REPORTING OF AGRARIAN ENTERPRISES: FOREIGN AND DOMESTIC PRACTICE

Abstract

At the present stage the problems of transformation of the domestic agricultural sector are relevant due to the need to change the structure of agricultural production, restructuring of agricultural enterprises and the creation of new economic structures based on the basis of public-private partnership. This, in turn, requires changes in the accounting and reporting of agricultural enterprises, taking into account international standards in the context of intensifying the integration of Ukraine's economy into the world accounting system. The purpose of this research is to study and summarize foreign experience in accounting and reporting of farms in order to provide suggestions on the possibility of its application in Ukrainian practice. To achieve this goal such research methods as analysis and synthesis, comparison, generalization, classification, structural and logical have been used. The article analyzes the current legislative and regulatory framework governing the accounting and reporting of enterprises in the field of agriculture. The peculiarities of the organization of accounting of agricultural enterprises are determined taking into account the changes in tax legislation in 2020. It is established that the reporting of farms depends on the form and system of taxation (general and simplified). The specifics of financial reporting of farms as legal entities and natural persons-entrepreneurs are revealed. A farm as a legal entity compiles the same financial statements as a regular agricultural enterprise. Farm as a natural person-entrepreneur report as usual natural person-entrepreneur. Farms-legal entities prepare financial statements, which include the balance sheet and statement of financial performance. Farms as a natural person-entrepreneur do not prepare financial statements, because the individual does not have a balance sheet (statement of financial position), as his personal property is not separated from the property of the farm. The form of establishment of the farm and the taxation system determine the set of reports that should be submitted to government agencies. Key words: agribusiness entities, farming, accounting, financial reporting, taxation system, legal regulation, foreign practice.