New accounting standards: FAS 5/2019, 6/2020, 26/2020, 25/2018

AUDIT COMPANY STERNGOFF AUDIT INVITES YOU 

The season of annual audits has started, but auditors are checking 2021, and it is already necessary to keep records in 2022, taking into account the new requirements of accounting and tax legislation. In this regard, our practicing lecturers Polina Kolmakova and Tatyana Rolzing (Vorontsova) have developed, at our request, two online seminars especially for you, to which we would like to invite you in January. These are the topics and their program:

JANUARY 26 – FROM 10 TO 17 MSK (09:00-16 Hki time)

PARTICIPATION IS FREE AND LIMITED TO REPRESENTATIVES OF CONSULTING FIRMS.
FORMAT – ONLINE ON THE ZOOM PLATFORM. WORKING LANGUAGE IS RUSSIAN

Registration is free for you and is already available at the link: https://sterngoff.com/events/priglashaem-na-dva-onlajn-seminara-v-janvare/ or by email [email protected]

We look forward to your participation!

Program

FAS 5/2019
1. Comparative analysis of the main provisions of FAS 5/2019 and RSA 5/01
2. New criteria for the recognition of reserves in accounting. ”Floating” unit of account and type of inventory. Can inventories migrate from current assets to non-current assets and vice versa
3. New accounting of ”low-value” property. Transition to group accounting of ”low-value” assets
4. Cancellation of a separate accounting procedure for “special items” (new accounting for workwear)
5. Changes in the procedure for the formation of the cost of inventories. How it is impossible to form the cost of WIP and finished products from 2021
6. Acceptance for accounting of inventories received from the disposal of fixed assets and other non-current assets, as well as during the repair, modernization, partial liquidation of fixed assets
7. Accounting for spare parts for repairs, technical inspection of fixed assets
8. Accounting for storage costs
9. Provision for impairment of inventories: new provisions rules
10. Acquisition of stocks with a deferred (installment plan) payment for a period of more than 12 months
11. Fair value for inventory measurement: when is it used and how is it determined
12. Valuation of inventories after recognition
13. Transition to FAS 5/2019: postings based on practical examples

FAS 6/2020 and FAS 26/2020
1. The procedure for the entry into force of the new FAS 6/2020: who and when to apply the new standard
2. New definition of fixed assets, delineation of fixed assets from stocks
3. Limit on the cost of fixed assets. Accounting for low-value fixed assets. Special group of property, plant and equipment – investment property
4. ”Group” accounting object. How to transfer low-value objects and special items to a new account. Practical examples
5. Initial assessment of fixed assets: the procedure for the formation of the cost of fixed assets in various business situations. New FAS 26/2020
6. Choice of accounting model for property, plant and equipment after initial recognition
7. Revaluation of fixed assets and reflection of the revaluation results in accounting
8. Fundamental changes in the procedure for calculating depreciation: the concept of salvage value, determining the useful life and depreciation method, revising depreciation parameters
9. Checking fixed assets for depreciation. When and how to create an impairment
10. Derecognition of fixed assets, the procedure for accounting for material assets from the disposal of fixed assets
11. Transfer of property, plant and equipment to non-current assets for sale
12. The transition to a new standard is a retrospective and alternative way of reflection. How to transfer ”zero” objects to accounting according to the new rules

Transition to FAS 25/2018 ”Accounting for rent”. Key issues of accounting for leases from the lessee and the lessor in accordance with FAS 25/2018
1. Transition to FAS 25/2018 ”Lease Accounting”: when and who is required to apply the new accounting standard when concluding a lease agreement
2. Operating and non-operating leases – how to distinguish? Conditions under which accounting in accordance with FAS 25/2018 for the lessee and the lessor will not change
3. Features of accounting for non-operating leases from the lessor:
• Accounting in accordance with FAS 25/2018: accounting for leased property, accounting for lease payments and interest income, redemption of property by the tenant, return of the leased object
• Examples of accounting for leases under the new rules
• The procedure for switching to new rules in 2022 for the lessor: calculations and postings
4. Peculiarities of accounting for leases from the lessee (lessee):
• Accounting in accordance with FAS 25/2018: formation and write-off of right to use the asset, lease (leasing) obligations, calculation of interest, purchase of an object.
• Discounting formulas with examples.
• How to correctly transfer lease agreements to new accounting: calculations and postings using examples
5. Application of FAS 25/2018 for short-term lease agreements, for prolongation of the agreement