Accounting & Reporting: On the Way to EU and NATO

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Accounting & Reporting: On the Way to EU and NATO

Journal Title: Oblik i finansi - Year 2023, Vol 1, Issue 2

Abstract

The European integration course of further development of Ukraine determines the relevance of research on the implementation of EU legislation. This fully concerns the improvement of legislation in accounting and reporting. The article aims to define and substantiate the directions of further development of accounting and reporting in Ukraine in the context of the prospect of joining the EU and NATO. It was established that the requirements of the European directive on financial reporting apply only to joint-stock companies and limited liability companies. Taking this into account, an important direction for the further improvement of domestic enterprises' financial reporting is its compliance with EU legislation and a balanced differentiation of requirements for reporting enterprises of various forms of business. In particular, it is appropriate to reduce the amount of financial reporting for enterprises whose members have unlimited liability. Reunification of financial reporting requires corresponding changes in the statistics system. In the future, using financial statements for statistical generalizations will be inappropriate. It is also necessary to consider the changes made to the EU legislation in connection with adopting the directive on reporting on sustainable development. As a result, it is necessary to make appropriate amendments and additions to the Law of Ukraine “On Accounting and Financial Reporting in Ukraine” regarding the content and presentation of the management report and to carry out and publish an official translation of the European standards for reporting on sustainable development after they enter into force in the EU. The article reviews the principles of adaptation of International Public Sector Accounting Standards (IPSAS), considering the specifics of the activities of NATO entities. Considering the perspective of financing the post-war reconstruction of Ukraine and the course for joining NATO, it was proposed to gradually transition the public sector directly to International Standards (IPSAS). The provided proposals and recommendations contribute to the optimization of Ukraine's accounting and reporting system, in line with the country's integration into European economic and political structures.

Authors and Affiliations

Serhii Holov

Keywords

EP ID EP719161
DOI 10.33146/2307-9878-2023-2(100)-16-22
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