scholarly journals Fair value: characteristics and impact on economic security

2020 ◽  
pp. 38-44
Author(s):  
Svetlana Kozmenkova
Keyword(s):  
Public Sector ◽  
Financial Reporting ◽  
Fair Value ◽  
Economic Security ◽  
International Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Public Sector Organizations

The article examines the concept of “fair value” when applying international and national financial reporting standards, including public sector organizations. And although the assessment at fair value is used only in certain cases, for example, when receiving property free of charge, drawing up reports in accordance with the requirements of international standards, and this is justified, however, the subsequent assessment of assets can be subjective and have a significant impact on economic security, as a separate organization and the country as a whole.

scholarly journals Fair Value Accounting: Implementation Challenges Facing Small and Medium-Sized Entities in the Agricultural Sector

2018 ◽  
Vol 8 (4) ◽  
pp. 60
Author(s):  
Joseph Kwasi Agyemang ◽  
Owusu Acheampong ◽  
Wiafe Nti Akenten
Keyword(s):  
Financial Reporting ◽  
Agricultural Sector ◽  
Fair Value ◽  
International Standards ◽  
Reporting Standards ◽  
Fair Value Accounting ◽  
Implementation Challenges ◽  
Financial Reporting Standards ◽  
Regulatory Bodies ◽  
Value Reporting

Nowadays, the relevance of fair value in financial reporting is gaining impetus and recent discussions are moving in the trend of full fair value reporting. Small and medium-sized entities are not ignored in this instance. The move to new reporting standards results in various challenges for different interest groups such as auditors, preparers and regulators. The main objective of the study was to establish the fair value implementation challenges facing SMEs in the agricultural sector with evidence from regulatory bodies in Ghana. The study established that there is lack of methodological relationship between existing local laws and IFRS and absence of involvement of regulatory bodies in financial reporting standards setting. In light of these challenges, the study recommends involvement of regulatory bodies in standard setting and consideration should also be given to local laws when setting international standards.

Accounting Concepts in Company Law

2021 ◽  
Vol 18 (3) ◽  
pp. 398-427
Author(s):  
Jesper Seehausen
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Fair Value ◽  
Company Law ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Eu Legislation ◽  
Starting Point ◽  
Pros And Cons

Abstract Taking as a starting point Peter Hommelhoff’s argumentation that accounting law is, in many respects, linked to company law, the purpose of this article is to discuss one perspective of the links between accounting law and company law: accounting concepts in company law. After a brief outline of the existing EU legislation on accounting and a discussion on whether accounting law is part of company law, some examples of accounting concepts in company law – i. e. examples of accounting concepts that have been ‘implemented’ in company law – are discussed, drawing on the Consolidated Company Law Directive (CCLD) and the Shareholder Rights Directive (SRD 2) as well as the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS). These examples are related party transactions, consideration other than in cash and fair value, serious loss of the subscribed capital as well as a few other examples. It is also discussed whether accounting concepts in company law are a ‘good’ or a ‘bad’ thing. Balancing the pros and cons, in the author’s opinion, it is mostly positive that accounting concepts are used in company law in areas where this makes sense – and hence, in the author’s opinion, accounting concepts in company law are mainly a ‘good’ thing.

scholarly journals Tasks of state-owned enterprises and their impact on accounting and reporting information

2021 ◽  
Vol 2021 (9) ◽  
pp. 99-116
Author(s):  
Ljudmyla LOVINSKA ◽  
◽  
Andrii MAMYSHEV ◽  
Keyword(s):  
Public Sector ◽  
Financial Reporting ◽  
The State ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Market Conditions ◽  
Theoretical Understanding ◽  
Important Place ◽  
Financial Reporting Standards

The purpose of the article is to establish ways to implement the tasks of public sector entities in ensuring responsibility and accountability of state-owned enterprises, taking into account market conditions and the transition to international financial reporting standards (IFRS) in the context of determining the place and role of accounting information. The research methodology is based on the application of dialectical and systematic approaches to scientific knowledge and general theoretical understanding of the problems of functional and accounting-analytical support for the management of state-owned enterprises in the application of IFRS. The results of the analysis of modern tendencies of the organization and functioning of the state-owned enterprises are covered. The importance of public sector entities in the global dimension, as well as the features of the organization, challenges and tasks of state-owned enterprises in market conditions are shown. It is determined that the main tasks to be performed by state-owned enterprises are : provision of certain state services and specific goods, support of the national economy and strategic interests, doing business in a natural monopoly, as well as support of social goals of the state. The specificity of the tasks of state-owned enterprises and their important place in the state economy through the role of a special agent of the government for the implementation of state policy in a particular area is substantiated. A new look at these processes involves increasing the transparency and accountability of businesses, which is closely linked to improving the quality of accounting data on the activities of state-owned enterprises. Based on the results of the study, the algorithm of decisions on determining, assessing and reviewing the value of a state-owned enterprise based on the expression of its social, economic, environmental and tax impacts has been improved. There is a problem of harmonization of methodological support for the preparation of aggregate reports of the general government sector (GGS), which arises due to the existing differences between different sets of standards for financial reporting of GGS sector entities (International Financial Reporting Standards (IFRS) - for public corporations and National provisions (standards) of accounting in the public sector (NP(S)APS) - for all other entities of the GGS sector).

scholarly journals MAIN ASPECTS OF THE ORGANIZATION OF ACCOUNTING AND ANALYTICAL SUPPORT AND COST MANAGEMENT OF THE ENTERPRISE

2021 ◽  
Author(s):  
Antonina Kosiak ◽  
Olena Lytovchenko
Keyword(s):  
Financial Reporting ◽  
Cost Management ◽  
International Standards ◽  
Production Costs ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Support Organization ◽  
The Right

