scholarly journals FEATURES OF VALUATION OF NON-CURRENT TANGIBLE ASSETS IN THE ACCOUNTING SYSTEM

2021 ◽  
Author(s):  
Olga Bondarenko ◽  
Iryna Trush
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Accounting System ◽  
Financial Reporting Standards ◽  
Stage Of Development ◽  
Tangible Assets ◽  
Fixed Assets ◽  
Commodity Money ◽  
The One ◽  
Measure Evaluation

The question of evaluation is there key in accounting and financial reporting. In this In this context, valuation acts as a component of the method of accounting, according to which is used to measure the value of its objects. Based on information about their condition, investors make decisions about investment. For effective irreversible management tangible assets necessary is the settlement of issues that relate to their accounting, depreciation and determining the value of objects. Irreversible the assets of the enterprise, in particular its fixed assets, are the basis economic activity of the enterprise, one of the key elements production process and, therefore, one of the most important objects accounting and reporting, which characterizes the general property status enterprises, its economic potential and investment attractiveness. One of the most important elements of the method accounting is a reflection of its objects in one measure - evaluation. The latter is used as a tool for sharing and accounting acts of purchase and sale in terms of commodity-money relations. Valuation is the basis of accounting methodology accounting. From how correctly the method is chosen valuation of accounting objects depends reliability of financial statements and validity management decisions at the enterprise. In the analysis of the regulatory framework with regulation of accounting, in particular non-current assets, it becomes obvious the great importance of evaluation in modern accounting system. However, the current one stage of development of accounting characterized by the presence, on the one hand, fundamentally new requirements for professionals in the field accounting, on the other - the presence contradictions between regulations. Evaluation is an integral part of the method accounting and is closely related to others its elements. Using a money meter, simultaneously or separately with natural and labor, it is possible to generalize economic processes, means and sources of the enterprise. The basis for accounting and evaluation of non-current assets are regulations and International Financial Reporting Standards and accounting.

scholarly journals Accounting for Investement Property Under Romanian Accounting System

2015 ◽  
Vol 10 (1) ◽  
pp. 113-121
Author(s):  
Raluca Sava
Keyword(s):  
Financial Reporting ◽  
Stock Exchange ◽  
Financial Statements ◽  
Accounting System ◽  
Financial Reporting Standards ◽  
Fixed Assets ◽  
Accounting Rules ◽  
Legislative Changes ◽  
Property Changes ◽  
The Individual

Abstract Investment property, an important component of the current assets, need special attention both in terms of their impact on accounting and well as in reporting the annual financial statements. Internationally their accounting treatment is presented by the IAS 40 Investment property issued in 2000 and being operative for annual periods beginning on or after 1 January 2001 with a number of subsequent amendments.First step in aligning the Romanian accounting system (RAS) to the international accounting and financial reporting standards has manifested in terms of properties starting with 2012 but only for the listed companies - OMFP 1286 which has brought significant changes in the execution way of the individual financial statements of these companies and in terms of the accounting presentation of the investment properties and fixed assets held for sale. In accordance with this order and the Romanian accounting rules recognize investment properties as being a separate component of the fixed assets, applying the provisions of IAS 40.This paper deals with the next step by presenting the occurred legislative changes related to the accounting treatment of the investment property, changes that are applicable to all the Romanian companies, not just those listed on the stock exchange, starting from the financial year 2015.

Diffi cult Issues of Equity Accounting

Auditor ◽  
2021 ◽  
Vol 7 (1) ◽  
pp. 37-41
Author(s):  
N. Mislavskaya
Keyword(s):  
Financial Reporting ◽  
Reporting System ◽  
Professional Community ◽  
Financial Statements ◽  
Critical Assessment ◽  
Financial Reporting Standards ◽  
Theoretical Approaches ◽  
Diffi Cult ◽  
Fixed Assets ◽  
Mandatory Use

The article, based on a retrospective analysis of theoretical approaches to the concept of capital, examines the legality of its reflection in the accounting (financial) reporting system. The dilemma of an organization's choice of an accounting policy for the revaluation of fixed assets or the mandatory use of it, discussed today in the professional community, justifies the democratic approach used in international financial reporting standards in the author's reading. Critical assessment refers to the methodology for reflecting the revaluation results on accounting sets and in the forms of accounting (financial) statements.

scholarly journals Financial statements of banking institutions under IFRS as the main element of accounting

2020 ◽  
pp. 38-40
Author(s):  
Liubov SHEVCHENKO ◽  
Maryna Trokhymivna SHENDRYHORENKO ◽  
Vitaliia LIADSKA
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Main Element ◽  
Accounting System ◽  
Reporting Standards ◽  
Important Indicator ◽  
Financial Reporting Standards ◽  
Banking Institutions ◽  
National Bank

