IFRS Statements and Managerial Accounting Principles: Harmonization Potential

Abstract

Subject. The article is devoted to the problem of compelling sufficient data base system as a required element for effective and timely managerial decision process based on IFRS framework, statements and management accounting principles. Purpose. The purpose of a research is to identify and justify the processes of IFRS financial statements and managerial accounting principles harmonization. Objectives of the research are disclosure of theoretical basis of IFRS financial statements and managerial accounting principles; justification of increase in importance and request for qualitative, reliable and operative information for managerial and investment decisions in terms of economic entity`s business model transformation and volatility of external environment. Methodology. The research was based on the following theoretical and empirical methods: induction, deduction, classification and observation. The analysis of the approaches held in scientific literature discussions regarding different types of accounting integration was performed. Results. On the example of power industry companies in Russian Federation, the current practice trends of IFRS financial statements and managerial accounting principles harmonization were identified which proved the necessity of one more integration alternative occurrence - managerial accounting due to IFRS that definition and specific characteristics were coherently revealed. Apart from that, in the course of the research, type of the accounting “financial accounting due to IFRS” was detected. Its definition and foundation were stated in the article. Conclusions. The following trends were revealed as a result of research: the need for integrated information base; the shift in focus to IFRS and financial accounting methods because of the lack of managerial accounting regulated environment; companies` business model transformation; the need for managerial accounting due to IFRS. The researched integration alternative “managerial accounting due to IFRS” requires further development of methodological, organizational and practical recommendations to support the reporting and application of analysis tools.

Keywords

• интеграционные процессы
• бизнес-модель
• электроэнергетика
• управленческие и инвестиционные решения
• качественная информационная среда
• финансовый учет по мсфо
• принципы мсфо и управленческого учета
• управленческий учет по мсфо
• integration processes
• business model
• power industry
• companies` goals achievement effective tools
• qualitative data environment
• ifrs financial accounting
• ifrs principles and managerial accounting principles
• managerial accounting due to ifrs