Accounting in the budgetary sector: problems of today

Abstract

Introduction. Currently, integration processes in the European and world community are underway in Ukraine. In this regard, the alignment of national accounting and financial reporting methodology in the public sector to international standards is a prerequisite for the implementation of Euro-integration processes. It is promotes effective analytical activities, enhances transparency of budgetary use, targeted use of borrowed funds. The purpose of paper is a study of theoretical and practical provisions of the organization of accounting in the budgetary sector, implementation of its reform and reflection of modern problems of its improvement. Results. Budgetary institutions are one of the relevant links in the budgetary sector. Accounting and financial reporting in them is determined by the legislation on the budget, the budget system, the basis of budget policy; appropriate public sector accounting guidance; other normative documents of the Ministry of Finance of Ukraine and the State Treasury Service of Ukraine. In the process of reform accounting in the budgetary sector, national public sector accounting standards have been developed that are consistent with international ones. A new, unified, public sector accounting plan has been built, and the level of transparency and openness of accounting has been improved. However, problems in the accounting and reporting system of public sector institutions remain. There is a need for final adaptation of the Ukrainian legislation on accounting and financial reporting to international requirements and compliance with changes in regulatory regulations; creation and implementation of an effective information and analytical accounting system and preparation of financial statements by public sector entities.. Conclusion. It is necessary to: improve the system of training and retraining of personnel of accounting and financial profile in the public sector, informational and educational support on measures of reforming the accounting of the budgetary sector, as well as introduction of an effective information system of accounting. Further adaptation of accounting in the budgetary sector to international standards promotes transparency in the management of public finances and allows to create a unified organizational and information support of accounting in the budgetary sector.