Disclosure of non-financial assets in the accounting statements of universities: Current practice and prospects

Subject. This article examines the current state of disclosure of information on non-financial assets by educational institutions of higher education in Russia in accounting (financial) statements and determines the prospects for its improvement. Objectives. The article aims to assess the degree of disclosure of information on non-financial assets in the Explanatory Note to the financial statements of universities, analyze the provisions of the Federal Public Finance Accounting Standards (FSBU GF) regarding the disclosure of information, and develop recommendations for improving the presentation of information on non-financial assets in the Explanatory Notes to the statements. Methods. For the study, I used the methods of observation, comparison, generalization, and interpretation. Results. Based on the study of the structure and content of the Explanatory Note drawn up in accordance with the Policy and Procedure for Preparing Financial Statements, the article summarizes and systematizes the provisions of the current FSBU GF governing the disclosure of non-financial assets in the financial statements. The article recommends formats for disclosing fixed assets and inventories in the Explanatory Notes to the reporting of higher education institutions presented in tabular form. Conclusions and Relevance. All approved FSBU GF include relevant sections on information disclosure, but the requirements of the Standards regarding disclosure by higher education institutions are not met. The article concludes that a new approach is needed to the preparation of an Explanatory Note, aimed primarily at external users of reporting for their adoption of appropriate economic decisions. The use of the proposed information disclosure formats can help meet the requirements of federal standards in terms of disclosure of the availability and movement of non-financial assets by group, increase the transparency of information for the purpose of assessing the security of non-financial assets and the efficiency of their use, and for reporting users to make more informed economic decisions.