Abstract
The article reveals the role, significance, features of the formation and submission of reports by farms. Attention is drawn to the fact that at the present stage the problems of transformation of the domestic agricultural sector are intensifying. Farming is considered one of the most common forms of entrepreneurial activity in the agricultural sector. In an uncertain, ever-changing environment, the effective functioning of an enterprise often depends on the ability to develop and implement creative management decisions based on analytical information. In order for all farm reporting to be as useful as possible, it should be simpler in structure and order of filling and at the same time – concise. The composition and reporting structure of farms depends on the one hand on the types of accounting, and on the other – on the information needs of users. In addition, the organizational and legal form of the entity and the form of accounting should be considered. If the farm is established in the form of a legal entity, it is subject to the requirements of mandatory accounting. The peculiarities of the organization of farm accounting and reporting are determined. It is noted that in addition to the volume of activity, other factors also influence, among which it is worth noting the specialization, the number of business transactions, the system of taxation of the farm. The specifics of financial and statistical reporting of farms as legal entities and natural persons-entrepreneurs are revealed. A farm as a legal entity compiles the same reports as a regular agricultural enterprise. A farm (natural person-entrepreneur) prepares reports as an ordinary natural person-entrepreneur. Peculiarities of formation and submission of tax reporting are investigated. If the farm is on the general system of taxation, it is obliged to file a declaration of income tax (the form approved by the order of the Ministry of Finance dated 20.10.2015 № 897 as amended). Taxpayers who are registered during the reporting (tax) year (newly created) pay income tax on the basis of an annual tax return for the period of activity in the reporting (tax) year. If the farm is on a simplified taxation system, it will submit, depending on the selected group, either a declaration of a single taxpayer of the third group (legal entity), or a declaration of a single taxpayer of the fourth group (form of declaration approved by order of the Ministry of Finance from 19.06.2015 № 578 with changes). It is established that farms that own or rent wells and are required to report in accordance with IFRS. Such reporting is subject to publication together with the auditor's report on its website (in full). The impact of qualitative characteristics of reporting and the principles of its formation on the completeness of economic processes and features of economic activity in the reporting system.
Highlights
In the 21st century, globalization and digitalization have deeply permeated all aspects of human life
The objectives of the study are subordinated to achieving the purpose and focused on the following aspects: determining the importance of derivatives in the world economy; analysis of the current state of the world derivatives market and identification of its structural features; coverage of the processes related to the reform of the global derivatives market; substantiation of prospects for its further development
The analysis examined the correlation between the size of the world GDP (x2), the derivatives market (x3) with the time factor (x1), as well as the correlation between the components of the derivatives market with these factors
Summary
In the 21st century, globalization and digitalization have deeply permeated all aspects of human life. Due to the current importance and scale of the global derivatives market, significant scientific tasks occurred including the need for continuous monitoring of its condition, identification, and analysis of key indicators, as well as substantiation of further prospects of operation, based on existing trends and global processes. The purpose of our study is to determine the current state of the global derivatives market in the context of structural and dynamic processes and to substantiate the prospects for its further development, given the existing global challenges. The objectives of the study are subordinated to achieving the purpose and focused on the following aspects: determining the importance of derivatives in the world economy; analysis of the current state of the world derivatives market and identification of its structural features; coverage of the processes related to the reform of the global derivatives market; substantiation of prospects for its further development. Based on the result of the study, extrapolating them to the current situation in the financial market were substantiated the prospects for further development of the derivatives market
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