Transformation of Financial Statements of the Russian Football Clubs in Accordance with International Financial Reporting Standards

Журнал «Дайджест-Финансы»
т. 22, вып. 2, июнь 2017

Получена: 21.09.2016

Получена в доработанном виде: 24.10.2016

Одобрена: 07.11.2016

Доступна онлайн: 16.06.2017


Коды JEL: G32, Z23

Страницы: 222-240


Solntsev I.V. Plekhanov Russian University of Economics, Moscow, Russian Federation 

Chuchina E.A. ZAO Deloitte & Touche CIS, Moscow, Russian Federation 

Importance The article considers the finance of Russian football clubs, namely the transformation of their financial statements in accordance with international standards, aimed at a fair view of all operations.
Objectives The aim of this study is to develop a model for transforming financial statements of Russian football clubs in accordance with International Financial Reporting Standards.
Methods We considered the main items of football clubs' financial reporting, including transfer contracts with players, stadiums, payables and receivables, debt, income and expenses, the specificity of their formation in accordance with the Russian and International accounting standards. Russian and International Financial Reporting Standards, research papers and analytical studies on finance of sports organizations and transformation of financial statements form a theoretical basis of the paper.
Results We have reviewed the annual reports of domestic and foreign football clubs. All aspects are illustrated by practical examples. We put forward certain proposals on transformation. All the proposals are approved by applying them to the PFC CSKA case: the Club's reporting got transformed in accordance with the requirements of International Financial Reporting Standards.
Conclusions and Relevance We came to the conclusion about many discrepancies in the statements made in accordance with the Russian and International standards. We have identified the causes of such differences and formulated certain proposals for transformation. The results of this study can be used by domestic football clubs to transform their accounting in accordance with IFRS. This would contribute to enhancing the transparency in the Russian football, attracting investment and the creation of a new management model, based on fair value measurement of assets, liabilities and transactions.

Ключевые слова: sports finance, financial statement, football club, accounting, amortization, player transfer

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