Income and expenditure accounting: areas of harmonization of international and national financial accounting standards

Abstract

Comparative analysis of accounting, valuation, determination and classification of income and expenses by international and national accounting standards has been performed, and problems of improvement of accounting of income and expenses by national and international accounting standards are outlined. Based on the comparison of national standards and international standards, the main characteristics and features of the classification of income and expenditure are considered. The expediency of using International Accounting Standards in Ukraine is substantiated. The objective necessity of applying the practice of accounting according to International Accounting Standards and outlining the benefits of using such practice is stated, the correspondence of the International Accounting Standards and Accounting Regulations (Standards), regarding accounting of income and expenses taking into account national and international practices, international and national accounting standards is investigated income grouping by type of experience in the Accounting Standards (Standard) and International Standard accounting. A comparative analysis of disclosure of financial results by international standards and national standards has been carried out. The current practice of compiling and presenting the Financial Statements (Income Statement) in accordance with international and national standards is reviewed. The necessity for application of the international financial reporting standards for Ukrainian enterprises is substantiated. A comparative analysis international and national accounting standards of disclosure of financial results by international standards and national standards has been carried out. The economic essence and features of the financial statement in the process of adapting the financial statements to international standards are considered. The regulatory aspects of the statement of financial performance have been investigated, which is a pressing issue as a result of bringing the national accounting system into line with international accounting standards.