Application of FAS and IFRS in the formation of management reporting accounting policy: Methodological justification

Subject. This article examines the process of formation of management (financial) reporting on the basis of a unified information accounting system. Objectives. The article aims to develop a methodological approach to the formation of accounting policy for management reporting based on the principles of current standards in the field of accounting and financial reporting. Methods. For the study, we used methods of analysis and adaptation. Results. Based on the analysis of the current Russian and international standards for key accounting items, the article finds that the current standards contain all the necessary elements for the recognition, assessment and presentation of information in management reporting. The article also presents an author-developed practical checklist for the formation of an accounting policy, which helps take into account the specifics of the business, user goals, and automate processes. Conclusions and Relevance. Management reporting can be built on the basis of the present-day standards with no new principles creating. Adaptation of the provisions of the Federal Accounting Standards and IFRS ensures the detail, transparency and analytical suitability of reporting for various stakeholders. The results of the study can be used by organizations to develop accounting policies, form a unified accounting system, as well as automate data mapping in information systems.