Changes in the accounting of property of a construction contractor

This article studies the impact of changes in the accounting of property of organizations in connection with the new regulations in the field of accounting, and the convergence of Russian accounting with international standards. These changes are considered on the example of accounting for tools and inventory in a construction contractor. The conclusion is made about the significant impact on the financial statements of the limit for accepting fixed assets for accounting established in the Accounting Policy, and the need to justify the choice of such a limit by the accountant.

Valuation of tangible fixed assets pursuant to the Czech accounting law and international accounting standards

Agricultural Economics (Zemědělská ekonomika) ◽

10.17221/927-agricecon ◽

2008 ◽

Vol 53 (No. 10) ◽

pp. 466-474

Author(s):

P. Svoboda

Keyword(s):

Accounting Standards ◽

Financial Statements ◽

Scientific Discipline ◽

International Standards ◽

International Accounting ◽

International Accounting Standards ◽

Tangible Assets ◽

Fixed Assets ◽

Value Determination ◽

The valuation of assets is a relatively challenging activity as well as a scientific discipline having an impact on the amount of the reported assets and economic result process. The report deals with the issue of valuation of the tangible fixed assets in the accounting entities compiling the financial statements pursuant to the Czech national legislation and in conformity with the requirements of the International Accounting Standards IAS/IFRS and US GAAP. The substantial differences in the definitions and valuation of the tangible fixed assets in these systems have been determined, indicating the impact on the economy of the accounting entity, both at the primary acquisition and as at the day of the closing of books. Attention has also been paid to the possibilities of recording the value decreases and to subsequent expenses. The analysis of legal regulations was completed with the analysis of the financial statements from selected economic entities. As per the international standards, the main difference consists in the possibility of component depreciation of tangible assets or, on the other hand, the possibility of group depreciation, in the differences in valuation in the event of acquisition paid for and of acquisition by one’s own production and in the possibility to consider the costs of disposal of assets. The subsequent expenses are also construed in a different manner: as per the Czech regulation, they are construed as repairs and maintenance. The substantial difference in comparison with the Czech regulation consists in the possibility of re-valuation of assets upwards as well as the method of actual value determination.

SPECIFIC TYPES OF RELATED PARTIES AND TRANSACTIONS WITH THEM IN INTERNATIONAL STANDARD ON AUDITING 550: IMPACT ON THE ASSESSMENT OF RISK OF MATERIAL MISSTATEMENT AND ESTABLISHING THE ENTITY’S ACCOUNTING POLICY

Three Seas Economic Journal ◽

10.30525/2661-5150/2020-3-15 ◽

2020 ◽

Vol 1 (3) ◽

pp. 89-95

Author(s):

Nataliia Shalimova ◽

Yana Klymenko

Keyword(s):

Internal Control ◽

System Analysis ◽

Financial Statements ◽

International Standards ◽

Related Services ◽

Scientific Methods ◽

Logical Method ◽

Management Staff ◽

The Impact ◽

The purpose of the study is to identify the impact of specific types of related parties, which are allocated in International Standards on Auditing 550 “Related Parties”, not only on the organization of the audit of financial statements in the context of assessing the risk of material misstatement, but also on the organization of accounting in enterprises. To achieve the goal set in the work, a complex of general scientific methods (analysis, synthesis, induction, deduction, abstraction) and methodical techniques (systematization, generalization, review, comparison) based on the provisions of International Standards of Auditing was used. In the study of the essence of related parties transactions and elaboration their classification method of system analysis, logical method, and method of modeling were used. There are three major tasks within the overall responsibility of the auditor while fulfilling such engagement as audit of the financial statements have been determined. It is substantiated that two different phrases (“has a responsibility to perform audit procedures” and “needs to obtain an understanding”) which are used in International Standards on Auditing 550 “Related Parties” requires a separate approach to formation a set of optimal audit procedures. Specific types of related parties based on the International Standards 550 “Related Services” that should be considered when performing audit of financial statements has been identified. Classification of related parties transactions according to their riskiness and connection with the normal course of business into four different types has been elaborated. Two groups of inquiries concerning related parties transactions have been analyzed. It has been proved that making inquiries the auditor should provide as much information as possible in order to avoid misunderstandings, which may lead to difficulties in forming an opinion. It is noted that determining the characteristics of the dominant influence and significant transactions will allow effective communication and cooperation between auditors, management staff and those responsible for governance in formation inquires and answers for them. Using proposed classification in the process of audit of financial statements and in developing regulatory documents for accounting at the entity will allow appropriate assessing of risk of material misstatement and increasing the effectiveness of internal control at the entity. It has been substantiated that the objectives of accounting policy not only in terms of meeting the interests of the company as an entity that prepares financial statements and interacts with related parties, but also in terms of meeting the interests of the entity as a responsible party, interacting with the auditor, that seeks to establish an internal control system that will ensure reducing its own risks.

