scholarly journals Methodology for testing assets for impairment during the coronavirus pandemic

2021 ◽  
pp. 62-69
Author(s):  
G. S. Kaipova ◽  
D. I. Zakirova ◽  
N. Berdimurat
Keyword(s):  
Financial Reporting ◽  
Reporting System ◽  
Intangible Assets ◽  
Financial Statements ◽  
The State ◽  
Economic Environment ◽  
Methodological Issues ◽  
Asset Impairment ◽  
Distorted Data ◽  
Comprehensive Study

Accounting for the impairment of assets is one of the difficult issues in the preparation of financial statements. However, despite the considerable attention of domestic and foreign accounting science to tangible and intangible assets, the methodological apparatus for analyzing the procedure of asset impairment remains insufficiently developed. Issues that take into account the specifics of the development of the economic environment for the functioning of companies, the state and degree of the accounting and financial reporting system have not been worked out, which requires a comprehensive study of methodological issues of checking assets for impairment. Assessing whether an asset has decreased in value can be highly subjective and impairment can appear as a failure of directors, prompting management to underestimate the impairment loss. An impairment loss could have a material effect on a company's financial statements if the assets are overvalued. The main difficulties lie in recognizing when it is necessary to conduct impairment tests, applying the value in use and determining the cash-generating unit (CGU). In some cases, the application of the standard may be difficult, and therefore companies may inadvertently include distorted data in the reporting. The article discusses the application of the rules for determining indicators of impairment during the coronavirus pandemic. Particular attention is paid to the consideration of the principles and procedures of IFRS IAS 36, which apply to the impairment of assets in the form of a right of use. Based on the results of this study, several recommendations have been compiled for accountants who need to conduct an impairment test.

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 Formation of XBRL reporting

2020 ◽  
pp. 95-102
Author(s):  
Нalyna Umantsiv ◽  
Yevheniia Polovyk
Keyword(s):  
Financial Reporting ◽  
Reporting System ◽  
Financial Statements ◽  
Developed Countries ◽  
Inductive Method ◽  
Basic Material ◽  
Problem Statement ◽  
Or Methodology ◽  
The Developed Countries ◽  
The Impact

Relevance of the research topic. At the present stage of transformational transformation of the economy, the issue with the use of the XBRL format in Ukraine, which is a prerequisite for successful interaction of enterprises in the global financial market and enhancing the competitiveness of domestic enterprises. Problem statement. The absence of the practice of applying taxonomy of financial statements in Ukraine, causes the relevance of this study. The developed countries of the world have already introduced this format, because it allows to make the reporting not only transparent and accessible to potential investors, but also convenient for analysis. Analysis of recent studies and publications. The process of functioning of the financial reporting system in the format XBRL is the newest, it was researched in works: Kuznetsova S. A., Borisenko A. A., Boyko R. V., Ostrovskaya O. A., Khatib E., Yassin M., Harber M., Marx B., De Jager P. and other. Highlighting unexplored parts of a common problem. Particular attention is needed to develop solutions that will minimize potential problems associated with the implementation and use of the XBRL format in Ukraine. Setting of the task, objectives of the research. Analyzing the implementation of XBRL format in Ukraine. Identifying prospects for using and setting the potential issues in the preparation of new financial statements using global experience. Research method or methodology. Dialectical methods of scientific cognition, collection and analysis of information and inductive method were used in the course of the research. Basic material presentation (results of work). The article defines the essence of the XBRL format, analyzes the stages of its implementation in Ukraine. Prospects and typical errors in the preparation of financial statements using the format have been identified. Measures have been developed to minimize the likelihood of occurrence and to overcome problems associated with its application, taking into account world experience. Areas of application of the results. The results of this study may be applied in the preparation of financial statements in accordance with the specified format. Conclusions to the article. All of the benefits of implementing XBRL far outweigh the impact of its application Its use in Ukraine shall allow reporting entities to properly prepare financial statements, adjust the requirement for duplicating financial statements while presenting to regulators, and help woo investors through formation of the qualitative financial statements.

scholarly journals Development of a Process for Detecting Inconsistencies between Financial Statements and Financial Transactions (Deals) Aimed at Identifying Signs of Money Laundering

2018 ◽  
Vol 3 (2) ◽  
pp. 118 ◽  
Author(s):  
Garaschenko A.A. ◽  
Nasonov E.V. ◽  
Leonov P.Y.
Keyword(s):  
Money Laundering ◽  
Financial Reporting ◽  
Russian Federation ◽  
Financial Statements ◽  
The State ◽  
Role Of The State ◽  
The Russian Federation ◽  
State Defense ◽  
Financial Transactions ◽  
High Degree

