The work of an accountant is considered one of the most difficult in society. Naturally, this type of work should be subject to strict legislative regulation. What regulatory documents govern accounting? The answer will be received in the article.
Legal sources
The first and most important legal source is, of course, the Russian Constitution. It is worth paying attention to article 71, which refers to the exclusive powers of the federation. This is where accounting activities are recorded. This type of professional activity, therefore, can only be regulated by federal and federal constitutional regulations.
Next, it is worth highlighting the various accounting standards. The Ministry of Finance of the Russian Federation establishes them in accordance with the program on reforming accounting. It is worth paying attention to such important decisions as the provision "On the accounting policies of the organization", "On contracts for capital construction", "On the accounting of assets of the organization" and much more. Standards, therefore, affect different areas and features of accounting.
The last important source, which would be worth highlighting, is called Federal Law "On Accounting" No. 402-FZ. This is the most comprehensive and comprehensive legal act, fixing the basic rules regarding the accounting profession. It is about this bill that will be discussed later.
On the scope of the law
What subjects of the economic type does the bill extend to? Article 2 provides an answer to this question. So, here it is worth highlighting:
- Russian Central Bank;
- organizations of commercial and non-commercial type;
- state authorities, local governments, territorial extrabudgetary funds, etc .;
- individuals as individual entrepreneurs;
- Branches of organizations of other countries located on the territory of the Russian state.
When does the Federal Accounting Act apply? 
Usually this is the budget accounting of liabilities and assets of Russia, its subjects or municipalities. The purpose of the law in question is the qualitative and effective formation of a legal mechanism for regulating accounting.
About concepts and terms
The question of what are professional accounting concepts is no less important than the question of what regulatory documents govern accounting.
The first concept is financial statements. According to the law, this is information about the financial condition of an economic entity. The results of the subject, the movement of funds in a certain period, the assessment of the monetary condition - all this is included in the concept of financial statements.
The next important concept is the accounting standard. This is a document that sets out the basic requirements for accounting. In addition to the requirements, the document may record possible ways of accounting by accountants. There is also an international standard to which the domestic standard must comply.
The normative act also enshrines the concepts of the reporting period during which all financial statements of the chart of accounts must be filed, that is, a list of accounting accounts, facts of economic life, namely transactions or events that could affect the financial position of an economic type entity. All these concepts should be guided by any accountant.
About the need for accounting
Articles 5-6 enshrine the basic rules for maintaining an accounting report and preparing financial statements. According to Article 5, the following elements may be objects of accounting of an economic type entity:
- assets;
- expenses and income;
- sources of financing;
- various obligations and some other objects established by federal standards.
Who is not able to keep accounting? 
According to the law, these are individual entrepreneurs from the category of private practitioners who have not previously been involved in accounting for income or expenses. Representatives of foreign organizations do not have the right to keep records if they do not keep records of finances or objects of taxation in accordance with the laws of the Russian Federation.
The law establishes the concept of "simplified accounting." Small business entities, as well as non-profit organizations, are able to take advantage of it.
About the organization of accounting
Accounting operations are regulated in article 7 of the law in question. The first requirement here concerns the head of an economic type entity. According to the normative act, it is this person who is obliged to engage in the production of accounting - independently or through an intermediary represented by the chief accountant.
Disagreements may arise between the chief accountant and the head of the economic entity. In this case, there are two ways out of the situation:
- The data of the primary level accounting document is accepted by the chief accountant for registration; the chief accountant himself is responsible for the information generated.
- The accounting object may or may not be reflected in the general ledger; the reliability of the financial situation is the responsibility of the compiler of accounting data.
What accounting requirements are set forth in the Federal Law? This will be described later.
Reporting Requirements
Article 13 sets forth the following series of rules in relation to financial statements (hereinafter referred to as BO):
- BO must contain reliable information about the situation of the subject of economic type.
- BO should be compiled annually.
- An intermediate BO is formed for the reporting period for a period of less than one reporting year.
- BO is compiled in Russian currency.
- With respect to the BO, a trade secret regime has been established.
- BO should be subject to timely audit.
- The approval and publication of BOs takes place in strict accordance with federal laws.
Should accounting be regulated somehow?
What regulatory documents govern accounting and in which of them are fixed accounting regulation standards? The answer to this question will be provided below.
About accounting regulation
It is worth starting with the consideration of article 20 of the aforementioned bill. It is here that the basic principles of accounting regulation are fixed. It should be highlighted:
- Compliance with user needs reporting;
- unity of requirements for accounting;
- installation of accounting methods of a simplified type for individuals;
- active application of international standards, etc.
Documents without which accounting cannot be carried out are enshrined in article 21. 
This includes standards at the federal, international and industry levels, as well as professional accounting advice. The accounting regulatory bodies are the Central Bank of the Russian Federation and the corresponding federal body authorized in the control and supervision sphere. How is government regulation?
State regulation of accounting and reporting
Federal authorities in the framework of accounting regulation are able to carry out the following types of functions:
- approval of the program for the formation of standards at the federal level;
- adoption of standards;
- organization of examination of projects of certain standards;
- approval of requirements for the design of draft standards;
- participation in the development of international standards, etc.
The Central Bank of the Russian Federation should deal with the following duties:
- development and adoption of industry level standards;
- taking part in the preparation of standards at the federal level;
- examination of standards;
- control over accounting practices;
- implementation of other functions complying with law.
Similar functions, according to article 24 of the bill, have non-state bodies.
Final provisions of the Federal Law
Articles 29-32 contain concluding information. Links to other documents are provided here. In particular, article 30 provides an answer to the urgent question of which regulatory documents govern accounting.
Article 29 talks about the storage of documentation related to financial statements. Accounting policies, standards of an economic type, certificates on the organization and maintenance of accounting - all this must be stored for a period of at least five years in special archives. The responsibilities of an economic entity include ensuring the safety of all necessary documentation.