed, to the extent practicable.

In a situation where a change in accounting policy is due to the application of a newly adopted regulatory legal act or an amended regulatory legal act, the fact of reflecting the consequences of a change in accounting policy in accordance with the procedure provided for by the adopted or amended regulatory legal act is also subject to disclosure.

Estimated values and the procedure for reflecting their changes in the financial statements.

An estimated value is a calculated or approximately determined value of any indicator necessary for accounting and (or) reflected in the accounting (financial) statements, in the absence of an exact method for determining it. Estimated values include:

terms beneficial use fixed assets and intangible assets;
the amount of estimated reserves;
depreciation charges;
price non-financial assets(in cases stipulated by federal and industry accounting standards);
other similar indicators determined on the basis of the professional judgment of authorized persons in accordance with the requirements of the legislation of the Russian Federation.

A change in the estimated value is an adjustment of the value of an indicator reflected in accounting records or accounting (financial) statements, due to a change in assumptions, facts and circumstances, on the basis of information about which its calculation was performed.

Note:

A change in an estimate is not a change in accounting policy, nor is it a correction of an error.

A change in the estimated value is recognized in accounting and reflected in the accounting (financial) statements prospectively, that is:

in the period in which the change occurred, if such a change affects the reporting indicators only for this reporting period;
in the period in which the change occurred, and in future periods, if such a change affects the reporting of this reporting period and future periods.

Prospective recognition of the results of a change in an accounting estimate is the recognition of the results of a change in an accounting estimate and their reflection in the financial statements in the reporting period in which the change occurred and in future reporting periods that are affected by this change. The explanatory notes to the accounting (financial) statements reflect the following information on changes in the estimated value:

a description of the change in the estimated value that affected the reporting for the reporting period;
a description of the change in the accounting estimate that will affect future reporting. The exceptions are cases where it is practically impossible to estimate in monetary terms the impact of a change in the estimated value on reporting for future periods. The fact and reasons for the impossibility of this assessment are also subject to disclosure.

Rules for correcting errors in reporting.

An error in the accounting (financial) statements is an omission and (or) distortion resulting from the misuse or non-use of information about the facts of economic life.

Errors depending on the date of their discovery (identification) are divided into errors of the reporting period and the previous reporting period.

The Accounting Policy standard provides for the following rules for correcting such errors:

Period of detection (detection)	Error Correction Rules
Reporting period errors
identified in the course of internal control
After the date of signing the financial statements, but before the date of its submission	An additional accounting entry or an entry drawn up using the “red reversal” method and an additional accounting entry as of the date determined by decision of the body (official) responsible for internal control
	Clarification of reporting
identified during the desk audit of reporting
After the date of reporting, but before the date of acceptance by the authorized body
	Correction of reporting
identified during internal and external control, audit
After the date of acceptance of the reporting, but before the date of its approval	An additional accounting entry or an entry made using the “red reversal” method and an additional accounting entry at the end of the reporting period
	Correction of reporting
Errors of the previous reporting period
After the date of approval of the annual accounts	An additional accounting entry or an entry made using the "red reversal" method and an additional accounting entry in the period in which the error was discovered
	Retrospective restatement*
	The explanatory notes to the reporting for the reporting year disclose information about the error, the amount of the adjustment, describe the reasons why the adjustment of the comparative financial statements is not practically possible, as well as a description of the method for correcting the error, indicating the period in which the corrections are reflected.

* Retrospective restatement of financial statements is the correction of an error in the previous reporting year (s) by adjusting the comparative figures for the reporting for the previous reporting year (s) in such a way as if the error had not been made. Moreover, the comparative indicators disclosed in the financial statements for the reporting year, starting from the previous year in which the error was made, are subject to adjustment, except for cases when this is practically impossible.

* * *

Some provisions of the Accounting Policy Standard duplicate the provisions of the Accounting Law and Instruction No. 157n, but there are also important innovations. Among them are prospective and retrospective application of the changed accounting policy, prospective recognition of the results of changes in the estimated value, retrospective restatement of accounting (financial) statements.

It is planned that this federal standard will be applied in the preparation of accounting (financial) statements for periods after January 1, 2018. Earlier application is allowed upon agreement with the Ministry of Finance, and this fact is disclosed in the explanatory notes to the accounting (financial) statements.

Program for the development of federal accounting standards for public sector organizations, approved. Order of the Ministry of Finance of the Russian Federation dated April 10, 2015 No. 64n.

These are the federal standards "Non-produced assets", "Reserves", "Biological assets" (see the draft order of the Ministry of Finance of the Russian Federation "On amendments to the program for the development of federal accounting standards for public sector organizations, approved by the Order of the Ministry of Finance Russian Federation dated April 10, 2015 No. 64n”).

Federal Law No. 402-FZ of 06.12.2011 “On Accounting”.

Instructions for the use of the Unified Chart of Accounts for Public Authorities ( government agencies), organs local government, public authorities off-budget funds, state academies sciences, state (municipal) institutions, approved. Order of the Ministry of Finance of the Russian Federation dated December 1, 2010 No. 157n.