The problem of money-laundering is still valid in the Russian Federation. With the increasing role of the State in the economy, this question becomes particularly significant. Of course, monitoring of the funds movement plays a significant role, in particular, for companies, recipients of budgetary funds, including providers of the State Defense order (GOZ).To date, there is no generally accepted method, which would allow a high degree of probability to identify signs of money laundering.This article first describes how to detect signs of money-laundering on the basis of a comparison of the data of financial statements with bank operations data.Elaborated process was tested on the example of relevant data of thirty businesses complying with orders under the contracts with the Ministry of Defence of the Russian Federation in 2013.On the basis of the obtained results recommendations for the improvement of the elaborated process were formulated and the scope of its possible use was identified. Keywords: money laundering, the process approach, fraud, financial reporting 

scholarly journals Comparability of financial statements prepared according to IFRS and IFRS for SMEs in the field of intangible assets

2010 ◽  
Vol 58 (6) ◽  
pp. 67-78 ◽  
Author(s):  
Hana Bohušová ◽  
Patrik Svoboda
Keyword(s):  
Financial Reporting ◽  
Intangible Assets ◽  
Financial Analysis ◽  
Balance Sheet ◽  
Financial Statements ◽  
Important Field ◽  
Definition Of ◽  
The Impact

IFRS for SMEs were adopted in July 2009 as a result of efforts to harmonize financial reporting for SMEs. These standards are based on the same principles as full standards. The aim is, compared to full IFRS reporting of these businesses, to significantly simplify, mainly from the reason that the strict application of the principles of the full standards does not excessively financially and administratively burden smaller accounting entity. Field of identifying, recording and reporting of intangible assets except goodwill is an important field in which the methodology is substantially different. In the pre­sent paper there is documented on the example the impact of different methods for recording of internally generated intangible assets in the both systems into balance sheet and profit or loss and into the selected indicators of financial analysis. Definition of issues that may arise during the transition from the IFRS for SMEs to full IFRS and vice versa, in the context of drafting the opening balance sheet is another field to which the paper is dedicated.

scholarly journals REGULATORY REGULATION OF ACCOUNTING FOR TAX DIFFERENCES

2021 ◽  
Author(s):  
Anastasiia Chystova
Keyword(s):  
Financial Reporting ◽  
Tax Evasion ◽  
State Level ◽  
Financial Statements ◽  
The State ◽  
Regulatory Framework ◽  
Business Community ◽  
Tax Law ◽  
Tax Base ◽  
Tax Accounting

With the adoption of the Tax Code of Ukraine, the harmonization of accounting and tax accounting was carried out. However, taking into account the interests of the business community in streamlining relations and building mutual responsibility, the state is constantly faced with the question of preventing the possibility of tax evasion, optimization and narrowing of the tax base. Due to possible discrepancies between the criteria for recognizing income and expenses in accounting and tax law, there are tax differences. Tax differences are related to different approaches to determining income in accounting and tax accounting. They arise as a result of business transactions for which there are different assessments and recognition criteria in accounting and tax law. Every year the number of differences that arise in determining the pre-tax financial result increases and the regulatory framework changes, which makes adjustments to reflect the differences in the financial statements of enterprises. The article analyzes the regulatory framework governing the accounting of tax differences in Ukraine. The author considers the main documents, which contain information about the nature of tax differences and methods of accounting. The main problem is the imperfection of regulations approved at the state level and the need to refine the methodology for reflecting in the accounting and financial reporting of tax differences. The article discloses the rules that reflect the tax differences in the financial statements. The changes that took place during the years of Ukraine’s independence in terms of reflecting differences in accounting are analyzed and the dynamics of changes in legislation is traced. The positive and negative moments of changes concerning the accounting and reflection in the reporting of differences before the taxation are allocated. The problematic issues of reflection in the accounting and financial reporting of tax differences that need to be addressed are highlighted. The article considers the main prospects of accounting for tax differences in Ukraine, accounting problems and methods of solving them.

scholarly journals AKUNTANSI ZAKAT, INFAK DAN SEDEKAH (PSAK 109): Upaya Peningkatan Transparansi dan Akuntabilitas Organisasi Pengelola Zakat (OPZ)

2015 ◽  
Vol 6 (1) ◽  
pp. 141
Author(s):  
Taufikur Rahman
Keyword(s):  
Financial Reporting ◽  
Reporting System ◽  
Financial Statements ◽  
Public Trust ◽  
Governance System ◽  
The People ◽  
The Creation ◽  
Management Organization ◽  
Public Accountant ◽  
Transparency And Accountability

