Accounting rules: what they are and why they are needed
PBUs or accounting regulations (sometimes informally referred to as accounting rules) are regulations that establish the procedure for preparing financial statements and maintaining accounting in one or another area of a company’s business activities.
PBUs can regulate the specifics of accounting for various assets, liabilities, and individual facts of economic activity. Find out what standards to rely on when doing accounting here.
Accounting standards are generally issued by the Ministry of Finance of the Russian Federation, and for credit organizations - by the Bank of Russia. All organizations must comply with the standards established by the PBU, unless exceptions are expressly stated in a particular provision. For example, paragraph 3 of PBU 8/2010 states that the rules enshrined in the relevant source may not be applied by organizations that use simplified accounting schemes. These include, in particular, small businesses, non-profit organizations and other entities (information of the Ministry of Finance dated June 29, 2016 No. PZ-3/2016).
In 2021, 24 different accounting standards are applied in the Russian Federation, defining accounting rules. Let's take a closer look at them.
List of PBUs on accounting in 2020-2021
The accounting rules applied in the Russian Federation in 2020-2021 are presented in the following list:
- PBU 7/98 - establishes the procedure for reflecting events after the reporting date in accounting;
- PBU 4/99—establishes the methodological basis for financial reporting of legal entities;
- PBU 9/99 - establishes the procedure for reflecting income in the accounting of organizations;
- PBU 10/99 - fixes the procedure for reflecting expenses in the accounting of legal entities;
Read about PBU 9/99 and 10/99 here .
- PBU 13/2000 - regulates the reflection in accounting of information on state assistance to commercial firms;
- PBU 5/01—regulates the reflection of inventories in accounting;
From 2021, instead of PBU 5/01, it will be necessary to apply FSBU 5/2019. Find out what nuances should be taken into account when applying the new standard in the Review from ConsultantPlus. To do everything right, get trial access to the system and study the material for free.
- PBU 6/01—establishes the rules for reflecting fixed assets in accounting;
PBU 6/01 is canceled from 01/01/2022. Instead, two new FSBUs are being introduced: 6/2020 “Fixed Assets” and 26/2020 “Capital Investments”. ConsultantPlus experts explained in detail what the new standards will change compared to PBU 6/01 in their Review, which you can view for free after receiving trial access to K+.
- PBU 16/02 - regulates the disclosure of information on discontinued activities in accounting;
- PBU 17/02 - regulates the reflection of information on expenses for scientific research in accounting;
- PBU 18/02—establishes the rules for reflecting information on income tax calculations in accounting;
ConsultantPlus experts explained in detail what has changed in PBU 18/02 since 2020 and how to apply its updated version. Get trial access and go to the Ready solution.
- PBU 19/02—regulates the rules for reflecting financial investments in accounting;
- PBU 20/03 - establishes the rules for reflecting in accounting information about the participation of a business entity in joint activities;
- PBU 3/2006—regulates the reflection in accounting of information about the assets and liabilities of a company in foreign currency;
- PBU 14/2007 - establishes the rules for reflecting information about intangible assets in accounting;
- PBU 1/2008—defines how an enterprise should formulate and disclose accounting policies;
- PBU 2/2008 - establishes rules for disclosing in accounting information about the activities of construction contractors (or subcontractors);
- PBU 11/2008 - establishes how to disclose information about related parties in reporting;
- PBU 15/2008 - establishes how to reflect in accounting information about expenses on loans and borrowings;
- PBU 21/2008 - establishes how to disclose information about changes in estimated values in reporting;
- PBU 8/2010 - regulates how estimated and contingent liabilities, as well as contingent assets, should be reflected in accounting;
- PBU 12/2010 - establishes the procedure for reflecting information by segments in the accounting records of organizations;
- PBU 22/2010 - regulates the procedure for correcting errors and reflecting information about them in accounting;
- PBU 23/2011 - regulates how a cash flow statement should be prepared;
- PBU 24/2011 - establishes the procedure for reflecting information on expenses for the development of natural resources in accounting.
FSBU 25/2018 “Rent”, approved by order of the Ministry of Finance of Russia dated October 16, 2018 No. 208n, will begin to be applied from reporting for 2022. You can read about it here.
