Accounting Law

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The main provisions of the Accounting Law 402-FZ

Accounting is regulated by the legislation of the Russian Federation. One of the main regulatory acts in the field of accounting regulation is the Federal Law on Accounting 402-FZ.

This law was adopted on 06.12.2011, but has been in effect since 01.01.2013.

The main objectives of this law are to consolidate uniform accounting and accounting reporting requirements, to consolidate the legal mechanism for regulating accounting in Russia.

The Law on Accounting establishes the definition of accounting as the formation of documented systematized information about objects provided for by the law on accounting, in accordance with the requirements established by this Law, and the preparation of accounting (financial) statements based on it.

This Law applies to the following persons :

1)commercial and non-profit organizations;

2) state bodies, local self-government bodies, management bodies of state extra-budgetary funds of the Russian Federation and territorial state extra-budgetary funds;(ed. Federal Law No. 247-FZ of 26.07.2019)

3) The Central Bank of the Russian Federation;

4) individual entrepreneurs, as well as lawyers who have established law offices, notaries and other persons engaged in private practice ;

5) branches, representative offices and other structural subdivisions of organizations established in accordance with the legislation of foreign states located on the territory of the Russian Federation, international organizations, their branches and representative offices located on the territory of the Russian Federation, unless otherwise provided by international treaties of the Russian Federation.

The law establishes the objects of accounting, namely:

1) facts of economic life;

2) assets;

3) obligations;

4) sources of financing of its activities;

5) income;

6) expenses;

7) other objects, if this is established by federal standards.

The Law establishes the procedure and system for organizing accounting by an economic entity and the requirements for primary documents, accounting registers, etc.

The law also indicates the possibility of a simplified way of accounting by some subjects, for example, sole proprietors.

The Law on Accounting has repeatedly undergone changes and additions.