The article shows the current position of scientists in the field of legal theory on the need to distinguish between the specification and interpretation of law. In this regard, the author justifies the position that the basis of legal regulation of relations in the field of accounting is contained in such forms of law as the Constitution of the Russian Federation, International financial reporting standards (contains the basic principles), and Federal legislation on accounting. Specification of legal regulation of accounting consists in such forms of law as national accounting standards, and interpretation is made at the level of local acts of the subject of economic activity (in the accounting policy and explanatory notes attached to the reporting). At the same time, it is suggested that numerous in the economic field of the so-called valuation concepts (materiality, interest, integrity, etc.) should not be interpreted arbitrarily, but on the basis of officially established algorithms (as an example, the provisions of the audit standards are given – minimizing audit risk, evidence in the audit, etc.). Such established rules should be sufficient, but not excessive, as this may lead to "cementing" the interpretation process.