One of the most important indicators of production and economic activity of enterprises, which has a direct impact on financial performance is costs. The article defines the economic meaning of the concept of "costs", "production costs". Features of accounting and analytical support, organization of accounting and cost management, cost classification are considered. Classification is one of the methods of cognition and study of phenomena, processes, objects, which consists in their division into classes on the basis of certain features, properties and patterns of relations between them. The classification of costs helps to assess the costs incurred, to find possible features to increase cost efficiency and make the right decisions about their management. Classification of costs is the basis of their accounting, analysis and planning in the enterprise. Cost management takes into account such components as rationing, planning, cost accounting, deviation control and cost analysis, cost management and decision making. The problem of cost management is quite relevant for Ukrainian enterprises. Today, all businesses face the problem of applying International Financial Reporting Standards. The peculiarities of cost reflection according to International Financial Reporting Standards and National Accounting Standards (standards) are studied and analyzed. Achieving a high or sufficient level of each of the production or management processes of financial activities of economic entities must be accompanied by certain costs, the economic content of which will vary depending on the object. However, the owners (managers) of the enterprise or its individual structural unit must be clearly aware of what exactly the costs contribute to the creation and maintenance of the organization and their timely optimization. The Conceptual Basis of Preparation and Submission of Financial Statements means true presentation, prevalence of substance over form, prudence, completeness. These requirements formed the basis for the formation of accounting principles in International Standards and, accordingly, in Ukraine.

Account and Assessment of Commodity Stocks According to Russian and International Standards

Auditor ◽  
2015 ◽  
Vol 1 (5) ◽  
pp. 24-27
Author(s):  
Дятлова ◽  
O. Dyatlova
Keyword(s):  
Financial Reporting ◽  
International Standards ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards

In this paper the author considers questions of a technique related to assessment and accounting of stocks, including goods, according to the Russian Standards and International Financial Reporting Standards.

scholarly journals Valuation of Biological Assets at Fair Value

2019 ◽  
Vol 13 (3) ◽  
pp. 59-70
Author(s):  
A. O. Beryoza
Keyword(s):  
Financial Reporting ◽  
Foreign Market ◽  
Fair Value ◽  
World Market ◽  
International Standards ◽  
Information Support ◽  
Accounting Systems ◽  
Investment Projects ◽  
Financial Reporting Standards ◽  
The World

Today the globalisation of the world market leads to the necessity of constructive interaction in the international market and forming common standards of accounting. Transnational corporations as a phenomenon of worldwide integration are businesses with units in different countries of the world. Special issues of information support of management in agricultural organisations have become very important in the conditions of the market economy. Clear and transparent accounting in such enterprises requires the existence of common international standards. Such standards could become International Financial Reporting Standards (IFRS). They are designed to provide an understanding of financial processes in different countries for the interaction between investors and potential investment projects located in different national accounting systems. The standard “Agriculture” has great importance for the Russian Federation. Agriculture is one of the leading sectors of our country, supplying products for both domestic and foreign market. Accordingly, the adoption of this standard and the implementation of its provisions is an important and urgent issue of today’s economic reality. Introduction of this standard leads to the formation of fundamentally new methodological bases of the accounting of agricultural activities based on the market value of assets because paragraphs 12–13 of this Standard states that during the initial and subsequent valuation of biological assets will be measured at their fair value fewer costs to selling. Thus, the need to allocate biological assets in the separate account-economic category, their reflection in the accounting at fair value by the provisions of IAS 41 has determined the relevance of the topic, goal, objectives and logic of the article.

scholarly journals El modelo de valor razonable: La aproximación de las cifras contables a los valores de mercado (The fair value model: The aproach of the accounting figures to the market values)

2014 ◽  
Vol 8 (3) ◽  
pp. 41
Author(s):  
Eduardo Sosa Mora
Keyword(s):  
Financial Reporting ◽  
Theory Of The Firm ◽  
Financial Statements ◽  
Fair Value ◽  
Reporting Standards ◽  
Market Prices ◽  
Financial Reporting Standards ◽  
Market Values ◽  
Future Events ◽  
Value Model

<p>Desde hace muchos años, en el ámbito académico y en el profesional de la contabilidad, se debate acerca de la importancia de que los estados financieros presenten los activos y pasivos de acuerdo con sus valores de mercado, con el fin de lograr una mejor aproximación a los valores económicos de las empresas. Esto ha propiciado que, en las Normas Internacionales de Información Financiera (NIIF), haya adquirido relevancia el modelo del valor razonable, según el cual los activos y pasivos se miden por sus valores <br />de mercado. La adopción de este modelo significa la instrumentación de la teoría del valor de la empresa y una mayor aproximación de la contabilidad a la teoría de las finanzas, cuyos beneficios deben sopesarse con los riesgos asociados a la obtención de cifras contables a partir de precios de mercado y de supuestos acerca de eventos esperados en el futuro. Este artículo expone los alcances de la adopción de ese modelo en el esfuerzo por lograr que los estados financieros representen fielmente las realidades económicas de las empresas.</p><p> </p><p><strong>Abstract </strong></p><p> </p><p>Since many years ago in the Accounting academic and professional circles there is a debate about the importance that the financial statements represent the assets and liabilities according with their market values, in order to get a better approximation to the economic values of the enterprises. Because of this the fair value model has gained relevance in the International Financial Reporting Standards (IFRS). According with this model, the assets and liabilities are measured by their market values. The adoption of <br />this model means the implementation of the theory of the firm and a greater approximation the Accounting to the Financial Theory, whose benefits must be weighted with the risks of getting accounting figures by using market prices and assumptions about future events. This paper expounds the scopes of adopting this model in the effort to assure that the financial statements represent faithfully the economic realities of the enterprises.</p>

Sign in / Sign up

Export Citation Format

Share Document