Abstract
The aim of the paper is to evaluate the regulation and organization of accounting in Ukraine under the changes in the national economic system development and impact of IFRS implementation. The system of legal regulation of accounting in Ukraine is presented by five levels, each comprised of a number of corresponding subjects of regulation and documents. Typical Chart of Accounts is evidence of the continental accounting model in Ukraine. The accounting standards provide freedom of choice as for the specific accounting methods, and as a result the significance of accountants' training and their role in professional judgment is intensified. Harmonization of national accounting standards with IFRS requires intensification of accounting organizations' activity. At the present several professional accounting organizations operate in Ukraine, however, they are not given the rights on accounting regulation, but rather have an advisory function. Taking into consideration the historical background, the efficiency of public regulation of the professional accountants' activity in Ukraine is rather limited. Special influence is being done on the accounting purpose and methodology as a tool of applying the values that are considered by users according to their functions at the different levels of management.
Highlights
The aim of the paper is to evaluate the regulation and organization of accounting in Ukraine under the changes in the national economic system development and impact of IFRS implementation
The Law envisages: a) state regulation of accounting and financial reporting with the purpose of safeguarding the users’ interests as well as accounting and reporting improvement; b) application of accounting and financial reporting principles and methods, which are determined by the National Accounting Standards (Statements) and don’t contradict international standards; c) development of methodical recommendations on the National Accounting Standards (Statements) application by branch ministries and other bodies of executive power in accordance with industries’ peculiarities; d) activity of Accounting Methodology Board
Functions of Accounting Methodology Board as an advisory body working within the Ministry of Finance of Ukraine and guarantees the accomplishment of the following tasks: organization of the development and consideration of the National Accounting Standards’ (Statements’) projects, other normative and legal acts, concerning book-keeping and draw up financial statements; improvement of organizational forms and accounting methods in Ukraine; methodological provision of introducing present-day technologies on collecting and processing accounting and economic information; development of recommendations on improving the system of accountants’ training, re-training as well as upgrading their professional skills
Summary
Business activity cycles Class 7 Revenues and results of activity Class 8 Expenses by elements. Non-current assets and groups of retirement I. Provision for future expenditures and payments III.
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