This article discusses one of the tools that used Zakat Management Organization (OPZ) to created good zakat governance system. One of the characteristics of good zakat governance is transparency and accountability in the management of zakat included the management on infaq/sedekah. As a manager ’s of funds people that depend on donates from the people, transparency and accountability is a major concern for Zakat Management Organization (OPZ). More transparent and accountable in the management of zakat, infaq and sedekah will make public trust higher to formal Zakat Management Organization (OPZ). The high trust to the OPZ would be foster awareness, compliance and motivate people (Muzakki) to voluntarily distribute zakat, infaq and sedekah through official or formal Zakat Management Organization (BAZNAS and LAZ). Good accounting and financial reporting system can help OPZ to created transparency andaccountability. To produce the good, true, the creation of uniformity andcomparability in the accounting and financial reporting, and make OPZprepared to be audited by a public accountant, the activity of accounting andpreparation of OPZ financial statements must refer to a guideline or standardthat is standard accounting for zakat, infaq and sedekah (ZIS). ZIS accountingstandard refer to Indonesia today is a statement of financial accountingstandards 109 (PSAK 109) about zakat, infaq and sedekah accounting thatissued by the Indonesian Institute of Accountant (IAI). PSAK no. 109 isused as a guideline for OPZ in the recognition, measurement, presentationand disclosure of transactions zakat, infaq and sedekah.Artikel ini membahas salah satu instrumen (tool) yang digunakan OrganisasiPengelola Zakat (OPZ) dalam menciptakan sistem tata kelola zakat yang baik (good zakat governance). Karakteristik good zakat governance di antaranya adalah transparansi dan akuntabilitas dalam pengeloaan zakat yang termasuk di dalamnya pengelolaan infak/sedekah. Sebagai pengelola dana umat yang mengandalkan donatur dari umat, transparansi dan akuntabilitas dalam pengelolaan Zakat dan Infak/Sedekah (ZIS) menjadi perhatian utama OPZ. Semakin transparan dan akuntabel OPZ dalam pengelolaan ZIS, maka akan semakin tinggi kepercayaan masyarakat terhadap OPZ. Tingginya kepercayaan terhadap OPZ akan menumbuhkan kesadaran, kepatuhan dan memotivasi masyarakat (Muzakki) untuk secara sukarela menyalurkan zakat dan infak/sedekahnya melalui OPZ resmi/formal (BAZNAS dan LAZ) yang ada. Sistem pembukuan dan pel aporan keuangan yang benar dapat membantu mewujudkan transparansi dan akuntabilitas suatu OPZ. Untuk menghasilkan sistem pembukuan dan pelaporan keuangan yang baik, benar, terciptanya keseragaman (uniformity) dan keterbandingan (comparability) dalam pelaporan keuangan serta supaya OPZ siap diaudit oleh akuntan publik, maka aktivitas pembukuan dan penyusunan laporan keuangan OPZ mengacu pada suatu pedoman atau standar yaitu standar akuntansi zakat dan infak/sedekah. Standar akuntansi ZIS yang berlaku di Indonesia sekarang ini adalah Pernyataan Standar Akuntansi Keuangan (PSAK) nomor 109 mengenai akuntansi zakat dan infak/sedekah yang dikeluarkan oleh Ikatan Akuntan Indonesia (IAI). PSAK no. 109 digunakan sebagai pedoman bagi OPZ dalam pengakuan, pengukuran, penyajian dan pengungkapan transaksi-transaksi zakat dan infak/sedekah.

scholarly journals Peranan Akuntansi Pertanggungjawban Dalam Penilaian Kinerja Pusat Biaya

2020 ◽  
Vol 8 (1) ◽  
pp. 49-56
Author(s):  
Meri Ananda Martianti ◽  
Iriyadi Iriyadi
Keyword(s):  
Qualitative Analysis ◽  
Performance Assessment ◽  
Performance Appraisal ◽  
Financial Reporting ◽  
Reporting System ◽  
Financial Statements ◽  
Future Plan ◽  
Financial Report ◽  
Cost Center

Basically every company has a future plan. However to design the plan a study of the results from the previous year was needed. Accountability accounting is a financial reporting system that is related to the budget and realization, this is to appoint the competent in an organization. The purpose of this study was to find out how the role of accountability accounting in the performance assessment of cost centers in PDAM Tirta Pakuan Kota Bogor. The Method used is descriptive and qualitative analysis. The data used to measure performance is the 2016 financial report. The result of the study show that accountability accounting plays an important role because of the annual monthly and annual performance appraisal and the basis for budgeting that has been implemented by the PDAM Tirta Pakuan Kota Bogor. The result of performance appraisal are used to evaluate financial statements made by managers in optimizing costs, income, investment and profits in the company.      Keywords: Accountability accounting, cost center performance.

