Key issues of accounting policy and taxation. Lawyers of FBK consultants and FBK Legal spoke at the "AutoBoss" Club meeting of auto business managers
On 17 June a regular AutoBoss Club meeting of auto business managers was held: “Auto Business Club for chief accountants - the key issues of accounting policy and taxation”.? Alexei Yakovlev, FBK Legal head of the tax litigation practice, and Nina Khudyakova, deputy director of the department of accounting processes development and standardization, presented their reports there.
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Alexei Yakovlev chose the topic of “Tax disputes on separate accounting and on applying different taxation procedures.’ The lawyer pointed out that the disputes over VAT remain to be in the leading position as compared with the disputes on other taxes. And, in the VAT disputes an essential share belongs to disputes on the matters of keeping separate accounting. And that is so, even though amendments were made in the RF TC with the view of more accurate regulation of that matter. A. Yakovlev gave a detailed analysis of the ‘Rule of 5 %’, the potential of which is frequently utilized incompletely.? If this rule is observed, there is no need to keep separate accounting, i.e., to determine the proportion in the values of exemption associated both with the taxable and non-taxable operations in the tax period, if the portion of aggregate expenditures for the procurement, production and (or) sales of goods (works, services), rights of property - the operations to excercise which are not subject to VAT- do not exceed 5% of the total aggregate expenditures.
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Nina Khudyakova, deputy director of the department of accounting processes development and standardization, presented her report of ‘Development of accounting policy in accordance with RAS: practical aspects of approaching IAS’. She spoke about the reform of accounting and the policy for RAS to approach IAS. The consultant examined the areas where the same principles may be applied in RAS and IAS, namely: reserve mechanism for warranty repairs, valuation of the stock of vehicles by the net cost of sale, as well as the classification of remuneration to employees. The application of new law No. 402-?? in the accounting also provoked interest of the audience.
The participants in the meeting pointed out high professionalism of the FBK speakers and topical importance of their presentations.
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Alexei Yakovlev chose the topic of “Tax disputes on separate accounting and on applying different taxation procedures.’ The lawyer pointed out that the disputes over VAT remain to be in the leading position as compared with the disputes on other taxes. And, in the VAT disputes an essential share belongs to disputes on the matters of keeping separate accounting. And that is so, even though amendments were made in the RF TC with the view of more accurate regulation of that matter. A. Yakovlev gave a detailed analysis of the ‘Rule of 5 %’, the potential of which is frequently utilized incompletely.? If this rule is observed, there is no need to keep separate accounting, i.e., to determine the proportion in the values of exemption associated both with the taxable and non-taxable operations in the tax period, if the portion of aggregate expenditures for the procurement, production and (or) sales of goods (works, services), rights of property - the operations to excercise which are not subject to VAT- do not exceed 5% of the total aggregate expenditures.
?
Nina Khudyakova, deputy director of the department of accounting processes development and standardization, presented her report of ‘Development of accounting policy in accordance with RAS: practical aspects of approaching IAS’. She spoke about the reform of accounting and the policy for RAS to approach IAS. The consultant examined the areas where the same principles may be applied in RAS and IAS, namely: reserve mechanism for warranty repairs, valuation of the stock of vehicles by the net cost of sale, as well as the classification of remuneration to employees. The application of new law No. 402-?? in the accounting also provoked interest of the audience.
The participants in the meeting pointed out high professionalism of the FBK speakers and topical importance of their presentations.