Y. Ershov, journal expert

MINISTRY OF FINANCE OF THE RUSSIAN FEDERATION

On Approval of the Federal Accounting Standard for Public Sector Organizations "Accounting Policies, Estimated Values and Errors"

In accordance with and 264.1 of the Budget Code of the Russian Federation (Collected Legislation of the Russian Federation, 1998, N 31, Art. 3823; 2007, N 18, Art. 2117; N 45, Art. 5424; 2010, N 19, Art. 2291; 2013 , N 19, item 2331; N 52, item 6983; 2014, N 43, item 5795; 2016, N 27, item 4278; 2017, N 14, item 2007; N 30, item 4458; N 31, art. 4811; N 47, art. 6841), and 23 of the Federal Law of December 6, 2011 N 402-FZ "On Accounting" (Collected Legislation of the Russian Federation, 2011, N 50, art. 7344; 2013, N 30, art. 4084; N 44, art. 5631; 2017, N 30, art. legislation of the Russian Federation, 2004, N 31, Article 3258; 2012, N 44, Article 6027), in order to regulate budget accounting assets and liabilities of the Russian Federation, subjects of the Russian Federation and municipalities, operations that change the specified assets and liabilities, accounting of state (municipal) budgetary and autonomous institutions and compiling budget reporting, accounting (financial) statements of state (municipal) budgetary and autonomous institutions

I order:

1. Approve the attached (hereinafter referred to as the Standard).

2. Establish that the Standard is applied when maintaining budget accounting, accounting of state (municipal) budgetary and autonomous institutions from January 1, 2019, preparing budget reports, accounting (financial) statements of state (municipal) budgetary and autonomous institutions starting from the reporting of 2019 .

3. Department budget methodology and financial reporting in the public sector of the Ministry of Finance of the Russian Federation (SV Romanov) to provide methodological support for the application of the Standard.

A.G. Siluanov

Registered

at the Ministry of Justice

Russian Federation

registration N 51123

Federal Accounting Standard for Public Sector Organizations "Accounting Policies, Estimated Values and Errors"

APPROVED

order of the Ministry of Finance

Russian Federation

Federal Accounting Standard for Public Sector Organizations "Accounting Policies, Estimated Values and Errors"

I. General provisions

1. The Federal Accounting Standard for Public Sector Organizations "Accounting Policies, Estimated Values and Errors" was developed in order to ensure the unity of the system of requirements for accounting of state (municipal) budgetary and autonomous institutions, budgetary accounting of assets and liabilities of the Russian Federation, constituent entities of the Russian Federation and municipal formations, operations that change the said assets and liabilities (hereinafter referred to as accounting), the formation of information on accounting objects, accounting (financial) statements of state (municipal) budgetary and autonomous institutions, budget reporting (hereinafter referred to as accounting (financial) statements).

2. This Standard establishes uniform requirements for the formation, approval and change of accounting policies, as well as the rules for reflecting in the accounting (financial) statements the consequences of changes in accounting policies, estimated values and corrections of errors.

3. The provisions of this Standard are applied simultaneously with the application of the provisions of the federal accounting standard for public sector organizations "Conceptual Framework for Accounting and Reporting of Public Sector Organizations" (hereinafter referred to as the Standard Conceptual Fundamentals).

________________

Order of the Ministry of Finance of the Russian Federation No. 256n dated December 31, 2016 "On Approval of the Federal Accounting Standard for Public Sector Organizations "Conceptual Framework for Accounting and Reporting of Public Sector Organizations" (registered with the Ministry of Justice of the Russian Federation dated April 27, 2017, registration number 46517).

4. The provisions of this Standard shall apply in the course of accounting, disclosure of information in accounting (financial) statements, unless otherwise established by other federal accounting standards for public sector organizations, a unified methodology for budget accounting and budget reporting established in accordance with the budget legislation of the Russian Federation and Instructions on the procedure for compiling, submitting annual, quarterly financial statements of state (municipal) budgetary and autonomous institutions (hereinafter referred to as regulatory legal acts regulating accounting and preparation of accounting (financial) statements).

________________

Order of the Ministry of Finance of the Russian Federation of March 25, 2011 N 33n "On approval of the Instruction on the procedure for compiling, submitting annual, quarterly financial statements of state (municipal) budgetary and autonomous institutions" (registered with the Ministry of Justice of the Russian Federation on April 22, 2011, registration number 20558), as amended by orders of the Ministry of Finance of the Russian Federation dated October 26, 2012 N 139n (registered with the Ministry of Justice of the Russian Federation on December 19, 2012, registration number 26195), dated December 29, 2014 N 172n (registered in Ministry of Justice of the Russian Federation on February 4, 2015, registration number 35854), dated March 20, 2015 N 43n (registered with the Ministry of Justice of the Russian Federation on April 1, 2015, registration number 36668), dated December 17, 2015 N 199n ( registered with the Ministry of Justice of the Russian Federation on January 28, 2016, registration number 40889), dated 16 November 2016 N 209n (registered with the Ministry of Justice of the Russian Federation on December 15, 2016, registration number 44741), dated November 14, 2017 N 189n (registered with the Ministry of Justice of the Russian Federation on December 12, 2017, registration number 49217), dated March 7, 2018 N 42n (registered with the Ministry of Justice of the Russian Federation dated March 28, 2018, registration number 50553).

II. Terms and their definitions

5. Terms defined in other regulatory legal acts regulating accounting and preparation of accounting (financial) statements are used in this Standard in the same meaning as they are used in these regulatory legal acts.

6. The following terms are used in this Standard with the meanings specified.

Prospective application of a changed accounting policy is the application of a changed accounting policy to the facts of economic life that arise after the date of the corresponding change in accounting policy.

