The economic nature and process of formation of accounting estimates and accounting valuations

Subject. Amendments to IAS 8 and, as a result, the revision of the essence of the category Accounting Estimate necessitate the improvement of the Russian methodological framework based on the previous version of the International Standard. When conducting an audit in Russia in accordance with international standards, auditors analyze the category Accounting Estimate, the essence of which is described in IFRS. The article discusses the discrepancy between the essence of the category Accounting Estimate used in the Russian practices of accounting and auditing. Objectives. The article aims to study the essence of the category Accounting Estimate used in the Russian accounting practice, conduct a comparative analysis of the category under study and the category Accounting Estimate in the International Standards on Auditing (ISA) and Accounting Valuation in the International Financial Reporting Standards (IFRS). Methods. For the study, I used a systems analysis, the method of comparative research, structuring information, data grouping, deduction, and other methods. Results. The article clarifies the definitions of the categories Accounting Estimate and Accounting Valuation, distinguishes these categories, and proposes an interrelated categorical system that unites the concepts under consideration. In addition, the article presents the author-developed consolidated list of disclosures of information on accounting estimates and related accounting estimates in financial statements. Conclusions. The proposals made can increase the degree of harmonization of Russian and International Standards, unify Russian accounting and auditing practices in relation to accounting valuations and accounting estimates.