№ 1/2019

Fìnansi Ukr. 2019 (1): 102–110https://doi.org/10.33763/finukr2019.01.102

ACCOUNTING AND AUDIT

HURA Nadiia ¹

¹Taras Shevchenko National University of Kyiv
OrcID ID : https://orcid.org/0000-0002-3991-5350

Development of accounting in small undertakings of Ukraine in the light of implementation of Directive 2013/34/EU

The implementation of Directive 2013/34/EU in Ukraine requires some adjustments to accounting legislation, e.g. accounting in small business, – a big part of the Directive is dedicated to its simplification. The purpose of this article is to describe nuances of accounting in small business, to compare Ukrainian legislation to the EU Directive’s demands and to outline possible ways of its adjusting. Methods of scientific research used in this article include: analysis and synthesis, induction and deduction, comparison, analogy, systematic approach. The analysis of criteria by which undertakings are deemed small, according to the Ukrainian legislation and Directive 2013/34/EU, is made, the dynamics of the development of small business in Ukraine is shown, as well
as its problems and features, specifics that require legal simplification are defined. Accounting in small business in Ukraine and its legal regulation are also analyzed. Legal simplifications for small business and accounting in it described in the EU Directive, and EFAA SME’s report on it, are analyzed. It is noted that Ukrainian laws meet the requirements of the EU Directive regarding simplifications for small and micro undertakings, e.g. consolidated financial statement, disclosure of financial statement, committing notes to the financial statements and management report being not required and allowing abridged balance sheets. Formats of an abridged balance sheet and profit and loss account according to Directive 2013/34/EU are compared to Ukrainian financial statement according to R(S)A 25, no significant differences have been found. It is suggested to adjust R(S)A 25 so that the term “micro undertaking” should be used unambiguously, and legal simplifications for small and micro undertakings should not be available for investment companies or financial holdings. It is also suggested to adjust R(S)A in order to determine what derogations are applied to nonprofit organizations.

Keywords:small undertakings, micro undertakings, accounting in small and micro undertakings, Directive 2013/34/EU, financial report of a small business entity, criteria for assigning enterprises to small ones, accounting simplifications

JEL: M40, M41

Hura N. . Development of accounting in small undertakings of Ukraine in the light of implementation of Directive 2013/34/EU / N. . Hura // Фінанси України. - 2019. - № 1. - C. 102-110.

Article original in Ukrainian (pp. 102 - 110)

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