IFRS IMPLEMENTATION AS ONE OF THE FACTORS FOR IMPROVING THE INVESTMENT CLIMATE IN UKRAINE

International scientific journal Internauka Series Economical Sciences ◽

10.25313/2520-2294-2020-12-6598 ◽

2017 ◽

Author(s):

Kateryna Sova ◽

◽

Natalia Yatsenko ◽

Denys Zagirniak ◽

◽

...

Keyword(s):

Financial Reporting ◽

Direct Investment ◽

Financial Statements ◽

International Standards ◽

Investment Climate ◽

The European Union ◽

Economic Activities ◽

Financial Reporting Standards ◽

Almost All ◽

The article is devoted to the study of the impact of the introduction of International Financial Reporting Standards (IFRS) on changes in the investment climate in Ukraine. The relevance of the topic is that improving the practice of applying IFRS as a tool for exchanging financial information is one of the key conditions for improving the investment climate in Ukraine. The authors have created the generalized scheme that illustrates the chronological list of enterprises that are required by law to prepare financial statements in accordance with IFRS. It was noted that in 2018, in accordance with Part 2 of Article 12 of the law on accounting and financial reporting in Ukraine and resolution of the Cabinet of Ministers of Ukraine No. 547 from 11.07.2018, the criteria of enterprises that are required to prepare financial statements in accordance with IFRS were updated. This step significantly increased the level of application of international standards due to the adoption of such a decision at the legislative level. The dynamics of the number of IFRS enterprises in Ukraine was analyzed. The analysis showed that over the past three years, the number of almost all enterprises that must apply international standards has been growing. The advantages of using IFRS for different users of financial statements were determined. It was determined that the priority users of IFRS financial statements are investors. At the same time, it was noted that the main advantage for other users of financial statements prepared in accordance with international standards is the improvement of the investment climate. The dynamics of the Investment Attractiveness Index of Ukraine based on the Likert scale in the period from 2016 to 2020 was analyzed. The direct investment receipts to Ukraine from the European Union countries were studied. The dynamics of direct investment in the Ukrainian economy was analyzed for two types of economic activities that should form financial statements in accordance with IFRS, namely, the extractive industry and quarrying, as well as financial and insurance activities.

The Impact of Private Ownership Structure on Risk Taking by Pakistani Banks: An Empirical Study

Pakistan Journal of Humanities and Social Sciences ◽

10.52131/pjhss.2018.0603.0050 ◽

2018 ◽

Vol 6 (3) ◽

Author(s):

Muhammad Sajjad Hussain ◽

Muhammad Muhaizam Bin Musa Musa ◽

Abdelnaser Omran Ali

Keyword(s):

Ownership Structure ◽

Risk Taking ◽

Negative Impact ◽

Negative Relationship ◽

Financial Statements ◽

International Standards ◽

Bank Risk ◽

Private Ownership ◽

Private Banks ◽

The financial crisis of 2007-09 was converted the focus of researchers and regulators toward bank risk-taking and this study is also analyzed the private ownership structure impact on Pakistani bank’s risk-taking. This study selects the all Pakistani private banks for investigation and data is collected from financial statements from 2005 to 2016. Most of the past studies found a negative impact of private ownership structure on bank risk-taking and this study is also indicated the negative relationship between private ownership and bank risk-taking. On the other, non-performing loans are double than the international standards that highlighted the owner’s attention toward high risky investments for high return. Thus, this study suggests that check this relationship with other factors that forced the owner’s behavior toward risk.

