ACCOUNTING AND AUDIT

OLIYNYK Yana ¹

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/

Сonceptual foundations of regulatory support to accounting policy of enterprise

In the present circumstances, there is an urgent question of further development and improvement of organizational principles of the accounting policy’s formation. It was defined the needed in developing an accounting policy, while granting companies the possibility to choose independently accounting methods, that would provide the most economically feasible options to discover the distinctive features of the company to inform it stakeholders about current financial state and financial results. Methods and procedures that are chosen to form an accounting policy to provide further financial reporting, and approaches used in formation of the reported data are not universal. In Ukraine, it is applied the same legislative approach as in International Financial Reporting Standards, which provides orientation of accounting policies to financial reporting. At the same time, it is widespread a point of view among academics and practitioners that accounting policy is a guide on organization of accounting within the company in order to optimize accounting process. Such situation has developed as a result of the absence of the single conceptual approach regarding the order of formation of accounting policy among scientific community and in legislation of Ukraine, that regulate formation of accounting policy, that determines the need of study and improvement of organizational principles of accounting policy’s formation. The approaches to determining the nature, content and purpose of accounting policy have been summarized, as well as evaluation of legislation in the field of accounting in conformity with international standards of financial reporting has been provided and the ways of improving the legal base of accounting policy’s formation have been suggested in paper.

Keywords: regulation of accounting, accounting policies, enterprise, National Accounting Standards, International Accounting Standards

JEL: M40, M41

OLIYNYK Y. . Сonceptual foundations of regulatory support to accounting policy of enterprise / Y. . OLIYNYK // Фінанси України. - 2014. - № 5. - C. 116-126.