MECHANISM OF ACCOUNTING SECURED MEDIA OF KEY INFORMATION IN BANKS OF UKRAINE

The article examines the essence and components of the bank’s accounting policy, which affect the accounting of inventories of the bank in general and protected media in particular. It is specified that each credit institution develops and approves mandatory accounting policy provisions, which contain a set of principles, methods and procedures used for accounting, preparation and presentation of financial statements. The bank’s accounting and financial reporting are based on the principles defined in the conceptual basis of international financial reporting standards. Protected media have been identified as components of inventories. Commercial banks generate keys for their customers to access remote service systems. These keys are essentially an electronic signature and seal of the client to sign the electronic payment documents created by him before sending them to the bank. In order to prevent the copying of electronic signature keys, secure media (Secure Token) have been developed, on which the bank writes digital signatures of customers. Accounting models of accounting for transactions on the sale of protected media are presented. Protected media according to a number of criteria in accordance with accounting standards can be classified as inventories, and therefore they are accounted for by the same rules. Transactions on the sale of protected key information carriers, depending on the method of payment and the sale price can be reflected in the financial statements in accordance with the four accounting models. The probable operational risks of the bank, which may arise in the process of selling protected media, have been identified and it has been determined that in order to reduce the operational risk of penalties for late registration of tax invoices, it is recommended to implement Secure Token for non-cash funds.

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The Accounting Policies of Enterprises for Intangible Assets: The Basic Principles and Features of Formation

Business Inform ◽

10.32983/2222-4459-2020-12-302-309 ◽

2020 ◽

Vol 12 (515) ◽

pp. 302-309

Author(s):

O. O. Diadiun ◽

Keyword(s):

Financial Reporting ◽

Intangible Assets ◽

Accounting Standards ◽

Financial Statements ◽

Reporting Standards ◽

Basic Principles ◽

Financial Reporting Standards ◽

Disclosure Of Information ◽

Alternative Solutions ◽

Accounting Policy

The article is aimed at examining the theoretical-practical bases of formation of accounting policy for intangible assets of enterprise, taking into account the conceptual basis of financial statements – either UAS (Ukrainian Accounting Standards) or IFRS (International Financial Reporting Standards). The analysis and generalization of the requirements of regulations, as well as scientific works of many scholars on understanding the essence of the concept of «accounting policy» were carried out. Two key directions of understanding of accounting policy by domestic scholars are allocated: the closer specified one (description of alternative solutions) and the wide one (disclosure of an additional array of information in addition to choosing from the permitted alternatives). The author’s own approach to understanding the accounting policy in terms of intangible assets is proposed: it is a description of the decisions chosen by the enterprise from a number of alternatives stipulated by the standards (UAS or IFRS), regarding the recognition, valuation, submission and disclosure of information about intangible assets, as well as other aspects deemed essential. The approaches of domestic scholars to identify the main elements of accounting policy related to intangible assets are considered. On the basis of the study of alternative requirements of IAS 38, a minimum set of elements of the enterprise’s accounting policy for intangible assets is proposed, as well as key differences in approaches to the preparation of accounting policies under the UAS compared to the IFRS are defined. The appropriateness of disclosure of tax aspects in accounting policy is analyzed. Approaches to improving accounting policy and ensuring its innovative nature through the presentation of independent decisions of the enterprise on disclosure of information about intangible assets in the broad sense of this concept are proposed. It is recommended to disclose information on the identification of classes of the implicit innovation-oriented assets, approaches to valuation and monitoring of these assets outside of traditional accounting methods, as well as disclosure channels for such assets.

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The Use of Accounting Policy Options under IFRS in Europe: Do Country, Industry, and Topic Factors Matter?

Contemporary Economics ◽

10.5709/ce.1897-9254.450 ◽

2021 ◽

Vol 15 (3) ◽

pp. 289-308

Author(s):

Karsten Eisenschmidt ◽

Joanna Krasodomska

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Statements ◽

The Body ◽

International Accounting Standards ◽

Financial Reporting Standards ◽

Global Standards ◽

Potential Factors ◽

The Impact ◽

Accounting Policy

Since the formation of the International Accounting Standards Board (IASB), the use of In-ternational Financial Reporting Standards (IFRS) has spread and they have become global standards for financial reporting. However, they are not used unanimously all over the world. This paper focuses on differences in countries’ approaches to IFRS. Our study aims to investi-gate the use of accounting policy choice for selected options in Europe with a particular focus on countries, industry and topic-specific firm factors. We analyze financial statements of 416 companies of the STOXX Europe 600 operating in 17 European countries. We use content analysis to identify the companies’ decisions to choose a particular option allowed under IFRS and run a logistic regression to identify potential factors that influence them. Our findings suggest that the factors under investigation do not always have a significant influence on the accounting option choice. However, the country variables seem to have a stronger influence than industry or topic variables. The study contributes to the body of literature mainly because it investigates a uniform European setting with the use of the 2017 data and it covers coun-tries not included in previous studies. Its results also provide a basis for discussion on the fi-nancial statements quality and the impact of IFRS across countries.

