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
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