The chart of accounts for IFRS.

Under the chart of accounts is a system of accounts (each of which takes into account the cash flow), performing the role of informing about the status and direction of financial flows within the organization.

Depending on the facing enterprise tasks, select a particular chart of accounts. The most successful is the solution which gives the possibility to obtain from the data contained in the financial statements the maximum amount of useful information. The chart of accounts depends on industry-specific (insurance company, financial institution, pension Fund, small business) and depending on the priority of the subsystem (sometimes managerial, tax and international types of account). Also there are other levels of classification of possible plans. Today we talk about while rare for our country the phenomenon under the name IFRS. The so-called international financial reporting system was officially recognized in Russia according to the government decree in late February 2011 No. 107. It is obvious that the adoption of this resolution is connected with the accession to the WTO, contributing to the erosion of economic borders. This kind of account is useful to the auditor or investor, decided to perform information on one or another foreign organization with the purpose of buying securities. In the West, the use of IFRS for public companies is considered standard. However, in the USA it is still widely used by local standard is US GAAP. But since 2010, many large corporations operating in the transnational scale, provided reporting in the new format. Distinguish between IFRS under IFRS marking (1 to 8), IAS (of which there are 41 variation) and IFRIC (discloses the use of previous standards). Each of them is a manual for the implementation of the financial reporting division.

In the "pure" defined chart of accounts accounting under international accounting standards does not exist, since the set of standards focused exclusively on the statements for the convenience of investors, and following simple principles. However, many resources for the convenience of accountants published the working plan of accounts of accounting, adapted to the IFRS.

Prepared by numerous international financial reporting standards, enhanced chart of accounts, most often follows two main report. This is the statement of comprehensive income and statement of financial position. This structure allows to obtain basic financial parameters in the so-called revolving financial statements. This approach makes it possible to account for all items in the statement of financial position and of comprehensive income. Thus, the investor with even a superficial knowledge of financial management to determine the impact of the operations undertaken by the organization for reporting and further development trends.

It Should be noted that IFRS is not a collection of rigid rules governing the chart of accounts, but rather a flexible system of reporting based on only two principles.

1. The so-called accrual accounting, meaning, reflection of operations during their execution. It is not permitted to make entries after the receipt or payment. This means that all transactions are recorded when they occurred (during this period). Following this method gives the possibility for the auditor, investor or Manager to obtain information about all cash flow and obligations, and in the future that allows you to predict the outcome of the activities for a specific  period. If some part of the money is not received, then the correction is made with the use of the reserve for bad debts.

2. The principle of continuity of activities. The assumption that the company will continue operations in the next term. For the reason that the management, shareholders or the relevant Commission did not recognize the company bankrupt, the assets of the company, a leading reporting standards IFRS will not include the costs of the liquidation. Otherwise, the reporting company must be made on a different basis, which needs to be disclosed.