The paper consider the stage of preparation, functions and essence of the financial statements of banking institutions, as well as its purpose. It is established that a necessary condition for the operation of each bank is a unique accounting system. The most important indicator that reflects the activities of banking institutions and financial institutions, as well as information of internal and external users for financial decisions is the financial report. Effective bank management depends on the integrity, reliability and reliability of the information provided. The financial statements of each bank reflect the results of activities for the light period. The bank must prepare financial statements in accordance with the requirements of International Financial Reporting Standards and regulations of the National Bank of Ukraine and submit statistical reports on operations, liquidation, solvency, guidance and information. The effective functioning of the bank depends on various factors affecting its financial stability. All bank operations are exposed to risks, so customers, investors and their partners need certain guarantees of return on investment in banks. Especially important in modern conditions is the openness of all market participants, especially credit institutions. This is achieved by complete financial information about their activities. Notice of financial statements, which gives the participant a complete picture of financial stations, the results of its activities at the moment and in the future. Such information is easy to compare with the reporting data of foreign counterparties. The preparation of such reports should be regulated and enshrined in the legislation of Ukraine. However, now we have some discrepancies in the reporting of banks for IFRS in the requirements of the NBU and the requirements of the IFRS Committee. The paper examines the features of the financial statements, which are present banking institution, in accordance with International Financial Reporting Standards Reporting (IFRS) and requirements of the National Bank of Ukraine, differences between these requirements, as well as the benefits of the transition on IFRS for the banking sector and enterprises of Ukraine as a whole together with the problems of implementation in the Ukrainian banking system of International Financial Reporting Standards. The approach to the implementation of IFRS in banking institutions will ensure the creation of a new level of trust in potential partners, as well as attract foreign investment and loans, which will help solve national banking problems.

EFFICIENCY OF FIXED ASSETS REVALUATION AS A METHOD OF ASSET MANAGEMENT

2021 ◽  
Vol 27 (3) ◽  
pp. 99-112
Author(s):  
V. Gonin ◽  
◽  
E. Panchenko ◽  
E. Kibireva ◽  
O. Nomokonova ◽  
...  
Keyword(s):  
Financial Performance ◽  
Financial Reporting ◽  
Asset Management ◽  
Balance Sheet ◽  
Comprehensive Approach ◽  
Accounting System ◽  
Financial Reporting Standards ◽  
Fixed Assets ◽  
Performance Report ◽  
Asset Management System

The method of asset management in connection with the development of the economic accounting system of financial and economic activity: accounting practices, practices, representation and compilation of accounting (financial) accounts of companies is described. This development is related to the use of international financial reporting standards, which are integrated into domestic practice. The aim of the study is to organize the effectiveness of fixed assets revaluation as an asset management method. To achieve the goal, the objectives are: to investigate the effectiveness of revaluation and impairment in the management of major funds; systematizing the overall stages of the method of assessing the value of fixed assets in revaluation and impairment; exploring opportunities to expand approaches to analyzing changes in balance sheet performance, financial performance reporting and financial performance in the asset management system. The object of the study is the cost of fixed assets. The authors have examined the method of revaluation and impairment, selected approaches to the study of the effectiveness of revaluation for the purpose of strategic and tactical asset management. The authors conclude that a comprehensive approach to asset management is needed when reevaluating the value of fixed assets. A comprehensive approach should be based on the development of revaluation and impairment techniques to analyze the effectiveness of the financial and economic system and balance sheet control and the financial performance report in strategic and tactical asset management

scholarly journals FOREIGN EXPERIENCE OF ACCOUNTING DIFFERENCES OF TAXATION AND THEIR REFLECTION IN THE FINANCIAL STATEMENTS OF THE ENTERPRISE

2021 ◽  
Author(s):  
Mariya Shygun ◽  
Anastasiia Chystova
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Accounting System ◽  
Accounting Data ◽  
Foreign Experience ◽  
Financial Reporting Standards ◽  
Tax Legislation ◽  
Foreign Countries ◽  
The Difference ◽  
Financial Result

