Authors: Irina Ye. Vlasova, Cand. Sc. (Ec.), Associate-Prof. of Accounting and Audit Dept., Urals State University of Economics

Irina A. Vlasova, Sr. Lecturer of Accounting and Audit Dept., National Research University “High School of Economics” (Perm Branch)

Abstract: The complex process of financial statement consolidation is impossible without calculation of paper profit. This procedure is covered by consolidation rules which are set by the International Financial Reporting Standards (IFRS). As IFRS are recognized in today’s Russia, Russian enterprises should adopt the rules of paper profit calculation. In the article the scheme for calculating paper profit of a group of companies is provided.

Keywords: Paper profit, consolidated financial statement, International Financial Reporting Standards