scholarly journals IMPROVEMENT OF THE EFFICIENCY OF SYSTEMS OF ACCOUNTING AND ANALYTICAL SUPPORT OF INVESTMENT ACTIVITIES OF ORGANIZATIONS

2020 ◽  
Vol 7 (4) ◽  
pp. 6-10
Author(s):  
Nadezhda Morozova ◽  
Elena Gul'kova
Keyword(s):  
Financial Reporting ◽  
Structural Changes ◽  
Point Of View ◽  
International Standards ◽  
Economic Science ◽  
Accounting System ◽  
Economic Activities ◽  
Information Platform ◽  
Accounting Management ◽  
Tax Accounting

The article discusses the practical aspects of the development of accounting, management and tax accounting systems from the point of view of improving the accounting and analytical support for the investment activities of Russian organizations, the reliability and information content of the generated reports, and the effectiveness of performance evaluations. The problems and possibilities of convergence of Russian accounting standards and international standards of financial reporting, accounting, management and tax accounting are identified, and areas of reorganization of the accounting and analytical support system from the point of view of efficiency of use in investment activities are highlighted. The conclusions are formulated that due to serious financial and structural changes in the organization as part of investment activities, the need to develop a system of accounting and analytical support, development of accounting policies for integrated accounting and the creation of an integrated accounting system that aggregates data from different accounting subsystems of the organization will allow complete and balanced information in conjunction with future results in a concise and concise manner. The prospect of developing accounting and analytical support in the form of integrated accounting will be an information platform that combines several areas of economic science, namely, accounting, analysis, planning, diagnosis and control to achieve the prospective development of economic activities of organizations in the Russian Federation.

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

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 Impact

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.

scholarly journals Financial statements as the main source of information on the enterprise activity

2021 ◽  
Vol 11/1 (-) ◽  
pp. 27-30
Author(s):  
Nina OVSIUK ◽  
Zhanna SHALIIEVSKA ◽  
Kateryna HULKO
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
International Standards ◽  
Foreign Banks ◽  
Practical Implementation ◽  
Economic Activities ◽  
Management Decisions ◽  
Economic Relations ◽  
Intelligent Technology ◽  
Transparency And Disclosure

The essence of effective management of each business entity depends primarily on transparency and disclosure of information about its financial and economic activities. The financial report itself covers all important information about the state of the enterprise and provides an opportunity to obtain financial status with it by the interested user for further analysis and decision-making on further activities. As a rule, investors of creditors, state bodies, representatives who are preparing in construction with the business entity are interested in financial reporting. In order to provide more detailed and informative financial reporting to users, it is necessary to compile it with international standards, which act as tools for globalization of the economy and contribute to the development of global economic relations. During 2020–2021, the activities of enterprises took place in extremely difficult conditions, which is why the pandemic significantly affected the financial reporting indicators. Today, there is an appropriate use of intelligent technology and computer technology in the formation of financial statements. Financial statements based on taxonomies of financial statements for IFRS are prepared and presented in a single electronic format using Extensible Business Reporting Language (XBRL). XBRL is a generally accepted international standard for presenting financial statements in accordance with IFRS in electronic form. With the help of IFRS, Ukrainian companies have more effectively solved the following tasks: attracting investments and loans from the world's largest companies and banks, the ability to service financing from foreign banks and other organizations; placement of shares on international stock exchanges; providing the company's management with reliable information for making management decisions, as well as evaluating their adoption. Thus, today the economy of Ukraine depends on the choice of IFRS as a conceptual basis for accounting and its practical implementation. After all, the financial statements are fully open to internal and external users to make informed management decisions regarding cooperation with the relevant entity.

scholarly journals Accounting policy of the government sector entity at the current stage of accounting systems development in accordance with international standards

