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.

scholarly journals Methodological aspects of accounting of warranty provision in accordance with international financial reporting standards

2020 ◽  
Vol 7 (2) ◽  
pp. 22-32
Author(s):  
T Davydiuk ◽  
◽  
S Syrtseva ◽  
V Endres ◽  
V Nadraga ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Methodological Approach ◽  
Accounting Standards ◽  
Scientific Work ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Advantages And Disadvantages ◽  
Methodological Aspects

In order to ensure that warranty repair and maintenance costs are included evenly in accordancewith National Accounting Standards and International Financial Reporting Standards, entities are entitled to create provisions under warranty. Creation of such provisions allows to adjust the income and expenses for warranty repair and maintenance and to reasonably distribute expenses between the reporting periods, which helps to optimize the tax burden. The purpose of the article is to review the methodological aspects of accounting of warranty provisions in accordance with International Financial Reporting Standards.The achievement of the stated goal necessitated the following tasks: to disclose the nature and conditions of recognition of provisions for warranty in accordance with international accounting standards; to present the methodology for accounting in the accounting and tax accounting and financial statements of the provision for warranty in accordance with IFRS; to propose methods of calculating the warranty provisions to determine their main advantages and disadvantages. The main general scientific methods of research were the analysis (for conducting the research of the main essential characteristics of the research object and peculiarities of its functioning in the context of the topic of scientific work). Analogy method, dialectical method and systematicapproach were used to reflect the methodological approach to accounting and to show in the financial statements the provisions for warranty. Comparison method was used for evaluating the techniques for calculating warranty provision for entities that prepare IFRS financial statements.

Composition and characteristics of the financial statements elements in accordance with IFRS

2020 ◽  
pp. 36-42
Author(s):  
Mohammad Tariq Jassim
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Current Trends ◽  
Similarities And Differences ◽  
Qualitative Characteristics

In a market economy, the role of International Financial Reporting Standards is increasing. In order to understand their significance in modern conditions it seems necessary to consider the peculiarities of evolution of IFRS formation. The article reflects actual issues concerning the role and significance of International Accounting and Reporting Standards in modern conditions. The author has defined the necessity of applying International Accounting and Reporting Standards by Russian companies. The article highlights the main elements and users of financial statements prepared on the basis of IFRS, and analyzes the similarities and differences that exist in the formation of financial statements, based on the requirements of IFRS and RAS. The main qualitative characteristics of financial statements are considered in detail. Based on the results of the research, the author has identified current trends in the transition to international financial reporting standards.

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

Auditor ◽  
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).

Approaches to the Organization of International Accounting in Russian Enterprises

TEM Journal ◽  
2021 ◽  
pp. 249-258
Author(s):  
Ekaterina V. Surkova ◽  
Galina A. Skachko ◽  
Larisa K. Nikandrova ◽  
Maria M. Starkova ◽  
Nina F. Sakharova
Keyword(s):  
Financial Reporting ◽  
Accounting Information ◽  
Financial Statements ◽  
Reporting Standards ◽  
Optimal Method ◽  
Accounting Standard ◽  
Financial Reporting Standards ◽  
Advantages And Disadvantages ◽  
The Individual ◽  
Selection Of

The article discusses current issues of transformation of accounting information in accordance with international financial reporting standards (IFRS). This study is primarily aimed at developing approaches that determine the need for Russian enterprises to provide accounting information comparable at the international level. The authors analyze methods of transferring data from the Russian Accounting Standard (RAS) to IFRS. The methods used to form financial statements in accordance with IFRS are discussed. The issues of the application of these methods, as well as their advantages and disadvantages, are discussed. The author's approach to the selection of the optimal method of transformation is proposed taking into account the individual needs of organizations.

scholarly journals International Financial Reporting Standards and Orientation of Vietnam: “Roadmap & International Experience”

2018 ◽  
Vol 7 (4) ◽  
pp. 167
Author(s):  
Ha Thi Thuy Van ◽  
Vu Thi Kim Anh ◽  
Nguyen Dang Huy
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Asia Pacific ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Advantages And Disadvantages ◽  
The World

Currently, the Ministry of Finance is implementing Decision 480/QD-TTG dated 03/18/2013 of The Prime Minister on approving the Strategy Accounting - Audit 2020, Vision 2030 and implementing the Resolution 35/NQ-CP of the Government dated 16.05.2016 related to the support and development of enterprises by 2020. Accordingly, the development and improvement the legal framework of Financial Reporting standards in Vietnam is one of the key tasks and urgent needs to be developed to meet the requirements of the economy in the period of integration. The system of International Accounting Standards, including the International Accounting Standards (IAS) and the standards of international financial reporting (IFRS) was issued, adjusted, updated and replaced by The International Accounting Standards Board. International Accounting Standards is an important condition to ensure that companies and organizations around the world can apply uniform accounting principles in the work of preparing and presenting financial statements. Currently, many countries around the world such as USA, Japan and European countries, Asia Pacific are approaching IFRS convergence trend. In the trend of globalization of accounting, Vietnam will not be outside the process of integration with the system of International Financial Reporting Standards. This article will review the process of formation and development of IFRS, the IFRS trends and the advantages and disadvantages of applying IFRS in Vietnam. 

scholarly journals The Suitability of the Jordanian Small and Medium-Sized Enterprises to the Requirements of International Financial Reporting Standards

2017 ◽  
Vol 10 (8) ◽  
pp. 242
Author(s):  
Rand AL-Hussamee ◽  
Mahmoud Nassar
Keyword(s):  
Financial Reporting ◽  
Statistical Tests ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards

The aim of this study is to identify the suitability of Jordanian Small and Medium Sized Enterprises environment with the requirements of Financial Reporting Standards specific to them in the presentation of financial statements and explanations. Furthermore, to identify the constraints small and medium sized enterprises face when applying their own Financial Reporting Standards. In order to achieve objectives of the study, a questionnaire was designed to collect the necessary data; they were distributed to auditors licensed to practice the auditing profession in Jordan, the study sample consisted of 135 licensed auditors. The study concluded based on statistical tests that small and medium sized enterprises correspond to the requirements of International Financial Reporting Standards specific to them in the presentation of financial statements. Also that the environment of small and medium sized enterprises correspond to the requirements of International Financial Reporting Standards specific to them in the presentation of explanations to the 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.

scholarly journals The influence of culture on disclosures in financial statements prepared under International Financial Reporting Standards

2019 ◽  
Vol 2019 (101 (157)) ◽  
pp. 111-132 ◽  
Author(s):  
Jerzy Gierusz ◽  
Katarzyna Koleśnik
Keyword(s):  
Financial Reporting ◽  
Comparative Studies ◽  
Financial Statements ◽  
Arab Countries ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Consolidated Financial Statements ◽  
Financial Reporting Standards ◽  
Financial Disclosures ◽  
The Impact

The primary objective of this article is to investigate the impact of culture (as measured by Hofstede) on disclosures in financial statements prepared under International Financial Reporting Standards (IFRS) by firms from different countries. The sample comprises 2011−2013 consolidated financial statements of stock companies (excluding banks, insurance, and other financial institutions) from four countries repre- senting different cultural areas: the United Kingdom (Anglo), Germany (Germanic), Poland (Central Eastern Europe; CEE) and Kuwait (Arab). The research material came from 312 annual consolidated financial statements from 104 companies. The results reveal that cultural values have a significant impact on financial disclosures even after the use of IFRS. The paper is one of the few comparative studies attempting to assess the effects of culture on financial disclosures in Western Europe countries, CEE countries and Arab countries. Most of the international comparative studies in this research area have neglected CEE and Arab countries.

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