Author: Tatyana G. Arbatskaya, Cand. Sc. (Econ.), Applicant for doctorate degree of Accounting and Audit Dept., Baikal State University of Economics and Law

Abstract: The purpose of the paper is to prove the fact that the existing multiple variants of accounting methods established by Russian legislation are not necessary. It allows preparing the statement indicators at the discretion of the organization’s management (allowing for subjective assessments) and reduces the faithful representation of accounting information. The author substantiates the necessity to rationalize the legal framework of alternative accounting methods in order to improve the reliability of accounting and reporting information of organizations formed on the basis of these regulations.

Keywords: Accounting policy, accounting (financial) statement, faithful representation, criteria of faithful representation