Current issues of using discounted value in financial statements

2021 ◽  
Vol 20 (9) ◽  
pp. 1703-1730
Author(s):  
Ol'ga V. EFIMOVA ◽  
Ol'ga V. ROZHNOVA
Keyword(s):  
Analytic Function ◽  
Conceptual Framework ◽  
Financial Reporting ◽  
Financial Statements ◽  
Consolidated Financial Statements ◽  
Public Companies ◽  
Russian Scientific ◽  
Scope Of Application ◽  
Reporting Data ◽  
Comprehensive Study

Subject. We address the determination and use of discounted value in the preparation of financial statements under IFRS and problems associated with this estimate, including in circumstances of pandemics. Objectives. We focus on a comprehensive study of the purpose, reasons, methods of calculating and applying the discounted value in the process of preparing the financial statements, and consider factors that affect the estimate and its changes, as well as its impact on the indicators of financial statements. Methods. The study employs methods of logical, statistical, comparative, and linguistic analysis. We also review foreign and Russian scientific and practical literature, the rules contained in the Conceptual Framework for Financial Reporting, consolidated financial statements of Russian public companies for 2019 and 2020. Results. We unveil problems associated with the use of discounted value and the area of its influence, make proposals to improve its measurement and disclosure in the preparation of financial statements. The scope of application of the results obtained includes: building up regular reporting by economic entities, primarily in terms of determining the discounted value, including in the direction of coordinating financial and non-financial reporting information and improving the reliability of disclosures and their analytic function. Conclusions. To improve the reliability of financial statements, it is crucial to expand disclosures about approaches and assumptions used in measuring the discounted value and coordinate information about the elements of discounted value with non-financial reporting data.

Organizational Principles of Building Inventory Accounting in the Process of Innovation: Regulatory and Legal Aspect

2020 ◽  
pp. 274-290
Author(s):  
Olha Roieva ◽  
Keyword(s):  
Financial Reporting ◽  
Legal Aspect ◽  
Financial Statements ◽  
Legal Regulation ◽  
State Regulation ◽  
The State ◽  
Normative Documents ◽  
Building Inventory ◽  
Organizational Principles ◽  
Legal Force

The article is devoted to the study of organizational principles of inventory accounting in the process of innovation, based on the analysis and harmonization of current provisions of the main regulations that regulate inventory accounting and determine the procedure for innovation. Based on the systematization of legislative and normative legal acts, which takes into account the legal force of these normative legal acts and takes into account the powers of the state body that issued the relevant normative legal acts, a hierarchical model of normative legal regulation of accounting of inventories in the process of innovation was developed. This model is based on the regulation of inventory accounting by the state and determines the order of organization and maintenance of inventory accounting directly at the enterprise It is substantiated that the system of state regulation of inventory accounting in the process of innovation includes three levels. The first level includes regulations of higher legal force, which determine the general principles of organization of inventory accounting, its tasks, basic concepts, regulate innovation, regulate the organization and maintenance of inventory accounting in the process of innovation. The second level includes regulations that define the general principles, methodological principles of formation of accounting information on inventories and establish rules and methods of inventory accounting, reflection of inventory transactions in accounting accounts, the procedure for disclosure of information on inventories in financial statements. The third level includes regulations that set out recommendations and clarifications on certain issues of accounting for inventory transactions and control over their availability and preservation, taking into account the specifics of innovation. The content of the main normative documents that regulate the accounting of stocks and determine the basis for innovation at the appropriate levels of state regulation is analyzed. The methodological bases of formation in accounting of the information on stocks and the order of disclosure of the information on stocks in the financial reporting on the basis of national and international regulations are investigated. The study identified some inconsistencies between national and international legislation regarding the organization of accounting of inventories. Such inconsistencies relate to the scope of regulations, the procedure for recognizing inventories as assets, the composition (classification) of inventories, groups of assets not covered by the standard, approaches to valuing inventories upon receipt, disclosure in financial statements. It is substantiated that elimination of the revealed contradictions of the national and international legislation will promote perfection of system of the state regulation of accounting of stocks and will increase efficiency of management of stocks and efficiency of use of stocks in the course of innovative activity of the enterprises.

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.

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