Practice of disclosure of information on fair value of financial instruments in financial statements

A number of Russian healthcare organizations, as well as many domestic organizations in other areas of activity, prepare financial statements in accordance with IFRSs. In order to prepare such statements, it is necessary, in particular, to disclose information on the fair value of financial instruments. Such disclosure is also provided for by many other accounting standards. It is assumed that fair value will be actively used for accounting of financial instruments in the future Russian FAS “Financial Instruments”. These instruments, in turn, are significant accounting objects for many organizations in both healthcare and other areas of activity (both domestic and foreign). Thus, high-quality disclosure of information on the fair value of financial instruments in financial statements is relevant for a significant number of modern economic entities. The analysis of this disclosure is carried out in this paper. In carrying out the research, such methods as analysis and synthesis, grouping method, comparison, analogy method, logical approach, systems approach were used. The results obtained in this paper will be useful to a wide range of readers interested in various problems of modern accounting and reporting, including improving the quality of reporting information. The provisions substantiated in this article can be applied in the educational process of higher educational institutions, as well as in the practical work of accounting departments of modern organizations, both in healthcare and other areas of activity.