Principles of Accounting and Financial Reporting According to IFRS: Issues of Terminological Formalization
Journal Title: Бізнес Інформ - Year 2015, Vol 7, Issue 0
Abstract
The article is aimed at systematizing and critical analysis of approaches to definition of the terms of «principles of accounting» and «principles of financial reporting», substantiating the need for their distinction and existence of subordinate relationship between them, as well as providing the terminological formalization. The general scientific as well as specific accounting approaches to the definition of principles of both accounting and financial reporting have been analyzed. Clear scientific trends regarding the delineation of the principles of accounting and principles of financial reporting have been identified. According to the results of the study, the distinction of principles of both financial reporting and accounting is taken further, not in the terms of individual classification groups, but as a hierarchical system in which the principles of financial reporting are determinate and the principles of accounting are derived from them and are subordinate to them. It is proved that the principle of accounting, not being in the subordinate relationship with principle of financial reporting, is not inherently a principle and can be considered as a suggestion, rule, requirement etc. A critical analysis of existing terminological constructions and explications of principles of both accounting and financial reporting has been conducted, making possible to state the lack of unity in the interpretation of the principles of accounting (financial reporting). Understanding of principles of both accounting and financial reporting as a hierarchical totality of the subordinate unconditional restrictions, placed over the arrays of accounting and reporting information, creating unconditional benchmarks in recognition, evaluation, presentation and information disclosure in the financial statements, has been proposed.
Authors and Affiliations
Olena Kharlamova
Keywords
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