“Inventory” for accounting purposes
As of April 1st, 2025 companies will be required to adopt the new federal accounting standard (FAS) 28/2023, “Inventory” for accounting purposes.
Key changes of the new FAS:
- Companies can now use photographs and videos to take inventory;
- Companies are obliged develop the forms of inventory documents in accordance with general requirements for primary accounting documents and specific requirements for inventory documents;
- An expanded list of methods for assessing the surplus of assets: market value, book value or value of a similar asset. Previously, a surplus was accounted for only at current market value;
- For small and medium-sized businesses, it is allowed not to create an inventory commission in certain cases;
- The terms of the inventory remain unchanged: according to legislation an annual inventory must be conducted between October 1st and December 31st.
According to the legislators, the new FAS 28/2023 “Inventory” will help improve the quality of accounting statements and reduce the administrative burden on companies.
Companies are recommended to check their accounting policies and make changes to provisions that do not comply with the new standard.
More detailed information can be found in Order No.4n of the Ministry of Finance dated January 13, 2023 on approval of the FAS 28/2023, “Inventory”