PENERAPAN PERLAKUAN AKUNTANSI ASET TETAP BERDASARKAN PSAK NO. 16 PADA HOTEL ARVIEL GORONTALO

GOING CONCERN : JURNAL RISET AKUNTANSI ◽

10.32400/gc.15.3.30061.2020 ◽

2020 ◽

Vol 15 (3) ◽

pp. 399

Author(s):

Vionalisa Chandra ◽

Ventje Ilat ◽

Meily Y. B. Kalalo

Keyword(s):

Hotel Industry ◽

Financial Statements ◽

Qualitative Approach ◽

Actual Situation ◽

Fixed Asset ◽

Fixed Assets ◽

Operational Activities ◽

Assets remain the most important part in supporting the company's operational activities, especially for companies engaged in the hotel industry. Therefore, it is necessary to have an appropriate fixed asset accounting policy in accordance with PSAK No. 16. This study aims to determine how the recognition, measurement, and presentation of accounting for fixed assets based on PSAK No. 16 at the Arviel Gorontalo Hotel. This study uses qualitative approach that compares the actual situation with relevant theories related to the problem. The data obtained is the result of interviews and documentation. Analysis is done by comparing the financial statements of the Arviel Gorontalo Hotel with PSAK No. 16. The results show that the Arviel Hotel Gorontalo has not fully implemented the accounting for fixed assets in accordance with PSAK No. 16.

ФОРМУВАННЯ ОБЛІКОВОЇ ПОЛІТИКИ ЗА ПРИНЦИПОМ БЕЗПЕРЕРВНОСТІ ДІЯЛЬНОСТІ ПІДПРИЄМСТВ

TIME DESCRIPTION OF ECONOMIC REFORMS ◽

10.32620/cher.2021.1.09 ◽

2021 ◽

pp. 74-81

Author(s):

Олена Сергіївна Юрченко

Keyword(s):

Financial Reporting ◽

Information Needs ◽

Accounting Standards ◽

Financial Statements ◽

Fair Value ◽

The Real ◽

Real Value ◽

The Impact ◽

Formulation of the problem. Based on the study, the prerequisites, features and components of the formation of accounting policies in the context of business continuity are revealed. The purpose of the article is to substantiate the theoretical and methodological and organizational provisions of accounting policy formation in the context of the implementation of the concept of continuity. The object of research is the process of formation of accounting policy and its impact on the quality of corporate financial reporting information. Methods used in the study: scientific knowledge, method of generalization, comparison, logical - meaningful, methods of induction and deduction. The main hypothesis is that the formation of accounting policies aimed at determining the regulations of accounting and reporting from the standpoint of reflecting complete and reliable information about the real value of assets and liabilities will help reconcile the interests of all stakeholders. Presenting main material. The article identifies the prerequisites, directions and elements of the formation of accounting policies on the principle of continuity of enterprises. Provisions on the development of theoretical and methodological foundations for the formation of accounting policies of enterprises on the basis of risk-oriented approach are revealed. The necessity of valuation of assets and liabilities according to the criteria: fair, discounted and market value of enterprises is substantiated and the methodological support of valuation of financial instruments in accounting is revealed. Originality and practical significance are proposals for the formation of methodological and organizational support and recommendations for the measurement of assets and liabilities at fair value in order to improve the quality of financial statements. Research findings. The formation of accounting policy in the context of the principle of continuity is based on the requirements of International Accounting Standards and National Accounting Standards and depends on the needs of management, methods and techniques of accounting. In the process of developing an accounting policy, it is necessary to take into account the information needs of various stakeholders to disclose information in corporate financial statements. The introduction of theoretical and methodological provisions for the formation of elements of accounting policy on the principle of continuity will meet the information needs of different users, improve the quality of financial reporting and assess the impact of accounting policies on the real value of enterprises in the future.

Understanding the Essence of the Accrual Method According to the International Standards

Works of Georgian Technical University ◽

10.36073/1512-0996-2021-2-57-66 ◽

2021 ◽

pp. 57-66

Author(s):

Bidzina Grigalashvili ◽

Keyword(s):

Subject Matter ◽

Accounting Standards ◽

Financial Statements ◽

International Standards ◽

International Accounting ◽

International Accounting Standards ◽

Conceptual Frameworks ◽

Accounting Practice ◽

Assumption of international accounting standards was considerable event in the accounting practice of Georgia. One of the innovation was the introduction of "accounting policy" and establishment such an element in the compilation of financial statements as "accrual method". Mentioned method was not used in Soviet accounting. Based on his explanation, after the introduction of international standards, the definitions have undergone some changes. The article analyzes the implemented changes, definitions, given in international standards and conceptual frameworks, outlook of various authors concerning subject matter and relevant conclusions drawn. Based on researches have been proven that, the "accrual method" should be used by the enterprise in recognizing / reflecting income and expenses and not in relation to assets and liabilities. Based on the reconciliation and analysis of different definitions, the author's designation of the "accrual method" is proposed.

