Universal Journal of Accounting and Finance Vol. 9(5), pp. 1199 - 1211
DOI: 10.13189/ujaf.2021.090529
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The Process of Forming Accounting Policies of Ukrainian Enterprises by International Financial Reporting Standards

Valentyna Panasyuk ¹, Nina Ovsiuk ^2,*, Ruslan Volchek ³, Grygorii Azarenkov ⁴, Nataliіa Volenshchuk ⁵, Olena Tyvonchuk ^6
1 Department of Accounting and Taxation, Western Ukrainian National University, Ternopil, Ukraine
² Department of Accounting and Auditing, National Aviation University, Kyiv, Ukraine
³ Department of Accounting and Auditing, Оdessa National Economic University, Odesa, Ukraine
⁴ Department of Accounting and Business Consulting, Simon Kuznets Kharkiv National University of Economics, Kharkiv, Ukraine
⁵ Deputy Director for Research, Donetsk State Agricultural Science Station of NAASU, Pokrovsk, Ukraine
⁶ Department of Accounting and Analysis, Lviv Polytechnic National University, Lviv, Ukraine

ABSTRACT

In most countries of the world, business entities independently determine their accounting policies, choose the form of accounting, synthetic and analytical accounts, forms of primary documents, and organize an internal control system. In this case, it is necessary to be guided by the legislation requirements, which is not always perfect and consistent. According to the accounting policy, the consequence of the deficiencies in legislative regulation was its ineffective implementation and use by enterprises in practice. This, in turn, negatively affects the efficiency of business entities as a whole. One way to solve this problem is to consider the organizational and technological features of the activities of enterprises as the basis for their development of accounting policies. The authors investigated when the standards should guide a company and when the creation of an accounting policy is reasonable. The study contains a theoretical and methodological substantiation of the directions, as well as the proposals themselves for the formation of the accounting policy of the enterprise, namely: a possible algorithm for the construction of the accounting policy of the plant by IFRS is presented, which represents the process of forming the accounting policy of the enterprise; the analysis of IFRS norms is clearly shown since this is fundamental in the formation of the accounting; analyzed IFRS, according to which options and/or variability of which are due to the inconsistency of IFRS and justified the choice of one or another option. The proposed recommendations will attract more foreign investment and can facilitate the transition to IFRS for the company.

KEYWORDS
Accounting, Accounting Policies, International Financial Reporting Standards (IFRS)

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Valentyna Panasyuk , Nina Ovsiuk , Ruslan Volchek , Grygorii Azarenkov , Nataliіa Volenshchuk , Olena Tyvonchuk , "The Process of Forming Accounting Policies of Ukrainian Enterprises by International Financial Reporting Standards," Universal Journal of Accounting and Finance, Vol. 9, No. 5, pp. 1199 - 1211, 2021. DOI: 10.13189/ujaf.2021.090529.

(b). APA Format:
Valentyna Panasyuk , Nina Ovsiuk , Ruslan Volchek , Grygorii Azarenkov , Nataliіa Volenshchuk , Olena Tyvonchuk (2021). The Process of Forming Accounting Policies of Ukrainian Enterprises by International Financial Reporting Standards. Universal Journal of Accounting and Finance, 9(5), 1199 - 1211. DOI: 10.13189/ujaf.2021.090529.