FINANCIAL UNIVERSITY UNDER THE GOVERNMENT OF THE RUSSIAN

FEDERATION

INTERNATIONAL FINANCE FACULTY

Department of accounting, analysis and audit

Control work on

Accounting and reporting

Student Pham Viet Tung

Group IFF18-3k

Reviewer I.O.Yurasova

Moscow-2019
Task 1: Analyze a set of financial statements prepared under national accounting
standards (i.e. RAS) and a set of financial statements prepared under IFRS of any
public company, and find any differences in the format of presentation, accounting
policies, notes and disclosures, etc.

Name of the public company: SBERBANK

10 distinctive differences between national accounting standard (RAS – Russian

accounting standards) and IFRS (International Financial Report Standard):

1. RAS has 7 categories (in Image below) while IFRS has only 3 categories that
RAS doesn’t has (Financial Statements; Presentation; Audio)
RAS IFRS

2. Only RAS report has “Non-Consolidated Statements (Disclosure Forms)”.

There is only Consolidated Statements in IFRS report
RAS
3. IFRS shows statistics on a quarterly basis and RAS shows statistics for each
month of the year
RAS IFRS
4. The names are shown in different order but the meaning is almost the same

 RAS: Consolidated Balance Sheet

 IFRS: Consolidated Statements of Financial Position

 5. Units in statistical table are different

RAS: in RUB IFRS: in billions of Russian Roubles

 Numbers in RAS table are more specific

6. The statistics in Table of RAS are more detailed and more specific than Table
of IFRS
 RAS:
 IFRS:
7. There is no item “Note” in RAS

 RAS

 IFRS
8. There are Banking reports in every page of RAS report and IFRS report
doesn’t have it.
RAS:

9. The names are shown in different order but the meaning is almost the same
(Image below)
 RAS: Consolidated Report on Financial Performance
 IFRS: Consolidated Statement of Profit or Lost

10. Statistical data of Consolidated Report on Financial Performance - RAS are

more specific and detailed than Consolidated Statement of Profit or Lost –
IFRS (Interest income; Net income; Profit; Lost; etc.) (Image below)

11. The statistical data of the two tables below are not exactly the same but they
are not too different (Image below)

Image in the next page

 RAS
 IFRS
Task 2:
V7
1 January Slava started the business with $10,000 in cash
2 January Borrowed a sum of $4,000 in cash from Maria, $200 of which is repayable on
the first of every other month starting 1 February
3 January Bought a motor van for cash $900
4 January Bought goods for cash $2,300
5 January Sold his entire inventory for $3,000 cash
6 January Received cash from Yuryi (customer) in advance $500
7 January Paid cash for motor running expenses of $250
31 January Accrued interest expense of $20
31 January Recorded depreciation of $25
31 January provided services for Yuryi for $100
Required

Prepare:

(i) general journal for the transactions;

(ii) ledger accounts showing descriptions and balances;
(iii) a trial balance;
(iv) a statement of profit or loss (income statement) for the year to date;
(v) a statement of financial position (balance sheet).
(i) general journal for the transactions

Date Account name Debit Credit

1 January Cash $10000
Capital $10000

2 January Cash $4000

Loan Payable $4000

3 January PPE $900

Cash $900

4 January Inventory $2300

Cash $2300

5 January Cash $3000

Inventory $3000

6 January Cash $500

Unearned Revenue $500

7 January Moto Running Expense $250

Cash $250

31 January Interest Expense $20

Interest Payable $20

Depreciation Expense $25

Accumulated Depreciation $25

Unearned Revenue $100

Earned Revenue $100

Total $21095 $21095

*Note: $200 of which is repayable on the first of every other month starting 1 February
=> by 1 September next year, $ 4,000 will be paid off
(ii) ledger accounts showing descriptions and balances

ASSETS
Cash T-account Accumulated Depreciation T-account

Dr. Cr. Dr. Cr.

1 January $10000 31 January $25

2 January $4000 $25

3 January $900
$25
4 January $2300
LIABILITIES
5 January $3000
Loan Payable T-account
6 January $500
Dr. Cr.
7 January $250
2 January $4000
$17500 $3450
$4000
$14050
$4000
Inventory T-account
Unearned Revenue T-account
Dr. Cr.
Dr. Cr.
4 January $2300
6 January $500
5 January $3000
31 January $100
$2300 $3000
$100 $500
$700
$400
PPE T-account
Interest Payable T-account
Dr. Cr.
Dr. Cr.
3 January
31 January $20
$900
$20
$900
$20
 EQUITY

Capital T-account Depreciation Expense T-account

Dr. Cr. Dr. Cr.

1 January $10000 31 January $25

$10000 $25

$10000 $25
Moto Running Expense T-account Earned Revenue T-account
Dr. Cr. Dr. Cr.

7 January $250 31 January $100

$250 $100

$250 $100

Interest Expense T-account

Dr. Cr.

31 January $20

$20

$20
(iii) a trial balances

Account Debit Credit

Cash $14050

Inventory $700

PPE $900

Accumulated Depreciation $25

Loan Payable $4000

Unearned Revenue $400

Interest Payable $20

Capital $10000

Moto Running Expense $250

Interest Expense $20

Depreciation Expense $25

Earned Revenue $100

Total $15245 $15245

(iv) a statement of profit or loss (income statement) for the year to date

Profits or losses Money

Revenues
Sold Inventory $700
Earned Revenue from Yuryi $100
Total: $800

Expenses and losses

Moto Running Expense $250
Interest Expense $20
Depreciation Expense $25
Total: $295
Net income: $505
(v) a statement of financial position (balance sheet)

BALANCE SHEET
ASSETS
Cash $14050
Inventory ($700)
PPE $900
Accumulated Depreciation ($25)

Total: $14225

LIABILITIES
Loan Payable $4000
Unearned Revenue $400
Interest Payable $20

Total: $4420

EQUITY
Capital $10000
Moto Running Expense ($250)
Interest Expense ($20)
Depreciation Expense ($25)
Earned Revenue $100

Total: $9805