Research on the Evolution of Methodological Approaches to Accounting and Auditing of Estimated Values in the Context of Digitalization

The article is devoted to the issues of development of methodological approaches to accounting and auditing of estimated values and their changes in the conditions of digitalization. The purpose of the research is to study modern methodological approaches to accounting and auditing of estimated values, taking into account the specifics of the current stage of digital transformation, and to develop the main directions for their improvement in order to improve the quality of the information base in order to be able to make sound management decisions. The theoretical and methodological basis of the research consists of the evolutionary-adaptive theory, balance sheet theory, risk-based approach, methods contained in IFRS, ISA, FSB in the field of accounting and auditing of estimated values, regulatory legal acts of the Russian Federation, research in the field of modern international and Russian accounting and auditing practice. The research methodology included a review of accounting and auditing practices in the field of estimated values. The main features of accounting and auditing of estimated values are defined. Methodological approaches to improving accounting and auditing of estimated values that are based on digital technologies are proposed. Implementation of the proposed methodological approaches to accounting and auditing of estimated values in the context of digitalization will significantly improve the quality of accounting and control support for business.

estimated values, accounting assessment, accounting, auditing, digitalization, professional judgment, digital technologies

1. Ivanov A. What will accounting be like in five years’ time. URL: https://vc.ru/finance/72312-kakoybudet-buhgalteriya-cherez-pyat-let (accessed on 05.10.2020). (In Russ.).

2. Alekseeva G. I. Accounting policy and estimated values: The procedure for reflecting changes in reporting under RAS and IFRS. Mezhdunarodnyi bukhgalterskii uchet = International Financial Accounting. 2016;406(16):28–40. (In Russ.).

3. Druzhilovskaya T. Yu. The problems of application of estimated reserves in the systems of Russian and international standards. Mezhdunarodnyi bukhgalterskii uchet = International Financial Accounting. 2017;434(20):1164–1182. (In Russ.).

4. Kuvaldina T. B. The information regarding changes in estimates: Disclosure in the financial statements. Auditorskie vedomosti = Audit Statements. 2009;(9):65–69. (In Russ.).

5. Kulikova L. I. Accounting policy and changes in estimated values. Bukhgalterskii uchet = Accounting. 2010;(2):46–49. (In Russ.).

6. Mizikovskii E. A. Accounting statements: Reflection of changes in estimated values. Auditorskie vedomosti = Audit Statements. 2010;(10):11–19. (In Russ.).

7. Sotnikova L. V. Changes in estimated values. Bukhgalterskii uchet = Accounting. 2009;(2):5–11. (In Russ.).

8. Zharylgasova B. T., Savin V. Yu. Auditing of estimated values. Auditorskie vedomosti = Audit Statements 2008;(6):3–7. (In Russ.).

9. Millar J. ISA 540 (revised) auditing accounting estimates & related disclosures. URL: https://www.accountingweb.co.uk/community/industry-insights/isa-540-revised-auditing-accounting-estimatesrelated-disclosures (accessed on 07.10.2020).

10. Massarygina V. F. Verification of estimated values in the course of the auditing. Mezhdunarodnyi bukhgalterskii uchet = International Financial Accounting. 2011;178(28):40–45. (In Russ.).

11. Bogataya I. N. Features of accounting and auditing of estimated values and their changes. In: Proc. of the Intern. Sci. and pract. conf. of Rostov State University (RINH) “Statistics in the modern world: Methods, models, tools”. Rostov-on-Don: Publishing house of LLC “AzovPrint”; 2020:196–200. (In Russ.).

12. Skvirskaya E. L. Issues of auditing of estimated values: Requirements for verification of professional judgment expressed in the preparation of financial statements. Finansovye i bukhgalterskie konsul’tatsii = Financial and Accounting Advice. 2008;(6). URL: http://base.garant.ru/5488079 (accessed on 13.10.2020). (In Russ.).

13. Sharp L. Preparing for changes to ISA 540 on auditing accounting estimates. URL: https://www.ifac.org/knowledge-gateway/supporting-international-standards/discussion/preparing-changes-isa-540-auditingaccounting-estimates (accessed on 13.10.2020).

14. Eriashvili N. D. Accounting and auditing of estimated values. Auditorskie vedomosti = Audit Statements. 2019;(4):25–29. (In Russ.).

15. Aznar-Muzas G., Terranova N. Academic literature review — changes in accounting estimates. Audit Analytics. URL: https://blog.auditanalytics.com/academic-literature-review-changes-in-accountingestimates (accessed on 10.10.2020).

16. Hallas N. An overview of nineteen years of changes in accounting estimates. Audit Analytics. URL: https://blog.auditanalytics.com/an-overview-of-nineteen-years-of-changes-in-accounting-estimates (accessed on 11.10.2020).

17. Schnockel E. Triple entry as a way to increase confidence. URL: https://gaap.ru/articles/Troynaya_zapis_kak_sposob_povysheniya_doveriya (accessed on 13.10.2020). (In Russ.).

18. Khalezov A. Triple accounting: how blockchain will solve the issue of audit transparency. URL: https://medium.com (accessed on 13.10.2020). (In Russ.).