Accounting Regulations
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PBU 23/2011 “Cash Flow Statement”
Approved by order of the Ministry of Finance of Russia dated 02.02.2011 No. 11n
PBU 12/2010 “Information by segments”
Comes into force with financial statements for 2011
PBU 1/2008 “Accounting policies of the organization”
Approved by order of the Ministry of Finance of Russia dated October 6, 2008 No. 106n
PBU 2/2008 “Accounting for construction contracts”
Approved by order of the Ministry of Finance of the Russian Federation dated October 24, 2008 No. 116n
PBU 3/2006 “Accounting for assets and liabilities, the value of which is expressed in foreign currency”
In ed. Order of the Ministry of Finance of the Russian Federation dated December 25, 2007 No. 147n
PBU 4/99 “Accounting statements of an organization”
Approved by order of the Ministry of Finance of the Russian Federation dated July 6, 1999 No. 43n Note: Valid from the financial statements of 2000. The previous PBU “Accounting statements of an organization” (PBU 4/96), approved by order of the Ministry of Finance of the Russian Federation dated February 8, 1996 No. 10, has become invalid.
PBU 5/01 “Accounting for inventories”
Approved by order of the Ministry of Finance of the Russian Federation dated 06/09/2001 No. 44n Note: comes into force with the financial statements of 2002, from the same moment the previous Accounting Regulation “Accounting for inventories” (PBU 5/98) becomes invalid.
PBU 6/01 “Accounting for fixed assets”
Approved by order of the Ministry of Finance of Russia dated March 30, 2001 No. 26n
PBU 7/98 “Events after the reporting date”
Approved by Order of the Ministry of Finance of the Russian Federation dated November 25, 1998 No. 56n
PBU 8/2010 “Estimated liabilities, contingent liabilities and contingent assets”
Approved by Order of the Ministry of Finance of Russia dated December 13, 2010 No. 167n. Comes into force with the 2011 financial statements.
PBU 8/01 “Conditional facts of economic activity”
Approved by Order of the Ministry of Finance dated November 28, 2001 No. 96n Note: comes into force with the financial statements of 2002, from the same moment the Accounting Regulation “Conditional Facts of Economic Activity” (PBU 8/98) becomes invalid.
PBU 9/99 “Income of the organization”
Approved by order of the Ministry of Finance of the Russian Federation dated May 6, 1999 No. 32n, as amended on December 30, 1999. Note: Valid from January 1, 2000.
PBU 10/99 “Expenses of the organization”
Approved by order of the Ministry of Finance of the Russian Federation dated May 6, 1999 No. 33n, as amended on December 30, 1999. Note: Valid from January 1, 2000.
PBU 11/2008 “Information about related parties”
Approved by order of the Ministry of Finance of Russia dated April 29, 2008 No. 48n
PBU 12/2000 “Information by segments”
Approved by order of the Ministry of Finance of the Russian Federation dated January 27, 2000 No. 11n Note: Valid starting from the financial statements for 2000.
PBU 13/2000 “Accounting for state aid”
Approved by order of the Ministry of Finance of the Russian Federation dated October 16, 2000 No. 92n
PBU 14/2007 “Accounting for intangible assets”
Appendix to the Order of the Ministry of Finance of the Russian Federation dated December 27, 2007 No. 153n
PBU 15/2008 “Accounting for expenses on loans and credits”
Approved by order of the Ministry of Finance of Russia dated October 6, 2008 No. 107n
PBU 16/02 “Information on discontinued activities”
In ed. Order of the Ministry of Finance of the Russian Federation dated September 18, 2006 N 116n
PBU 17/02 “Accounting for expenses for research, development and technological work”
In ed. Order of the Ministry of Finance of the Russian Federation dated September 18, 2006 N 116n
PBU 18/02 “Accounting for corporate income tax calculations”
In ed. Order of the Ministry of Finance of the Russian Federation dated February 11, 2008 No. 23n
PBU 19/02 “Accounting for financial investments”
In ed. Orders of the Ministry of Finance of the Russian Federation dated September 18, 2006 N116n, dated November 27, 2006 N 156n. N 126н
PBU 20/03 “Information on participation in joint activities”
In ed. Order of the Ministry of Finance of the Russian Federation dated September 18, 2006 N 116n
PBU 21/2008 “Changes in estimated values”
Approved by order of the Ministry of Finance of Russia dated October 6, 2008 No. 106n
PBU 22/2010 “Correcting errors in accounting and reporting”
Approved by order of the Ministry of Finance of Russia dated June 28, 2010 No. 63n
PBU 1/98 “Accounting policies of the organization” (NO LONGER VALID)
Approved by order of the Ministry of Finance of the Russian Federation dated December 9, 1998 No. 60n, as amended on December 30, 1999. Note: Valid from January 1, 1999. The previous PBU “Accounting Policy of the Organization”, approved by Order of the Ministry of Finance of July 28, 1994 No. 100, has become invalid.
PBU 2/94 “Accounting for agreements (contracts) for capital construction” (NO LONGER FORCE)
Approved by Order of the Ministry of Finance of December 20, 1994 No. 167 Note: Valid from January 1, 1995.