Retrospective application of a changed accounting policy is the application of a changed accounting policy to the facts of economic life in such a way as if the changed accounting policy had been applied since the occurrence of the corresponding fact of economic life. Retrospective application of the changed accounting policy is carried out by adjusting the comparative indicators of the accounting (financial) statements for the previous year (s).

Estimated value - a calculated or approximately determined value of any indicator necessary for accounting and (or) reflected in the accounting (financial) statements, in the absence of an exact method for determining it.

Estimated values include:

a) useful life of fixed assets and intangible assets;

b) the amount of estimated reserves;

c) the amount of depreciation charges;

d) the value of non-financial assets in cases stipulated by federal and (or) industry accounting standards for public sector organizations;

e) other values of the indicator required for accounting and (or) reflected in the accounting (financial) statements, calculated or approximately (estimated) determined on the basis of expert opinions(professional judgment) in the absence of an accurate way to determine it.

Prospective recognition of the results of a change in an estimated value - recognition of the results of a change in an estimated value in accounting and their reflection in the accounting (financial) statements in the reporting period in which the change occurred, and in future reporting periods that are affected by the specified change.

Retrospective recalculation of the accounting (financial) statements - correction of the error of the previous year (s) by adjusting the comparative indicators of the accounting (financial) statements for the previous year (s) in such a way as if the error had not been made.

Deadline for the submission of accounting (financial) statements - the last business day of the deadline for sending accounting (financial) statements to the entity consolidated reporting or to the body authorized to accept accounting (financial) statements (hereinafter referred to as the authorized body), established by the subject of consolidated reporting in order to organize the formation of consolidated accounting (financial) statements.

III. Formation, approval and change of accounting policies, disclosure of accounting policies

7. The accounting entity forms an accounting policy based on the characteristics of its structure, industry and other features of the activity, the powers and (or) functions performed by it in accordance with the legislation of the Russian Federation, guided by the legislation of the Russian Federation, this Standard, other regulatory legal acts regulating the maintenance of accounting accounting and preparation of accounting (financial) statements, as well as accounting policy body exercising the powers and functions of the founder.

If, in relation to any object of accounting, the regulatory legal acts regulating the maintenance of accounting and the preparation of accounting (financial) statements do not establish the rules for its reflection in accounting, the subject of accounting, in agreement with the body exercising the functions and powers of the founder, and with the financial body of a public legal entity that consolidates the reporting of an accounting entity and (or) the reporting of its founder, determines an accounting policy based on the requirements of the Standard Conceptual Framework.

8. The accounting policy is formed by the chief accountant of the subject of accounting or other individual (legal) person who is entrusted with accounting.

The accounting policy is approved by the head of the accounting entity.

If accounting and (or) preparation of accounting (financial) statements is transferred in accordance with the legislation of the Russian Federation under an agreement (agreement) to another state (municipal) institution, organization (hereinafter referred to as centralized accounting), the features of the organization of accounting and ( or) the preparation of accounting (financial) statements are established by such an agreement (agreement), subject to the provisions of this Standard, other regulatory legal acts governing accounting and preparation of accounting (financial) statements.

In the event that the head of an institution transfers accounting and (or) preparation of accounting (financial) statements in accordance with the legislation of the Russian Federation to centralized accounting, financial statements are compiled and submitted by centralized accounting on behalf of the institution in the manner prescribed by regulatory legal acts regulating accounting and preparation of accounting (financial) statements and this Standard. The financial statements prepared by the centralized accounting department are signed by the head of the institution that transferred the accounting, the head and specialist accountant of the centralized accounting department that maintains accounting.

The presentation by the centralized accounting department of the accounting (financial) statements of the institution in respect of which the centralized accounting department maintains accounting records to users of the accounting (financial) statements is carried out in agreement with the head of the specified institution.

9. Acts of the subject of accounting, establishing for the purposes of organizing and maintaining accounting, the accounting policy of the subject of accounting (hereinafter referred to as accounting policy documents), are approved:

a) methods for evaluating accounting objects, the procedure for recognizing (registration) and derecognition (removal from accounting) of accounting objects, and (or) disclosure of information about them in the accounting (financial) statements in accordance with the regulatory legal acts governing the maintenance accounting and preparation of accounting (financial) statements;

b) A working chart of accounting accounts containing the accounting accounts used for maintaining synthetic and analytical accounting (account numbers) or accounting account codes and rules for generating an accounting account number;

c) the procedure for conducting an inventory of assets, property recorded on off-balance accounts, liabilities, and other accounting items;

d) forms of primary (consolidated) accounting documents, accounting registers, other accounting documents used for registration of the facts of economic life, accounting, for which the legislation of the Russian Federation does not provide for mandatory forms of documents for their execution. Forms of accounting documents approved by the subject of accounting must contain mandatory details and comply with the requirements stipulated by the Standard Conceptual Framework;

e) the rules of workflow and the technology for processing accounting information, including the procedure and terms for the transfer of primary (consolidated) accounting documents for reflection in accounting in accordance with the approved workflow schedule and (or) the procedure for interaction structural divisions and (or) persons responsible for registration of the facts of economic life, for the provision of primary accounting documents for accounting;

document flow rules, including the procedure and terms for the transfer of primary (summary) accounting documents for their reflection in accounting in accordance with the approved workflow schedule, the technology for processing (presenting (exchanging) accounting information subject to accounting and (or) compiling accounting ( financial) reporting by centralized accounting;

f) the procedure for organizing and ensuring (implementing) internal control;

g) the procedure for recognition in accounting and disclosure in accounting (financial) statements of events after the reporting date;

h) other methods of accounting, necessary for the organization of accounting and the formation of accounting (financial) statements by the subject of accounting.

