Liabilities disclosure in public and private sector organizations’ balance sheets: A comparative analysis

Subject. This article examines the format and content of the financial statements of organizations, including the balance sheet, due to the entry into force of the new federal standard. Objectives. The article aims to conduct a comparative analysis of liabilities as one of the backbone elements of the balance sheet of public and private sector organizations. Methods. For the study, we used the methods of analysis, systematization, comparison, and generalization of regulatory sources and scientific literature. Results. Based on the study of the definition and content of liabilities, the similarities and differences of their components in the organizations of the sectors under consideration, the article finds that the composition of the balance sheet liabilities does not coincide in terms of sources of financing activities and is largely similar in terms of borrowed funds, namely liabilities. The article proposes to change the reflection of deferred income and reserves for future expenses in the balance sheet of public sector organizations. Conclusions and Relevance. The economic content of the sources of financing the activities of organizations in the sectors under consideration is fundamentally different. The financial result is the only comparable element. The results and conclusions obtained can be used to develop regulatory legal acts in the field of accounting regulation in the Russian Federation, as well as for scientific research.