Today, in the financial and economic crisis, accounting for differences that arise in determining the pre-tax financial result is an urgent problem that needs to be addressed and foreign experience shows that accounting and calculation of tax differences has its advantages. This article explores the peculiarities of tax accounting differences in foreign countries and analyzes international financial reporting standards regarding accounting and reporting differences. The experience of countries that reflect tax differences is analyzed and compared with the experience of reflecting tax differences in reporting in Ukraine. The authors consider the causes of tax differences and the need to study foreign experience to use it in the national accounting system. At the international level, the need for accounting for tax differences and their reflection in the financial statements was recognized during the adoption of the first edition of International Accounting Standard 12 Income Taxes. It should be noted that in foreign countries there are two approaches to the definition and reflection of the object of taxation. Therefore, in this regard, world experience divides countries into two groups: countries where accounting is carried out in accordance with the requirements of tax legislation and countries where tax legislation does not meet the requirements of accounting. Permanent accounting practice with the calculation of temporary tax differences of foreign countries involves determining the financial result according to accounting data and its further adjustment to calculate pre-tax profit. The main disadvantage of accounting for differences in foreign countries is that countries apply different approaches to the order of calculation of differences and there is no unambiguous interpretation of the order of their calculation and reporting. There is also the problem of forming information about differences in the accounting system. Ukraine is currently at the initial stage of implementing the difference accounting model. To date, the task is to develop and work out a method of determining differences in accordance with the terms of the Tax Code of Ukraine in calculating the taxable financial result based on the experience of countries that already distinguish differences in accounting.

scholarly journals Ifrs Versus Cz Gaap: Influence of Construction Contracts on Financial Indicators

2015 ◽  
Vol 3 (2) ◽  
pp. 76-86
Author(s):  
Kristýna Havlová
Keyword(s):  
Financial Performance ◽  
Financial Reporting ◽  
Financial Statements ◽  
Lower Percentage ◽  
Financial Indicators ◽  
The Czech Republic ◽  
Construction Contracts ◽  
Financial Reporting Standards ◽  
Fixed Assets ◽  
Accounting Procedure

Abstract In 2009, 117 countries all over the world allowed to prepare financial statements according to International Financial Reporting Standards (IFRS) including the Czech Republic. Between Czech General Accepted Accounting Principles (CZ GAAP) and IFRS are some differences involving reporting of noncurrent fixed assets, leasing, construction contracts etc. Using different accounting procedure we can get different value of assets and assets are one component that is used to calculate the financial performance indicators. Those indicators are then used by investors to assess the financial performance of companies and the application of IFRS instead of CZ GAAP can lead to distinct presentation of enterprise performance. In this paper we examine the influence of construction contract reporting using IFRS and CZ GAAP on financial indicators. IFRS leads to more stable development during the period when the project is in progress. In the last year when the project is finished the figures of both ratios (ROA and Z-score) are getting worse which is due to the lower percentage of the construction that is built in this year.

scholarly journals Towards a new ecological and human type of national accounting for developing economies (The CARE/TDL model) (to be continued)

2020 ◽  
pp. 43-59
Author(s):  
Jacques Richard
Keyword(s):  
Financial Reporting ◽  
Developing Economies ◽  
Ecological Crisis ◽  
Financial Accounting ◽  
Accounting System ◽  
Reporting Standards ◽  
Historical Survey ◽  
National Accounts ◽  
Financial Reporting Standards ◽  
The One

The goal of this article is to show how today’s financial accounting system, notably the IFRS (International Financial Reporting Standards) and the related National accounts (primarily the famous GDP, Gross Domestic Product), are the main causes of today’s human and ecological crisis. This assertion is justified on the basis of an historical survey of the development of capitalist accounting since the end of the Middles Age, the time of its foundation. We prove that, in the form it was invented by big capitalists at that time (and used until today), the concept of capital-debt to be conserved has nothing to do with the one used by economists of either classical, neoclassical, or marxist schools and that it is a very dangerous weapon against the interests of the mankind and ecology.

Institutional Characteristics of Market Economy in International Financial Reporting Standards

Auditor ◽  
2020 ◽  
Vol 6 (10) ◽  
pp. 48-52
Author(s):  
N. Mislavskaya
Keyword(s):  
Market Economy ◽  
Financial Reporting ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Institutional Characteristics ◽  
Accounting System ◽  
Reporting Standards ◽  
Methodological Issues ◽  
Financial Reporting Standards ◽  
Methodological Component

The article analyzes the influence of the fundamental characteristics of a market economy on the methodological component of International Financial Reporting Standards. On the basis of a comparative analysis of the principles of market and organization functioning, the causes of modern problems in the presentation of accounting (financial) statements are identified, and options for solving complex methodological issues are proposed. The author is inclined to the need to reform the accounting system on the principles of not copying, but adapting to International Financial Reporting Standards.

scholarly journals Accounting for Financial Investments in View of International and Local Financial Reporting Standards

2020 ◽  
Vol 31 (2) ◽  
pp. 437-462
Author(s):  
Ayad Jumaah Khalaf ◽  
Omar Mohammed Arkad
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Business Environment ◽  
International Financial Reporting Standards ◽  
Accounting System ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Financial Investments ◽  
Accounting Rules ◽  
Similarities And Differences