The main provisions of the accounting policy and (or) copies of accounting policy documents are subject to public disclosure on the official website of the accounting entity (centralized accounting) in the Internet information and telecommunication network.

10. Budget and autonomous institutions exercising, in accordance with the legislation of the Russian Federation, the powers to fulfill public obligations to individual to be executed in monetary form, as well as budgetary and autonomous institutions and (or) state (municipal) unitary enterprises exercising, on the basis of agreements, the powers of a state (municipal) customer to conclude and execute state (municipal) contracts on behalf of a public legal entity on behalf of state authorities (state bodies), management bodies of state extra-budgetary funds, local government bodies that are state (municipal) ) by customers, when implementing budget investments to objects of state (municipal) property (hereinafter referred to as organizations exercising the powers of the recipient budget funds), when forming an accounting policy, provide for the specifics of organizing and maintaining accounting records in terms of operations for the exercise of these powers in accordance with the provisions of this Standard and other regulatory legal acts governing accounting and preparation of accounting (financial) statements.

11. Accounting policies are applied consistently from year to year.

12. A change in accounting policy is made in the following cases:

a) changes in the legislation of the Russian Federation on accounting, regulatory legal acts regulating the maintenance of accounting and the preparation of accounting (financial) statements;

b) formation or approval by the subject of accounting of new rules (methods) of accounting, the application of which will make it possible to present relevant and reliable information in the accounting (financial) statements;

c) a significant change in the conditions of activity of the accounting entity, including its reorganization, a change in the powers assigned to the accounting entity and (or) the functions performed by it.

13. A change in accounting policy is made from the beginning of the reporting year, unless otherwise stipulated by the reason for such a change. A change in accounting policy during the reporting year that is not related to changes in the legislation of the Russian Federation on accounting, federal and (or) industry standards, the adoption and (or) changes in regulatory legal acts governing accounting and the preparation of accounting (financial) statements is made by the subject accounting in agreement with the body exercising the functions and powers of the founder, and with the financial body of the relevant public legal entity.

14. A change in accounting policy is not considered:

a) application of the rule (method) of organizing and maintaining accounting to reflect the facts of economic life, which are different in essence from the facts of economic life that took place earlier;

b) approval of a new rule (method) for organizing and maintaining accounting to reflect the facts of economic life that arose in the activity of an accounting entity for the first time.

15. The consequences of a change in accounting policy that have caused or are capable of causing significant changes in indicators reflecting the financial position, financial performance of the accounting entity (consolidated reporting entity) and (or) the cash flow of the accounting entity, are assessed in monetary terms (value terms). An assessment in monetary terms (value terms) of the consequences of a change in accounting policy is made on the date from which these changes are applied.

16. The consequences of a change in accounting policy caused by a change in the legislation of the Russian Federation on accounting, federal and (or) industry standards, the adoption and (or) changes in regulatory legal acts governing accounting and the preparation of accounting (financial) statements are reflected in accounting and accounting (financial) statements in accordance with the provisions of regulatory legal acts regulating accounting and preparation of accounting (financial) statements. If the specified regulatory legal acts do not determine the requirements for reflecting the consequences of a change in accounting policies, then such consequences are reflected in accounting and reporting in accordance with paragraph 17 of this Standard.

17. Consequences of a change in accounting policy caused by reasons other than those specified in paragraph 16 of this Standard, and which caused or could cause significant changes in indicators reflecting the financial position, financial performance of the accounting entity (consolidated reporting entity) and (or) cash flow of the entity accounting are reflected in the accounting (financial) statements by retrospective application of the changed accounting policy. At the same time, the indicators of the accounting (financial) statements at the beginning of the reporting period (incoming balances) are subject to adjustment under the item "Financial result of an economic entity" of the balance sheet, as well as, if adjustment is possible, the indicators of related items of the accounting (financial) statements for the earliest year, the previous year, for which comparative figures are disclosed in the accounting (financial) statements. Information about the adjustment of comparative indicators of the previous year (s) is disclosed in the accounting (financial) statements of the reporting year.

The amounts of adjustments to comparative indicators are reflected in the period in which the change in accounting policy occurred with entries in the accounting accounts in accordance with the regulatory legal acts governing accounting and preparation of accounting (financial) statements.

In case of retrospective application of the changed accounting policy, the approved accounting (financial) statements for the previous year (years) are not subject to revision, replacement and re-submission to users of accounting (financial) statements.

18. In cases where it is not possible to assess in monetary terms (value terms) the consequences of a change in accounting policy in relation to previous years (retrospective application of the changed accounting policy), the accounting entity applies the changed accounting policy to the facts of economic life that arise after the change in accounting policy (prospective application of the changed accounting policy).

19. Retrospective application of the changed accounting policy is not possible if the assessment in monetary terms (value terms) of the consequences of such a change:

a) cannot be produced due to insufficient (absence) of information for the corresponding previous year;

b) requires the use of estimated values based on information that was not available at the date of presentation of the accounting (financial) statements for the previous year.

20. Disclosure in the accounting (financial) statements of information on the provisions of the accounting policy of the accounting entity (on the methods of accounting, composition and content of accounting policy documents) is carried out in accordance with the regulatory legal acts governing accounting and preparation of accounting (financial) statements .

