• P-ISSN 0974-6846 E-ISSN 0974-5645

Indian Journal of Science and Technology


Indian Journal of Science and Technology

Year: 2016, Volume: 9, Issue: 15, Pages: 1-8

Original Article

Study of the Characteristics of Financial and Tax Consolidation under the Russian Rules


Background/Objectives: As the large integrated Russian companies enter into the international market, they shall be presented to potential investors as single economic entities. Companies’ financial and tax information can be consolidated. Methods/Statistical Analysis: To conduct the study we used such methods applied in the science and practice, as systematization and generalization of scientific and practical material; methods of data analysis, synthesis and comparison, as well as graphical method. Findings: The rules governing the need to introduce consolidation norms, their scope of application, consolidation perimeter, peculiarities of the accounting policies, of consolidated database formation, rules for preparation and submission, publication and audit of the consolidated financial statements have been analyzed in the course of research. The results of the analysis revealed minor and fundamental differences in certain legal requirements on financial and fiscal consolidation and the conclusion was drawn that at present, despite the uniform global economic objectives (attracting the attention of foreign investors to Russian companies), the differences between the rules of accounting (financial) and tax consolidation are significant. Application/Improvements: To enable joint use of accounting and tax consolidation for assessment of the financial attractiveness of the consolidated group of companies, further work is needed in terms of the legal framework regulation.

Keywords: Accounting, Consolidated Financial Statements, Standards, Taxpayers


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