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Research of Estimated Liabilities During the Audit of Accounting (Financial) Statements

Auditor ◽

10.12737/1998-0701-2021-7-9-33-39 ◽

2021 ◽

pp. 33-39

Author(s):

N. Loseva

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Statements ◽

International Financial Reporting Standards ◽

Reporting Standards ◽

Financial Reporting Standards

The article discusses the estimated liabilities, their study and assessment in accordance with the provisions of Russian accounting standards (RAS) and International Financial Reporting Standards (IFRS).

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How Does Local Adoption of IFRS for Those Countries That Modified IFRS by Design, Impair Comparability with Countries That Have Not Adapted IFRS?

Journal of International Accounting Research ◽

10.2308/jiar-51807 ◽

2017 ◽

Vol 16 (3) ◽

pp. 59-90 ◽

Cited By ~ 2

Author(s):

Elizabeth Felski

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Statements ◽

Financial Statement ◽

International Accounting Standards ◽

Reporting Standards ◽

Financial Reporting Standards ◽

Study Results ◽

Reporting Environment ◽

Proper Translation

ABSTRACT Global adoption of International Financial Reporting Standards (IFRS) is thought to increase financial statement reliability and comparability. Although IFRS is required or allowed in over 130 nations, some countries modify IFRS as issued by the International Accounting Standards Board (IASB). This study is designed to closely examine each country that modifies IFRS in an effort to determine whether these modifications impair financial statement comparability. First is that countries lack the resources to implement the newest version of IFRS or ensure proper translation of the standards. Second is that countries make specific changes to allow IFRS to better meet the needs of their financial reporting environment. I categorize the first set of countries as default countries and the second set as design countries. The study results in several interesting and useful contributions. First, I develop a new typology for future IFRS research that includes not only the locally adopted category, but also the default and design categories. Second, the details of how countries modify IFRS make it clear that differences can exist in financial statements prepared in different countries both using IFRS. The users must be careful to understand how comparability may be impacted by these modifications.

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Ruckman, Inc.: Converting from U.S. GAAP to IFRS

Issues in Accounting Education ◽

10.2308/iace-10020 ◽

2011 ◽

Vol 26 (2) ◽

pp. 341-360 ◽

Cited By ~ 7

Author(s):

Rebecca Fay ◽

John A Brozovsky ◽

Patricia G Lobingier

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Statements ◽

The United States ◽

Securities And Exchange Commission ◽

High Demand ◽

Financial Reporting Standards ◽

Accounting Courses ◽

Cpa Exam ◽

Two Phases

ABSTRACT This case is designed as a comprehensive review of significant differences between accounting principles generally accepted in the United States of America (U.S. GAAP) and International Financial Reporting Standards (IFRS) for specific topics covered during most Intermediate Accounting courses. The task requires you to analyze and evaluate a company's significant accounting policies for compliance with IFRS as you plan and conduct the conversion of a firm's financial statements from U.S. GAAP to IFRS. The skills developed throughout this case are currently in high demand as IFRS is quickly becoming the global norm in accounting standards and many multinational companies based in the U.S. are already affected by these standards. The Securities and Exchange Commission (SEC) has developed a roadmap that may require U.S. companies to begin adopting IFRS in 2015. You will be tested on your knowledge of IFRS on the CPA exam. The case is presented in two phases, allowing you to experience the conversion process from planning to execution.

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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 ◽

Accounting Policy

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.