With regard to the consequences of changes in accounting policies that have had or are capable of causing significant changes in indicators reflecting the financial position, financial performance of the accounting entity (consolidated reporting entity) and (or) cash flow, the accounting entity discloses the following information in the Notes to the accounting (financial) statements :

a) justification for the change in accounting policy;

c) the procedure for reflecting the consequences of a change in accounting policy in the accounting (financial) statements, including an indication of the circumstances in connection with which the chosen method of accounting is applied, and the date from which it is applied in connection with a change in accounting policy;

d) in case of retrospective application of the changed accounting policy:

The amounts of adjustments related to changes in accounting policies for each item of the accounting (financial) statements for each of the previous years, for which comparative indicators are disclosed in the accounting (financial) statements;

The amount of the adjustment relating to the years preceding those for which comparative figures are disclosed in the accounting (financial) statements of the accounting entity. These adjustments are disclosed for comparables where such adjustments can be determined.

21. If it is impossible to disclose the information specified in paragraph 20 of this Standard in relation to comparative indicators for the year (years) of the previous year of the change in accounting policy, then this information is disclosed in the Notes to the accounting (financial) statements simultaneously with the disclosure of information on the application of the changed accounting policy. politicians.

22. Accounting policy documents, as well as other documents related to the organization and maintenance of accounting, including tools that ensure the reproduction of electronic documents, as well as authentication electronic signature, are subject to storage by the subject of accounting (centralized accounting) for at least five years after the year in which they were used for the preparation of accounting (financial) statements for the last time.

IV. Reflection of changes in estimated values in the accounting (financial) statements and disclosure of information in the accounting (financial) statements

23. Adjustment of the estimated value reflected in accounting, accounting (financial) statements, due to changes in assumptions, circumstances, information on the basis of which the sum values of the estimated values were determined, is not a correction of an error and a change in accounting policy. Information on such adjustments is not subject to disclosure in the accounting (financial) statements in accordance with paragraphs 15-22 of this Standard.

24. A change in the method of determining (calculating) an estimated value is a change in accounting policy and is subject to disclosure in the accounting (financial) statements of an accounting entity in accordance with paragraphs 15-22 of this Standard.

25. If a change in the value of any indicator of accounting and (or) accounting (financial) statements is not the result of a change in accounting policy, such a change is recognized as a change in the estimated value.

Estimated values and their changes are reflected in accounting in accordance with regulatory legal acts regulating accounting and preparation of accounting (financial) statements.

The change in the estimated value is reflected in the accounting (financial) statements prospectively, namely:

a) in the period in which the change occurred, if such a change affects the indicators of the accounting (financial) statements of only this reporting period;

b) in the period in which the change occurred, and in future periods, if such a change affects the accounting (financial) statements of the given reporting period and the accounting (financial) statements of future periods.

26. The Notes to the accounting (financial) statements on the change in the estimated value provide:

a) a description of the change in the estimated value that affected the indicators of the accounting (financial) statements for the reporting period, indicating the monetary (cost) values of such changes;

b) a description of the change in the estimated value that will affect the indicators of the accounting (financial) statements for the periods following the reporting period, indicating the monetary (cost) values of such changes. In the event that it is not possible to determine the impact of a change in the estimated value on the indicators of the accounting (financial) statements for future periods in monetary (value) terms, this is indicated in the Notes to the accounting (financial) statements.

V. Reflection of corrections of errors in the accounting (financial) statements

27. An error in the accounting (financial) statements for the purposes of this Standard is an omission and (or) distortion that occurred in the course of accounting and (or) the formation of accounting (financial) statements as a result of misuse or non-use of information about the facts of economic life of the reporting period , which was available on the date of signing the accounting (financial) statements and should have been received and used in the preparation of accounting (financial) statements (hereinafter - the error of the reporting period).

The date of signing the accounting (financial) statements for the purposes of this Standard is the date of signing the complete set of accounting (financial) statements.

28. Correction of the identified error is made in accounting by an additional accounting entry or an accounting entry using the "Red Reversal" method and an additional accounting entry.

29. A reporting period error identified in the course of internal control after the signing of the accounting (financial) statements, but before the deadline for its submission, is corrected by making entries in accordance with paragraph 28 of this Standard on the accounting accounts, the last reporting date of the reporting period and ( or) by generating accounting (financial) statements containing revised indicators, taking into account identified and corrected errors (hereinafter referred to as revised accounting (financial) statements).

30. An error in the reporting period, identified during a desk audit of the accounting (financial) statements after the deadline date for its submission, but before the date of its acceptance by the authorized body, is corrected by decision of the authorized body, based on the materiality of the error that affected the reliability of the accounting (financial) statements, by fulfillment, in accordance with paragraph 28 of this Standard, of entries on accounting accounts at the end of the reporting period, and (or) through the formation of revised accounting (financial) statements.

The adjusted accounting (financial) statements are re-sent to the authorized body, as well as to other users who were provided with accounting (financial) statements before they were clarified. The Notes to the amended accounting (financial) statements provide information on changes to previously submitted accounting (financial) statements, indicating the reasons for the corrections and their content.

The date of acceptance of the accounting (financial) statements by the authorized body for the purposes of this Standard is the date of putting a mark (sending a notification) on the acceptance of the accounting (financial) statements based on the results of a desk audit of the accounting (financial) statements.