The transformations in the business environment and the opening of markets have led to increased interest in financial investments to revive the national economy and with the emergence of international business and multinational companies، accounting work has become more extensive and complex، which requires improving local accounting standards and in line with international requirements، where the research problem is that Iraq is one of the countries It seeks to use accounting that is largely consistent with the international financial reporting standards through its keenness to apply the unified accounting system and accounting rules and that studying financial investments in the light of both international financial reporting standards and Iraqi accounting regulations and knowing and identifying similarities and differences between them can improve the process of increasing Harmony and increased compatibility Where the importance of research lies in improving the unified accounting system and the Iraqi accounting rules through which financial investments are accounted for and shown in financial statements and communicated to users of financial reports in a way that reflects on the enhancement of investment decisions، and with this the aim of the research is to identify financial investments in the light of each of the reporting criteria International and local financial and accounting treatments in addition to conducting a comparative analytical study to find out the similarities and differences between them and proposing the necessary basis and procedures to help increase harmony and consensus، as the two researchers used the theoretical side and the comparative analytical method based on the sources and references as well as the international and local financial reporting standards related to the research topic Also، tables and illustrations were used، many results were reached، the most important of which is a wide gap between international and domestic financial reporting standards in relation to accounting for financial investments. Financial statements، and among the recommendations of the researchers is the necessity to issue a separate accounting rule for financial investments and another rule for investments in real estate، as well as an accounting base for investment in associates and joint ventures in order to classify financial investments according to what came in the international financial reporting standards.

scholarly journals TAXONOMY OF FINANCIAL STATEMENTS ACCORDING TO INTERNATIONAL STANDARTS

2021 ◽  
pp. 81-84
Author(s):  
Kulyk V. ◽  
Levchenko Z. ◽  
Yermolaieva M.
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Government Agencies ◽  
Reporting Standards ◽  
Business Reporting ◽  
Financial Reporting Standards ◽  
Advantages And Disadvantages ◽  
It Systems ◽  
The One

Starting in 2020, some businesses in Ukraine will submit financial statements to government agencies in eXtensible Business Report-ing Language format. These changes in the current legislation require companies that fall under this legislation to use new approaches in preparing and submitting financial statements. eXtensible Business Reporting Language, which stands for eXtensible Business Reporting Language, is an XML-based language for tagging financial data, and enabling businesses to efficiently and accurately process and share their data. eXtensible Business Reporting Language taxonomies play the important role in financial reporting. On the one hand, they pro-vide a system of computer-readable tags to allow the interchange of interactive information. On the other hand, a systematic, agreed-upon convention for naming each taxonomy tag is needed. The International Financial Reporting Standards taxonomy does not include tags for industry International Financial Reporting Standards reporting. Although the International Financial Reporting Standards taxonomy provides opportunities for expansion, taking into account the specifics of individual industries, not all jurisdictions will require or allow the use of the possibility of expansion. The purpose of the article is to identify the advantages and disadvantages of implementing the eXtensible Business Reporting Language format for the presentation of financial statements in Ukraine under International Financial Reporting Standards, as well as possible ways to organize this process in domestic enterprises. The results of the study identified the benefits of implementing such reporting for different groups of users of financial reporting information. It is determined that the algorithm of preparation for the transition to reporting in eXtensible Business Reporting Language consists of the following steps: 1) checking their own IT systems for the ability to generate reports in eXtensible Business Reporting Language format; 2) mapping of data from IT systems and extended taxonomy UA eX-tensible Business Reporting Language International Financial Reporting Standards; 3) eXtensible Business Reporting Language validation.Keywords: financial statements, international financial reporting standards, taxonomy, XBRL, iXBRL. Починаючи з 2020 р. частина суб’єктів господарювання в Україні подаватиме фінансову звітність державним органам у форматі XBRL. Такий підхід є розповсюдженим у міжнародній практиці, проте достатньо новим для суб’єктів господарювання в Україні. Метою статті є визначення переваг та недоліків упровадження формату XBRL для подання фінансової звітності в Україні за МСФЗ, а також можливих способів організації цього процесу на вітчизняних підприємствах. За результатами дослідження встановлено переваги впровадження такого звітування для різних груп користувачів інформації фінансової звітності. Визначено, що алгоритм підготовки до переходу на звітування у XBRL складається з таких кроків: 1) перевірка власних ІТ-систем на предмет можливості формувати звітність у форматі XBRL; 2) мапінг даних із ІТ-систем і розширеної таксономії UA XBRL МСФЗ; 3) валідація XBRL.Ключові слова: фінансова звітність, міжнародні стандарти фінансової звітності, таксономія, XBRL, iXBRL.

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