PBU 3/2000 “Accounting for assets and liabilities, the value of which is expressed in foreign currency” (NO LONGER FORCE)
Approved by order of the Ministry of Finance of the Russian Federation dated January 10, 2000 No. 2n Note: Valid from the financial statements of 2000.
PBU 11/2000 “Information about affiliated entities” (NO LONGER VALID)
Approved by order of the Ministry of Finance of the Russian Federation dated January 13, 2000 No. 5n Note: Valid starting from the financial statements for 2000.
PBU 14/2000 “Accounting for intangible assets” (NO LONGER VALID)
Approved by order of the Ministry of Finance of the Russian Federation dated October 16, 2000 No. 91n Note: Valid from January 1, 2001.
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New PBUs in 2021–2023
The Ministry of Finance is conducting a global development of federal accounting standards for 2021–2023. According to the order of the Ministry of Finance dated 06/05/2019 No. 83n, new PBUs will be developed and amendments will be made to the already published provisions. The plan for the development and implementation of innovations is shown in the table below.
| No. | PBU project name | Estimated effective date for mandatory application |
| Development of new federal standards | ||
| 1.1 | Reserves | 2021 |
| 1.2 | Intangible assets | 2021 |
| 1.3 | OS | 2021 |
| 1.4 | Unfinished capital investments | 2021 |
| 1.5 | Documents and document flow | 2021 |
| 1.6 | Non-profit activities | 2021 |
| 1.7 | Financial statements | 2021 |
| 1.8 | Income | 2022 |
| 1.9 | Participation in affiliated organizations and joint activities | 2022 |
| 1.10 | Financial instruments | 2022 |
| 1.11 | Debt costs | 2022 |
| 1.12 | Expenses | 2023 |
| Making changes to current PBUs | ||
| 2.1 | PBU 16/02 | 2020 |
| 2.2 | PBU 1/2009 | 2021 |
Table of PBU 2021 in the latest edition
Accounting Regulations (PBU) are national Russian accounting standards. PBUs regulate the organization of accounting and the procedure for maintaining records of assets, liabilities or events of economic activity. Compliance with the requirements and methodological recommendations set out in the PBU is mandatory.
Accounting regulations are developed and approved by the Ministry of Finance of the Russian Federation. The table presented contains all currently valid PBUs (24 in total) with changes relevant for 2021. PBUs have already been published with changes coming into force in 2021. The table shows the PBU number, its name (you can follow the link to the full text of the Regulations), as well as the start date of the PBU and the date of its last change.
In the coming years, there will be another large-scale update of federal accounting standards. By following the link you can download the Order of the Ministry of Finance of the Russian Federation, which indicates all PBUs and dates of planned updates.
Table of PBUs in force in 2021
| PBU number | Name of PBU | Order of the Ministry of Finance | Last modified |
| without a number | Regulations on accounting and financial reporting in the Russian Federation | No. 34n dated July 29, 1998 | No. 74n dated 11.104.2018 |
| PBU 1/2008 | Accounting policy of the organization | No. 106n dated 10/06/2008 | No. 69n dated 04/28/2017 |
| PBU 2/2008 | Accounting for construction contracts | No. 116n dated October 24, 2008 | No. 57n dated 04/06/2015 |
| PBU 3/2006 | Accounting for assets and liabilities, the value of which is expressed in foreign currency | No. 154n dated November 27, 2006 | No. 180n dated 09.11.2017 |
| PBU 4/99 | Organizational financial statements | No. 43n dated 07/06/1999 | No. 142n dated 08.11.2010 |
| PBU 5/01 | Accounting for inventories STANDARD CANCELED. | No. 44n dated 06/09/2001 | No. 64n dated 05/16/2016 |
| FSBU 5/2019 | Reserves | N 180n dated 11/15/2019 | N 180n dated 11/15/2019 |
| PBU 6/01 | Fixed Asset Accounting | No. 26n dated March 30, 2001 | No. 64n dated 05/16/2016 |
| PBU 7/98 | Events after the reporting date | No. 56n dated November 25, 1998 | No. 57n dated 04/06/2015 |
| PBU 8/2010 | Provisions, contingent liabilities and contingent assets | No. 167n dated December 13, 2010 | No. 57n dated 04/06/2015 |
| PBU 9/99 | Income of the organization | No. 32n dated 05/06/1999 | No. 57n dated 04/06/2015 |
| PBU 10/99 | Organization expenses | No. 33n dated 05/06/1999 | No. 57n dated 04/06/2015 |
| PBU 11/2008 | Related Party Information | No. 48n dated 04/29/2008 | No. 57n dated 04/06/2015 |
| PBU 12/2010 | Segment Information | No. 143n dated 08.11.2010 | No. 143n dated 08.11.2010 |
| PBU 13/2000 | Accounting for state aid | No. 92n dated 10/16/2000 | No. 115n dated September 18, 2006 |
| PBU 14/2007 | Accounting for intangible assets | No. 153n dated December 27, 2007 | No. 64n dated 05/16/2016 |
| PBU 15/2008 | Accounting for expenses on loans and credits | No. 107n dated 10/06/2008 | No. 57n dated 04/06/2015 |