31. An error in the reporting period identified in the course of internal financial control, external financial control, as well as internal control or internal financial audit after the date of acceptance of the accounting (financial) statements, but before the date of their approval, is corrected in accordance with paragraph 30 of this Standard.

The date of approval of the accounting (financial) statements for the purposes of this Standard is the date of approval of the report on the execution of the budget of the relevant public legal entity or the date of approval of the accounting (financial) statements in accordance with the budget legislation of the Russian Federation.

32. An error in the reporting period detected after the date of approval of the quarterly accounting (financial) statements is reflected by making, in accordance with paragraph 28 of this Standard, entries on the accounting accounts during the period (as of the date) when the error was discovered and (or) by disclosing in the Notes to the accounting ( financial) reporting information about material errors identified in the reporting period, with a description of the error (content and amount), as well as the sum values of the adjustments made to the accounting (financial) statements.

33. An error in the reporting period detected after the date of approval of the annual accounting (financial) statements (hereinafter referred to as the error of the previous year) is reflected by making entries in the accounting accounts in accordance with paragraph 28 of this Standard in the period (as of the date) when the error was discovered and (or ) retrospective restatement of accounting (financial) statements. Comparative indicators disclosed in the accounting (financial) statements for the reporting year, starting from the previous year in which the error was made, are subject to adjustment, unless such an adjustment is not possible. Adjusted comparative indicators of the previous year (s) are given in the accounting (financial) statements of the reporting year separately with the mark "Recalculated".

Retrospective restatement of accounting (financial) statements is not possible in cases similar to those listed in paragraph 19 of this Standard.

In case of a retrospective restatement of the accounting (financial) statements, the approved accounting (financial) statements for the previous year (years) are not subject to revision, replacement and re-submission to users of the accounting (financial) statements.

If the error was made earlier than the previous year, for which comparative indicators are disclosed in the accounting (financial) statements, the incoming balances under the item "Financial result of an economic entity" of the balance sheet, as well as the values of related items of the accounting (financial) statements for the earliest previous year, are subject to adjustment , for which comparative indicators are disclosed in the accounting (financial) statements.

In the case when it is not possible to unambiguously attribute the amounts of adjustments to a specific previous year, the incoming balances under the item "Financial result of an economic entity" of the balance sheet, as well as the values of related items of the accounting (financial) statements for the earliest previous year, to which such adjustments may be applied, or at the beginning of the reporting year.

34. With regard to errors of previous years, the Notes to the accounting (financial) statements for the reporting year disclose the following information:

a) a description of the error;

b) the amount of the adjustment for each item of the accounting (financial) statements for each of the previous years, for which comparative indicators are disclosed in the accounting (financial) statements;

c) the total amount of the adjustment at the beginning of the earliest of the previous years, for which comparative indicators are disclosed in the accounting (financial) statements;

d) a description of the reasons why it is not possible to adjust the comparative indicators of the accounting (financial) statements for one or several previous years, as well as a description of the method for reflecting the correction of an error, indicating the period in which the corrections are reflected.

Electronic text of the document

The Ministry of Finance has prepared a draft order on the approval of the federal accounting standard for public sector organizations “Accounting Policies, Estimated Values and Errors” (hereinafter referred to as the Standard). Although this document is in the draft stage, it is planned that it will be applied from January 1, 2018.

The Standard establishes requirements for the formation, approval and change of accounting policies, as well as the rules for reflecting in the financial statements the consequences of changes in accounting policies, estimated values and corrections of errors.

Formation and approval of accounting policy

Currently, the general requirements for the formation of accounting policies of institutions are defined in the Law on Accounting and Instruction No. 157n. The Standard also contains similar provisions, while they are supplemented by new rules.

In particular, as now, state (municipal) institutions will draw up accounting policies on their own, based on their structure, industry and other features of their activities, guided by the legislation of the Russian Federation, federal and industry standards, and other regulatory legal acts of regulatory bodies. At the same time, according to the Standard, institutions may also be guided by the accounting policy of the body exercising the powers and functions of the founder.

The Standard specifies what is formed by the chief accountant of the institution or other individual (legal) person entrusted with accounting, and approved by the head of the institution.

If accounting in an institution is carried out by a centralized accounting department, the founder has the right to determine the accounting policy applied in the institution.

Note: according to the Standard, the main provisions of the accounting policy are subject to public disclosure on the official website of the institution.

The accounting policy of the institution should contain:

the procedure for recognition (registration) and termination of recognition (deregistration) of accounting items, as well as methods for their evaluation and the procedure for disclosing information about them in financial statements;

worker, containing the accounts necessary for maintaining synthetic and analytical accounting;

the procedure for conducting an inventory of assets and liabilities;

forms of primary (consolidated) accounting documents used for processing the facts of economic life, registers and other accounting documents. Forms of documents approved by the subject of accounting must contain the mandatory details provided for by the legislation of the Russian Federation;

document flow rules, including the procedure and terms for the transfer of primary accounting documents in accordance with the approved workflow schedule;

accounting information processing technology;

the procedure for organizing and ensuring (implementing) internal financial control;

other solutions necessary for the organization and maintenance of accounting and preparation of financial statements.

Change in accounting policy

The Standard specifies cases when changes are made to an accounting policy. These include cases:

1) changes in the legislation of the Russian Federation on accounting, federal and industry standards and regulatory legal acts of the bodies regulating accounting;

2) development or selection of a method of accounting, the use of which will provide reliable and more relevant information in the financial statements;

3) significant changes in the conditions of the institution's activities, including its reorganization, changes in the powers assigned to it and the functions performed.

