Intangible assets: The impact of the new standard on accounting reporting indicators

Subject. This article examines and discusses the implications of changes in the accounting (financial) reporting of Russian organizations following the implementation of the Russian Accounting Standard FSBU 14/2022 – Intangible Assets. Objectives. The article aims to determine the significance of intangible assets as an object of accounting observation, examine the impact of the application of the new RAS FSBU 14/2022 on the indicators of financial statements of organizations in various fields of activity for the 2024th reporting year, as well as identify the characteristics of prospective and retrospective reflection of the consequences of changes in accounting policies. Methods. For the study, we used observation, systematization, comparative analysis, and generalization. Results. The article describes the practice of reflecting the consequences of changes in accounting policies in connection with the start of the RAS FSBU 14/2022 application in the accounting (financial) statements of various Russian organizations, and provides examples of the application of professional accounting judgment in the formation of accounting policies regarding the capitalization of costs for the acquisition and creation of intangible assets. Conclusions. Some organizations took advantage of the opportunity for early application of the mentioned standard and applied a retrospective approach in reflecting the consequences of the change in accounting policy regarding intangible assets. However, most organizations made a one-time adjustment to the carrying amount of intangible assets as of December 31, 2023, without recalculating comparative financial statement figures. Each particular organization, when forming an accounting policy regarding intangible assets, applied its own professional judgment in accordance with the specifics of its activities, guided by the principles of accounting rationality and materiality of costs for the acquisition and creation of intangible assets.