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Divergence within IFRS adoption: the case of depreciation practices of listed banks in Bangladesh

The Indonesian Accounting Review ◽

10.14414/tiar.v10i2.2064 ◽

2020 ◽

Vol 10 (2) ◽

pp. 169

Author(s):

Mezbah Uddin Ahmed

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Statements ◽

National Standard ◽

Accounting Standard ◽

Pressure Groups ◽

Financial Reporting Standards ◽

Ifrs Adoption ◽

Implementation Guidelines ◽

Qualitative Characteristics

Comparability is one of the qualitative characteristics of financial statements that are prepared in compliance with the International Financial Reporting Standards (IFRS). The objective of this research is to identify whether this qualitative characteristic can be negated even when entities apply IFRS. In achieving the research objective, the depreciation policies adopted by the listed banks in Bangladesh are identified and compared with each other. This research finds that despite increasing effort by accounting standard setters and pressure groups to achieve IFRS-compliance and harmonization in accounting practices, non-compliance and divergence still exists. This research also finds that the divergence in depreciation practices can be of enough significance to negate comparability. The findings of this research expected to assist the international and national standard setters as well as the regulators in understanding the practical issues in implementing accounting standards and developing clearer IFRS implementation guidelines.

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Implementation of foreign practice of regulation and accounting and reporting in Russia

Courier of the Kutafin Moscow State Law University ◽

10.17803/2311-5998.2020.73.9.215-222 ◽

2020 ◽

pp. 215-222

Author(s):

N. Yu. Orlova

Keyword(s):

Comparative Analysis ◽

Financial Reporting ◽

Accounting Standards ◽

Financial Statements ◽

National Standards ◽

International Financial Reporting Standards ◽

Reporting Standards ◽

Financial Reporting Standards ◽

Tax Reporting ◽

International Comparability

The reform of accounting and reporting in Russia began in the 1990s. The benchmark was taken on International Financial Reporting Standards, as many countries use these standards. IFRS have a number of advantages, such as simplicity, objectivity, international comparability. The author of the article gives the main problems, as a result of which, for almost thirty years, national standards have come very slightly closer to international ones. The author of the article gives the main problems, as a result of which, for almost thirty years, national standards have come very slightly closer to international ones. In the comparative analysis of accounting and the preparation of accounting and tax reporting according to Russian Accounting Standards (RAS) with International Financial Reporting Standards (IFRS), fundamental differences were revealed in the reflection of accounting objects in financial statements.

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Response to the SEC’s Proposed Rule—Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) by U.S. Issuers

Accounting Horizons ◽

10.2308/acch.2010.24.1.117 ◽

2010 ◽

Vol 24 (1) ◽

pp. 117-128 ◽

Cited By ~ 14

Author(s):

Mark Bradshaw ◽

Carolyn Callahan ◽

Jack Ciesielski ◽

Elizabeth A. Gordon ◽

Leslie Hodder ◽

...

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Statements ◽

Financial Accounting ◽

International Financial Reporting Standards ◽

Reporting Standards ◽

Financial Accounting Standards Board ◽

Financial Reporting Standards ◽

Near Term ◽

Potential Use

SYNOPSIS: The Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association (hereafter, the AAA FRPC or the committee) is charged with responding to discussion memoranda and exposure drafts on financial accounting and reporting issues. This response is to the SEC’s proposed rule, Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) by U.S. Issuers. Based on a review of the literature, the AAA FRPC has concluded that a move to an international set of financial reporting standards is a desirable goal. We have also concluded that continued convergence of U.S. GAAP with IFRS by joint relations between the International Accounting Standards Board (hereafter, IASB) and the Financial Accounting Standards Board (hereafter, FASB) is preferable to near-term adoption of IFRS as a strategy for convergence.

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Analysis of Possibilities of Detectnig the Manipulation of Financial Statements in Terms of the IFRS and Czech Accounting Standards

Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis ◽

10.11118/actaun201563061859 ◽

2015 ◽

Vol 63 (6) ◽

pp. 1859-1866 ◽

Cited By ~ 4

Author(s):

Zita Drábková

Keyword(s):

Financial Reporting ◽

Balance Sheet ◽

Accounting Standards ◽

Financial Statements ◽

Reporting Standards ◽

Financial Reporting Standards ◽

Creative Accounting ◽

Risk Detection ◽

Accounting Unit ◽

Comparison Of The Results

The main objective of financial statements is to give information. The diversity of interests and objectives of individual groups of users and creators of financial statements presents the risk of manipulation of financial statements in the context of true and fair view as defined in the national accounting legislation. The paper is concerned with the different possibilities of detecting the manipulation of financial statements in terms of the Czech Accounting Standards and IFRS. The paper analyzes the selected risk detection models of the manipulation of financial statements using creative accounting methods, off-balance sheet financing methods and accounting frauds in specific case studies of selected accounting unit in terms of Czech accounting standards. Based on the analysis and comparison of the results thereof, the paper presents and evaluates the alternatives of users of financial statements to evaluate the risk of manipulation of financial statements beyond the scope of a fair and true view. The evaluation further includes a comparison of uses of these models with respect to the International Financial Reporting Standards.

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