As a rule, a change in accounting policy is made from the beginning of the reporting year, unless otherwise stipulated by the reason for such a change. If changes are made during the reporting year, it is necessary to agree with the founder and with the financial authority of the relevant public legal entity.

Note: not considered a change in accounting policy:

application of the method of organizing and maintaining accounting records to reflect the facts of economic life, which are different in essence from transactions that took place earlier;

approval of a new way of organizing and maintaining accounting to reflect the facts of economic life that arose in the activities of the institution for the first time.

Consequences of changes in accounting policies

The Standard describes in sufficient detail the procedure for reflecting in accounting and financial statements the consequences of a change in accounting policy (hereinafter referred to as the consequences of a change in CP). These provisions are an innovation for state (municipal) institutions, since such norms are not established in the current regulatory legal acts.

According to the Standard, the effects of a change in the POE that have had or may have a significant impact on the financial position, financial performance and (or) cash flows of an institution are measured in monetary terms. This estimate is made as of the date from which the changes are applied.

The procedure for reflecting the consequences of changing the CP will depend on the case that resulted in the need to make such changes. For clarity, we present given order in the form of a diagram:

For reference.

Retrospective application of a changed accounting policy is the application of changes to the facts of business as if the changed accounting policy had been applied since the occurrence of the relevant fact. Retrospective application of the changed accounting policy is carried out by adjusting comparative figures for the previous year(s).

In the case of applying the retrospective application of the changed accounting policy, the incoming balances under the item “Financial result of an economic entity” of the balance sheet, as well as the indicators of related items of the financial statements for the earliest previous year for which comparative indicators are disclosed in the financial statements, or at the beginning of the reporting year, are subject to adjustment unless it is practically impossible to do otherwise. Adjusted comparative indicators of the previous year (s) are given in the financial statements of the reporting year under the heading “Recalculated”.

At the same time, the financial statements for the previous year (s) are not subject to revision, replacement and resubmission.

The amounts of adjustments to comparatives are reflected in the accounting entries in the period in which the change in accounting policy took place.

Note: retrospective application of a changed accounting policy is not practicable if a monetary estimate of the effect of the change:

1) cannot be produced due to insufficient (absence) of information for the corresponding previous year;

2) requires the use of estimates based on information that was not available at the date of submission of financial statements for the previous year.

In these cases, the institution applies the changed accounting policy to the facts of economic life that arise after the date of the change in accounting policy (prospective application of the changed accounting policy).

Disclosure in reporting

Information about the accounting policy of the institution is subject to disclosure in the accounting (financial) statements. The composition and content of such information are established by the relevant federal and industry standards.

With regard to changes in accounting policies, the following information is disclosed in the notes to the accounting (financial) statements:

rationale for changes;

the procedure for reflecting the consequences of a change in the accounting program in the financial statements, including indications of the circumstances in connection with which the chosen procedure is applied, and the date from which the application of the changed accounting policy is carried out.

In case of retrospective application of the changed accounting policy, the following shall be specified:

the amount of adjustments for each item of the financial statements for each of the previous years, in respect of which comparative indicators are disclosed;

amounts of adjustments relating to years prior to those for which comparative figures are disclosed in the financial statements, to the extent practicable.

Change in estimates

An estimated value is a calculated or approximately determined value of an indicator required for accounting and reflected in financial statements. Estimated values include:

useful lives of fixed assets and intangible assets;

reserve amounts upcoming expenses;

depreciation allowances;

value of non-financial assets (in cases stipulated by federal and industry standards);

other similar indicators determined on the basis of the professional judgment of authorized persons.

According to the Standard, a change in an estimated value is an adjustment to the value of an indicator reflected in accounting records or financial statements due to a change in the facts and circumstances on the basis of information about which it was calculated.

Note: a change in an estimate is not a change in accounting policy, nor is it a correction of an error. However, a change in the method of determining (calculating) the estimated value is recognized as a change in accounting policy.

Thus, if a change in any indicator used for accounting or reflected in the statements is not the result of a change in accounting policy, then the said change is recognized as a change in the estimated value.

The order of reflection in accounting estimated values and their changes are established by the relevant federal or industry standards and other regulatory legal acts of the Ministry of Finance.

The order of reflection in the financial statements.

The change in the estimated value is reflected in the financial statements prospectively, namely:

in the period in which the change occurred, if such a change affects the indicators of the accounting (financial) statements of only this reporting period;

in the period in which the change occurred, and in future periods, if such a change affects the financial statements of this reporting period and future periods.

Disclosure of information in reporting.

The explanatory notes to the accounting (financial) statements disclose the following information on changes in the estimated value:

a description of the change in the estimated value that affected the accounting (financial) statements for the reporting period;

Reflection of corrections of errors in financial statements

Error in accounting an omission and (or) distortion that occurred in the course of accounting and (or) formation of financial statements as a result of incorrect use of information about the facts of the economic life of the reporting period, which was available on the date of signing the statements and should have been received and used in its preparation ( hereinafter referred to as the reporting period error).

For reference: the date of signing the financial statements is the date of signing in accordance with the established procedure a complete set of accounting (financial) statements.

The cut-off date for the submission of financial statements is the last business day of the established deadline for sending them to the body authorized to accept financial statements and (or) generate consolidated financial statements (hereinafter referred to as the authorized body).