VUZF Review ◽  
2020 ◽  
Vol 5 (1) ◽  
pp. 38-42
Author(s):  
Julia Lutsyk ◽  
Serhii Diachenko ◽  
Serhii Kyrychenko ◽  
Volodymyr Kotsyuruba ◽  
Ivan Tkach
Keyword(s):  
Financial Reporting ◽  
Policy Formation ◽  
International Standards ◽  
Practical Implementation ◽  
Accounting System ◽  
Strategic Decisions ◽  
Stage Of Development ◽  
Government Sector ◽  
The Government ◽  
Accounting Policy

The article defined notion of “accounting policy”, its contest, purpose and practical implementation.  Described main levels of accounting policy formation, their instruments that contribute and support the idea of harmonizing the accounting and financial reporting system in accordance with national and international regulations (standards). Proved the relevance and importance of research of accounting policy formation at the modern stage of development, in conditions where integrity of the accounting system and continuity of the accounting process are the basis for management strategic decisions making. Determined the peculiarities of formation of accounting policy for government sector entities at the modern stage of accounting system modernization. Considered the method of organization of creation the accounting policy of government sector entities through the system of stage-by-stage actions. Identified the content and elements of accounting policy, main target of which – ensuring the organization of comprehensive accounting process. Introduced number of risks which appear directly under the conditions of adaptation of public sector entities to the modern requirements of the accounting system, which has impact to the quality of accounting process and to the level of implementation of planned actions. Proved importance of accounting policy formation for government sector entities.

scholarly journals Current determinants of the national accounting system transformation in Iraq

2021 ◽  
pp. 114-121
Author(s):  
K.S.A. Ahmed ◽  
A. K. Musaelyan ◽  
M. V. Krasnoplakhtich
Keyword(s):  
Financial Reporting ◽  
System Development ◽  
International Standards ◽  
National Standards ◽  
Accounting System ◽  
System Transformation ◽  
Cultural Traditions ◽  
National Accounting ◽  
Current Accounting ◽  
The Republic

The article examines the most relevant issues of the external and internal factors’ influence on the accounting current development in Iraq. Historically, Iraq’s accounting system has been shaped by cultural traditions, religion, economic development and political trends over a long period, from ancient times to the present. Its origins date back to the Sumerian kingdom and before the overthrow of the S. Hussein regime. At present, not only national priorities but also global accounting trends have changed. Being formed in parallel with the development of the Republic of Iraq, the current accounting system is not oriented towards the requirements of International Financial Reporting Standards. In order to identify the current determinants of the national accounting system development, the actual model features and the conditions for consolidation with international standards have been analysed. The main directions of accounting harmonisation in the Republic of Iraq towards the international standards integration into the national system have been identified. The main steps of the transformation of national standards to international standards have been presented. 

scholarly journals International methods of accounting and giving financial reporting to banking institutions

2020 ◽  
pp. 115-123
Author(s):  
S. Khomovyi ◽  
N. Khomyak ◽  
N. Tomilova-Yaremchuk ◽  
V. Litvinenko
Keyword(s):  
Financial Reporting ◽  
Financial Management ◽  
Political Influence ◽  
Financial Information ◽  
International Standards ◽  
Accounting System ◽  
Advantages And Disadvantages ◽  
The World ◽  
Banking Institutions ◽  
Ifrs Implementation

