Intangible Assets Disclosure By Russian And Kazakhstani Oil Companies

Abstract

The oil industry and oil companies, in particular, in the countries considered in the article directly affect the well-being of the nation. And the financial standing of the company affects the welfare of its employees and the social standard of living in the region. The importance of intangible assets is rapidly increasing due to the fast development of information technologies, scientific and technological progress. No company can do business without using the various intangible assets in its production activities today. The intensified market competition and advent of new information technologies have caused this situation. An important place in accounting is accounting for intangible assets, which is one of the most complex processes, both in the Russian and in foreign practice. The problem of accounting for IA is related to the specifics of the object's accounting and its properties. Proper accounting for intangible assets is very important in today's information age. It allows to objectively assess a company's market value, make business decisions and attract new investors. However, in both Russia and Kazakhstan there is a lack of specific accounting standards and guidance on disclosing this information, so companies can selectively disclose information on intangible assets in their annual financial statements. This article measures the level of intangible assets disclosure for "Bashneft" and "Tengizchevroil" oil companies, that was calculated based on Ragini index methodology. Particular attention is paid to a separate block of this methodology "Human Resources".