THE FORMATION CONCEPTUAL BASIS OF ACCOUNTING POLICY FOR DEFERRED REVENUE IN ACCORDANCE TO IFRS 15 «REVENUE FROM CONTRACTS WHITH CUSTOMERS»

Economic journal of Lesya Ukrainka Volyn National University ◽

10.29038/2786-4618-2021-03-22-28 ◽

2021 ◽

Vol 3 (27) ◽

pp. 22-28

Author(s):

Olga Markus

Keyword(s):

Financial Statements ◽

International Standards ◽

Conceptual Basis ◽

Significant Component ◽

Methodological Basis ◽

Full Compliance ◽

Scientific Justification ◽

Accounting Model ◽

Over Time ◽

Abstract. The article provides a scientific justification of the methodological basis of accounting policies for deferred income and the features of their recognition over time, taking into account the requirements of IFRS 15 «Revenue from contracts whith customers». A method of recognizing revenue from contracts with customers over time is assessed, assessing progress towards full compliance with the obligation to perform. Approaches to the reflection of modifications of the contract and a significant component of financing are formalized. A conceptual accounting model is proposed to disclose information in the financial statements about contractual assets and liabilities. Prerequisites for harmonization of financial statements with the requirements of international standards have been formed.

ELEMENTS OF ACCOUNTING POLICY SELECTION AND ITS INFLUENCE ON FINANCIAL STATEMENTS INDICATORS

Vestnik Universiteta ◽

10.26425/1816-4277-2019-1-158-162 ◽

2019 ◽

pp. 158-162

Author(s):

O. Ageeva ◽

D. Formusatii

Keyword(s):

Financial Analysis ◽

Financial Statements ◽

Financial Statement ◽

Sources Of Information ◽

Management Decisions ◽

Financial Analyst ◽

Valuation Methods ◽

Policy Selection ◽

The Impact ◽

In this article, the authors consider reasons for development of variety of accounting policies and examine influencing of selected accounting policy elements on valuation of financial statements indicators. Obviously financial statements indicators are definitely one of the most important sources of information for financial analysis and management decisions. Financial analyst should be aware, which valuation methods have been presented in this financial statement, and how they influence on formulated by him analytical conclusions. The approach presented in the article to the assessment of the impact of accounting policies on the financial statements’ indicators and the conclusions formulated by the authors as a result of the research allows to get answers to these issues.

APPROACHES TO THE VALUATION AND REVALUATION OF FIXED ASSETS ACCORDING TO RUSSIAN AND INTERNATIONAL STANDARDS

Transbaikal State University Journal ◽

10.21209/2227-9245-2021-27-3-87-98 ◽

2021 ◽

Vol 27 (3) ◽

pp. 87-98

Author(s):

V. Gonin ◽

◽

E. Panchenko ◽

E. Kibireva ◽

O. Nomokonova ◽

...

Keyword(s):

Asset Management ◽

Point Of View ◽

International Standards ◽

Historical Background ◽

Accounting System ◽

Historical Aspect ◽

Management Procedures ◽

Fixed Assets ◽

The Cost ◽

Questions of valuation and revaluation of fixed assets in a market environment inevitably arise. This is due to the increased role of assessing the effectiveness of asset management. The harmonization of national and international accounting standards allows us to consider the assessment and revaluation processes, both from the point of view of the accounting system and from the point of view of the financial consequences of the procedures performed. The purpose of the study is to study the historical background and systematize approaches to the assessment and revaluation of fixed assets according to Russian and international standards. To achieve this goal, the following tasks are set: to study the methods and historical aspect of revaluation; to study the conceptual framework of revaluation and impairment; to systematize the general provisions of the methodology for assessing the value of fixed assets during revaluation and impairment. The object of the study is fixed assets. In the course of the study, the history of revaluation of the cost of fixed assets is considered, the conceptual apparatus of the cost of fixed assets is analyzed in relation to the procedures for revaluation and impairment testing, the methodology of revaluation and impairment is considered. The paper concludes that it is necessary to introduce into the practice of accounting and management procedures for assessing the value of fixed assets and revaluing them, which will allow us to obtain reliable information when analyzing the impact of cost changes on the indicators used in determining the effectiveness of activities