The article analyzes the trends of annual increase in the number of countries that encourage the use of IFRS in their territories in different companies and in different spheres of activity. Developed system of IFRS implementation, their transparency and openness will further lead to a significant improvement in relations with investors and increase their confidence in banks. The comparison of the status of the IFRS use for organizations around the world has been conducted. The immediate connection between the effective activity of banking institutions in foreign countries and the introduction of IFRS has been demonstrated. The factors of proximity of countries to the political forces formed in IASB have been highlighted, and the indicators of probable national strategies of IFRS implementation in different countries of the world have been given. While Ukraine is one of the countries that has quite weak political influence on the management decisions of the IASC. It was found out that in Ukraine the process of harmonization of accounting with IFRS in the banking sector began in 1998, however they began to be considered as a subject of regulation only recently. Nowadays, IFRS is already the basis of UAS and other regulations, which indicates the effectiveness of the process of combining national characteristics of doing business in Ukraine with international ones. It has been established that an important factor in adjusting the Ukrainian banking accounting system is to provide real financial information about the true price of assets of the bank, their profitability, transparency of accounting activities, creating effective methodological and legal documents governing the accounting of financial instruments under international rules. The plans of bank accounts before and after the reform have been considered, their advantages and disadvantages have been outlined. In this research the general problems in banking institutions in the process of implementing international standards, as well as possible ways to solve them have been also analyzed. The process of monitoring the quality of financial reporting in banks is also important. The analysis of foreign systems of this process has shown that the most favorable for Ukrainian banks is the control structure used in Germany. Among the main risks of full implementation of IFRS in banking institutions of Ukraine, we have identified: 1) internal ‒ an increase in the number of users of financial information; content of corporate reporting (integrated, non-financial, management); corporate auditing policy; 2) external ‒ financial risks; the danger of rapid integration into international financial markets; interest rate risks. Key words: accounting, IFRS, banks, organization of accounting, chart of accounts, regulation of accounting standard, financial

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

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 ◽  
The Impact

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

scholarly journals Accounting in the budgetary sector: problems of today

2019 ◽  
pp. 6-8
Author(s):  
Liudmyla HORDIEIEVA-HERASYMOVA
Keyword(s):  
Public Sector ◽  
Financial Reporting ◽  
International Standards ◽  
Information Support ◽  
Accounting System ◽  
Educational Support ◽  
Normative Documents ◽  
The Public ◽  
Public Sector Accounting ◽  
Budget Policy

Introduction. Currently, integration processes in the European and world community are underway in Ukraine. In this regard, the alignment of national accounting and financial reporting methodology in the public sector to international standards is a prerequisite for the implementation of Euro-integration processes. It is promotes effective analytical activities, enhances transparency of budgetary use, targeted use of borrowed funds. The purpose of paper is a study of theoretical and practical provisions of the organization of accounting in the budgetary sector, implementation of its reform and reflection of modern problems of its improvement. Results. Budgetary institutions are one of the relevant links in the budgetary sector. Accounting and financial reporting in them is determined by the legislation on the budget, the budget system, the basis of budget policy; appropriate public sector accounting guidance; other normative documents of the Ministry of Finance of Ukraine and the State Treasury Service of Ukraine. In the process of reform accounting in the budgetary sector, national public sector accounting standards have been developed that are consistent with international ones. A new, unified, public sector accounting plan has been built, and the level of transparency and openness of accounting has been improved. However, problems in the accounting and reporting system of public sector institutions remain. There is a need for final adaptation of the Ukrainian legislation on accounting and financial reporting to international requirements and compliance with changes in regulatory regulations; creation and implementation of an effective information and analytical accounting system and preparation of financial statements by public sector entities.. Conclusion. It is necessary to: improve the system of training and retraining of personnel of accounting and financial profile in the public sector, informational and educational support on measures of reforming the accounting of the budgetary sector, as well as introduction of an effective information system of accounting. Further adaptation of accounting in the budgetary sector to international standards promotes transparency in the management of public finances and allows to create a unified organizational and information support of accounting in the budgetary sector.

scholarly journals Working Documents of an Auditor and the Quality Control of Financial Reporting Made up on Foreign Investor’s Demand

2018 ◽  
Vol 80 (1) ◽  
pp. 68-76
Author(s):  
V. P. Bondar
Keyword(s):  
Financial Reporting ◽  
Internal Control ◽  
Statistical Data ◽  
Quality Criterion ◽  
International Standards ◽  
Foreign Investor ◽  
Accounting System ◽  
Administrative Personnel ◽  
Section Report