The date of acceptance of financial statements by the authorized body is the date of putting a mark (sending a notification) on the acceptance of statements based on the results of a desk audit.

The date of approval of financial statements is the date of approval of the report on the execution of the budget of the relevant public legal entity or the date of approval of financial statements in accordance with budget legislation.

Error correction procedure.

Correction of the identified error is made in accounting by an additional accounting entry or an accounting entry drawn up by the “red reversal” method and an additional accounting entry. We give in the table the procedure for correcting errors, depending on the period of their detection.

Error detection period	Correction order
Reporting period error identified in the course of internal control after the date of signing the financial statements, but before the deadline for their submission	1. Entries are reflected in the accounting accounts as of the date determined by the decision of the body (official) responsible for the implementation of internal control. 2. Corrections are made to the financial statements, the corrected statements are signed in the prescribed manner
Reporting period error revealed during a desk audit of financial statements after the deadline for their submission, but before the date of their acceptance by the authorized body	- by making entries in the accounting accounts at the end of the reporting period; – by correcting the financial statements and signing the corrected financial statements in the prescribed manner. The corrected financial statements are re-sent to the authorized body, as well as to other users to whom the original statements were submitted. The explanatory notes to the amended statements provide information that these statements replace the original ones, the reasons for the corrections and their content.
Reporting period error identified in the course of internal financial control, external financial control, as well as internal control or internal financial audit after the date of acceptance of financial statements, but before the date of their approval
Reporting period error detected after the date of approval of the quarterly financial statements	Corrected by decision of the authorized body based on the significance of the identified error: - by reflecting the entries in the accounting accounts in the period in which the error was discovered; – by disclosing in the explanatory notes to the financial statements the period in which the error was discovered, a description of the error and the amount of the adjustment made
Reporting period error detected after the date of approval of the annual financial statements (hereinafter referred to as the error of the previous year)	Corrected by decision of the authorized body based on the significance of the identified error: - by making entries on the accounting accounts in the period in which the error is detected; - by retrospective recalculation of financial statements. Comparative indicators disclosed in the financial statements for the reporting year, starting from the previous year in which the error was made, are subject to adjustment, unless it is practically impossible. Adjusted comparative figures of the previous year(s) are given in the financial statements of the reporting year under the heading “Recalculated”

If an error was made earlier than the previous year for which comparative figures are disclosed in the financial statements, the incoming balances under the item “Financial result of an economic entity” of the balance sheet, as well as the values of related reporting items for the earliest previous year for which comparative figures are disclosed, are subject to adjustment.

The procedure for disclosing information in reporting in relation to errors of previous years.

The following information is disclosed in the explanatory notes to the financial statements for the reporting year:

error description;

the total amount of the adjustment at the beginning of the earliest of the previous years, for which comparative indicators are disclosed in the accounting (financial) statements;

Let's summarize all of the above. The Standard contains general requirements for the formation, approval and change of accounting policies. The procedure for reflecting the consequences of changes in accounting policies in accounting and financial statements is described in detail. Also, this document establishes the rules for reflecting changes in estimated values and corrections of errors in financial statements.

With the entry into force of this standard, the main provisions of the accounting policy are subject to public disclosure on the official website of the institution.

Draft Order of the Ministry of Finance of Russia “On Approval of the Federal Accounting Standard for Public Sector Organizations “Accounting Policies, Estimated Values ​​and Errors. Federal Standard: Accounting Policy Standard Accounting Policy

The order of reflection in the financial statements.

Disclosure of information in reporting.

Reflection of corrections of errors in financial statements

Error correction procedure.

The procedure for disclosing information in reporting in relation to errors of previous years.

Legal framework

General provisions

Reflection of changes in estimated values ​​in financial statements and disclosure of information

Reflection of corrections of errors in financial statements

Subject of regulation.

Accounting policy and its components.

Change in accounting policy.

Ways to apply the changed accounting policy.

Disclosure of changes in accounting policies in reporting.

Estimated values ​​and the procedure for reflecting their changes in the financial statements.

Rules for correcting errors in reporting.

* * *

Federal Accounting Standard for Public Sector Organizations "Accounting Policies, Estimated Values ​​and Errors"

I. General provisions

II. Terms and their definitions

III. Formation, approval and change of accounting policies, disclosure of accounting policies

IV. Reflection of changes in estimated values ​​in the accounting (financial) statements and disclosure of information in the accounting (financial) statements

V. Reflection of corrections of errors in the accounting (financial) statements

Formation and approval of accounting policy

Change in accounting policy

Consequences of changes in accounting policies

Disclosure in reporting

Change in estimates

The order of reflection in the financial statements.

Disclosure of information in reporting.

Reflection of corrections of errors in financial statements

Error correction procedure.

The procedure for disclosing information in reporting in relation to errors of previous years.

Draft Order of the Ministry of Finance of Russia “On Approval of the Federal Accounting Standard for Public Sector Organizations “Accounting Policies, Estimated Values and Errors. Federal Standard: Accounting Policy Standard Accounting Policy

Reflection of changes in estimated values in financial statements and disclosure of information

Estimated values and the procedure for reflecting their changes in the financial statements.

Federal Accounting Standard for Public Sector Organizations "Accounting Policies, Estimated Values and Errors"

IV. Reflection of changes in estimated values in the accounting (financial) statements and disclosure of information in the accounting (financial) statements