Summarazing account information in the financial statements of small business
Journal Title: Науковий вісник Полтавського університету економіки і торгівлі. Серія "Економічні науки" - Year 2016, Vol 1, Issue 73
Abstract
In the article considered the theoretical basicof financial statements of small business and the accounting information contained in it. Also reflected category of business in Ukraine and the criteria by which we can attributed to the small enterprise. The characteristic statements, which may submit small businesses, as well as detailed description of the financial report shows the form number 1 and number 2 of its structure in sections, as well as articles by GAAP 25 « Report of the object of small business». Characteristics components of financial statements of small business, such as balance sheet and income statement. Considered dates of rendering the financial reporting to supervisory authorities and specified periods for which small businesses submit financial statements. The problems that exist in small businesses, which, first of all, link to the preparation and presentation of financial statements are discovered. Mainly they caused a partial mismatch of national reporting with IFRS, but national accounting standards (GAAP) have been taken on the basis of international accounting standards and financial reporting because they are fundamentally have no different, and even have a similar concept. In this article we have made analysis of the proposals of others to solve problems that may arise during the preparation of financial statements, as well as when using the accounting information contained in it, its users to summarize investigated the reporting period, compared with other similar periods of the same company and use of information management. Also, our ideas are suggested, through which the financial report of the small businesses would be more accessible and understandable. Moreover, our proposals are aimed at improving financial reporting methods that will contribute to strengthening of internal and external control over the compliance of formation that are reflected in her performance, will enable to predict the financial and economic activities of small businesses and will increase its effectiveness.
Authors and Affiliations
O. Makara, A. Safarova, Y. Muzyka
Keywords
Related Articles
- EP ID EP171885
- DOI -
- Views 99
- Downloads 0
Types, features of global production networks functioning
Annotation. The purpose of the article is to study the types and to clarify the specifics of the functioning of global production networks. Methodology of research. The objectives of the article implemented by using the...
Concept and differences of collaborative alliances from other forms of cooperation in Ukraine
Annotation. The purpose of the article is to define the concept of a cooperative alliance and to reveal its differences from other forms of cooperation in Ukraine. Methodology of research. In order to achieve this goal,...
Peculiarities of financial management in credit unions: theoretical aspects
Annotation. The purpose of this work is to identify features and develop new theoretical and methodological approaches to the implementation of financial management in credit unions of Ukraine. Methodology of research. T...
Comprehensive analysis of the financial potential of enterprises
Annotation. The goal of the article lies in the scientific development of theoretical and methodological foundations for the development of a comprehensive analysis of the financial capacity of enterprises which provides...
Transport policy as a factor of image forming foreign policy strategy of Turkmenistan
The main priorities of transport policy of modern Turkmenistan in the context of its positive image, socio-economic modernization of Turkmen society and the initiatives of President G. Berdymukhamedov were determined wit...