Specifics of using the working documents of an auditor when auditing the financial reporting made up on external user (foreign investor) demand are highlighted. It is demonstrated by statistical data that the foreign investment in Ukraine has been growing. It follows that investors need to have confidence that the financial information used by them for making decisions on the allocation of capital is authentic and reliable, which means that a foreign investor needs high quality audit. The abovementioned increases the responsibility of an auditor for the quality of audit conclusions made by the audit results. The commonly accepted quality criterion of audit is the requirements of the International Standards on Auditing (ISA) 2015, adopted in Ukraine as national ones. As ISA do not offer specific examples regarding the format of the auditor’s working documents, a practical example is taken to demonstrate the method for quality assurance of an auditor task using check lists (working documents) in the auditing practice. An example of check list and list to the company’s administrative personnel (the customer’s administration) on the audit results is shown. The list to the customer’s administration consists of the two parts: the address to administration and the section “Report on essential comments and defects identified in the process of audit”. This section reveals the auditor’s observations on the internal control and accounting system. An example of working document “cross control”, which is used in forming the auditor’s opinion and ensures the comparability of data obtained by an auditor, is given. Being the basis for forming the auditor’s opinion, the working documents of an auditor, once unified, will reduce the labor intensity of audit procedures. It is demonstrated that the standardized working documents allow for higher quality of audit and foreign investor’s confidence.

scholarly journals Mechanical properties of 3D printed metals

2021 ◽  
Vol 13 (1) ◽  
pp. 123-129
Author(s):  
Cristina-Elisabeta PELIN ◽  
Gilbert Mihaita STOICAN ◽  
Adriana STEFAN ◽  
Mihai Victor PRICOP ◽  
Sorina ILINA ◽  
...  
Keyword(s):  
Structural Changes ◽  
Mechanical Tests ◽  
Point Of View ◽  
International Standards ◽  
Metallic Materials ◽  
New Materials ◽  
Complex Shapes ◽  
3D Printed ◽  
New Challenges ◽  
Printing Direction

The new challenges in the aerospace field lead to the need to develop new materials with complex shapes, without major intervention in their definition. Thus, laser 3D printing technologies have been developed for both composite and metallic materials. This paper presents a study of characterization and testing of a 3D printed metal material (Maraging steel 1.2709) in three different directions (x, y and z) to observe, from a mechanical point of view, the behavior depending on the printing direction and the structural changes that intervene following the tensile stress. Mechanical tests consisted of tensile testing in accordance with current international standards, and morphostructural analyzes consisted of investigation of the failure area using optical microscopy and scanning electron microscopy (SEM), respectively.

scholarly journals Development of Accounting in Ukraine Based on the Implementation of IFRS: Problems and Prospects

2021 ◽  
pp. 36-43
Author(s):  
Tetiana Shepel ◽  
Keyword(s):  
Capital Markets ◽  
Financial Statements ◽  
International Standards ◽  
National Standards ◽  
Accounting System ◽  
Economic Activities ◽  
Additional Tool ◽  
Advantages And Disadvantages ◽  
Accounting Practice ◽  
Regulatory Bodies

For more than fifteen years in Ukraine, the process of reforming the accounting system has been carried out on the basis of the introduction of the IFRS methodology. New national standards have been adopted; many changes have been made to the Accounting Law that in the end gave enterprises the opportunity to apply original international standards, and their national counterparts. The purpose of the article is to systematize the problems of introducing IFRS into Ukrainian accounting practice and to substantiate the prospects for the development of domestic accounting on the basis of further implementation of the IFRS methodology. The problems of applying IFRS in Ukraine at different stages of their implementation were considered. The advantages and disadvantages of applying international standards in the accounting practice of Ukrainian enterprises were revealed. It was found that the employees of accounting services were not sufficiently prepared for the preparation of financial statements in accordance with IFRS, in connection with which the demand for accounting outsourcing services increased and there was a need to develop and conduct accounting training seminars. The adoption of national standards on the basis of international standards should only in theory ensure their complete identity, but in practice disagreements arose between the norms of certain standards. These circumstances led to the need for wider application of original IFRS, rather than their national counterparts. For national supervisory and regulatory bodies, IFRS have become an additional tool for effective monitoring and supervision of the economic activities of enterprises. The use of IFRS has opened access to Western capital markets for Ukrainian enterprises.

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