| PBU 16/02 | Information on discontinued activities | No. 66n dated 07/02/2002 | No. 57n dated 04/06/2015 |
| PBU 17/02 | Accounting for expenses for research, development and technological work | No. 115n dated November 19, 2002 | No. 64n dated 05/16/2016 |
| PBU 18/02 | Accounting for corporate income tax calculations | No. 114n dated November 19, 2002 | No. 57n dated 04/06/2015 |
| PBU 19/02 | Accounting for financial investments | No. 126n dated December 10, 2002 | No. 57n dated 04/06/2015 |
| PBU 20/03 | Information on participation in joint activities | No. 105n dated November 24, 2003 | No. 116n dated September 18, 2006 |
| PBU 21/2008 | Changes in estimates | No. 106n dated 10/06/2008 | No. 132n dated October 25, 2010 |
| PBU 22/2010 | Correcting errors in accounting and reporting | No. 63n dated 06/28/2010 | No. 57n dated 04/06/2015 |
| PBU 23/2011 | Cash flow statement | No. 11n dated 02/02/2011 | No. 11n dated 02/02/2011 |
| PBU 24/2011 | Accounting for the costs of natural resource development | No. 125n dated 10/06/2011 | No. 125n dated 10/06/2011 |
In Russia, a four-level system of legal regulation of accounting has developed.
The first (legislative) level is federal laws, decrees of the President of the Russian Federation, decrees of the Government of the Russian Federation, establishing uniform legal and methodological standards for organizing and maintaining accounting records in Russia. Also, the right to regulate accounting is granted to the Central Bank of the Russian Federation, the Federal Commission for the Securities Market, and other departments. The rules contained in other federal laws and affecting issues of accounting and financial reporting must comply with the Federal Law “On Accounting”.
Federal Law on Accounting No. 402-FZ
The second (regulatory) level is accounting regulations (PBU, Russian standards), approved by the Ministry of Finance of the Russian Federation, which set out the principles and basic rules of national accounting; accounting provisions in accordance with IFRS (International Financial Reporting Standards), approved by Order of the Ministry of Finance dated December 28, 2015 No. 217n. The normative level also includes the Chart of Accounts for accounting the financial and economic activities of organizations and the Instructions for its application (Order of the Ministry of Finance dated October 31, 2000 No. 94n), Regulations on documents and document flow in accounting (approved by the Ministry of Finance of the USSR on July 29, 1983 No. 105) .
Accounting (financial) statements according to RAS and IFRS with examples
The third (methodological) level - instructions, recommendations and guidelines for accounting, other documents of an instructive or advisory nature that answer practical accounting questions and are not included in the previous level. Prepared and approved by federal authorities, ministries, and professional associations of accountants on the basis of documents of the first and second levels. Documents at this level include instructions for filling out financial reporting forms, guidelines for taking inventory of property and financial obligations, guidelines for accounting for costs included in distribution and production costs, and financial results at enterprises.
Guidelines for accounting of inventories
The fourth level is documents that are developed by the enterprise itself and determine the organization and maintenance of accounting for certain types of property, liabilities and business transactions. These are working documents of organizations for internal use, approved by the head of the organization within the framework of the adopted accounting policy. At this level, the main regulatory document on accounting is the accounting policy of the organization. The purpose of this level is to determine the procedure for maintaining accounting records of transactions for which the current acts do not provide for a specific procedure or there is variability. These documents, their content, principles of construction and interaction with each other, as well as the procedure for preparation and approval are determined by the head of the organization.
Regulations on the Financial Department
Regulations on Accounting
Results
The procedure for reflecting information about various facts and results of economic activities of business entities in accounting is regulated by separate sources of law - PBU. In 2021, there are 24 of them, and the 25th has already been approved, but has not yet entered into force. Over time, they will be replaced by new accounting regulations - federal standards.
You can learn more about the specifics of PBU from the articles:
- “Accounting for currency transactions (PBU, postings)”;
- “What are the main differences between PBU and IFRS?”.
You can find more complete information on the topic in ConsultantPlus. Free trial access to the system for 2 days.
