№ 5/2017

Fìnansi Ukr. 2017 (5): 24–38https://doi.org/10.33763/finukr2017.05.024

PUBLIC FINANCE MANAGEMENT

IVANYTSKA Olga ¹, KOSHCHUK Tetiana ²

¹National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute”
OrcID ID : https://orcid.org/0000-0001-5505-8849
²SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0003-1013-4603

Preconditions and ways of increasing transparency of public finance enterprises of Ukraine

The article presents the authors’ vision of the transparency concept and its support in the field of public finance in general and state-owned enterprises finance in particular. It is determined that at the macro level, the concept of transparency of public finance is related to fiscal transparency. At the micro level, increasing transparency is possible under conditions of transparency of financial flows of public enterprises in the system of government revenue and expenditure, in compliance with the principles of transparency of their activities. It is proved that greater transparency in public and corporate finance is only possible under the following prerequisites: the formation of relevant institutional mechanism to ensure transparency, the improvement of information disclosure and accountability of public enterprises to the society; the implementation of reporting standards; the creation and maintenance of proper functioning of the institutions which are subject to the obligation to ensure transparency and monitor the related processes, the improvement of the relevant organizational and information mechanisms. The authors define the forms of ensuring financial transparency of public enterprises, which, in particular, include: financial reports on the official websites of public enterprises and state authorities; discussions with experts and the general public of initiatives regarding changes in legislation and/or practice of public administration, which may affect the financial activities of state-owned enterprises; the publication of the information and discussion on the state aid to public and private business entities and the reflection of its share in the budget; bringing arguments on the feasibility of privatization of public property; debates on the level of achievement of mandatory transparency. Specific measures to ensure fiscal transparency and transparency of financial activities of state-owned enterprises in Ukraine are justified.

Keywords:transparency of public finance, fiscal transparency, transparency of SOEs finance, state aid.

JEL: Е62, G38, H30, H81, H82.

IVANYTSKA O. . Preconditions and ways of increasing transparency of public finance enterprises of Ukraine / O. . IVANYTSKA, T. . Koshchuk // Фінанси України. - 2017. - № 5. - C. 24-38.

Article original in Ukrainian (pp. 24 - 38)

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