Transformation of Inventory Accounting in Terms of Harmonization of Public Sector Accounting Systems with International Standards
Journal Title: Oblik i finansi - Year 2014, Vol 1, Issue 4
Abstract
The article investigates accounting procedures for inventory in public sector institutions. The analysis of the most important aspects of accounting for inventories is being held, which are reflected in Instructions for inventory accounting No. 125, Regulation on inventory accounting in budgetary institutions, National regulation (standard) of accounting in the public sector 123 ‘Inventory’, International standard of accounting in the public sector 12 ‘Inventory’, particularly, the recognition of inventory procedure, its expected useful economic life, classification and evaluation of the inventory, methods of disposal. The criteria for determining the initial and the balance value of inventories were examined. Special attention is paid to methodological and methodical aspects of accounting for inventories under the Regulation, which entered into force on 01.01.2014. This Regulation is transitional regulatory document towards the transformation of inventory accounting in the public sector in terms of harmonization of national accounting system with international standards.
Authors and Affiliations
Vasyl Pihosh
Keywords
Related Articles
- EP ID EP132184
- DOI -
- Views 221
- Downloads 0
Development of Accounting Policies of Agricultural Enterprises
Today, the availability of different approaches to understanding the nature of accounting policies indicates about incomplete scientific research in this area. The purpose of the article is to evaluate the features of de...
Risk of Material Misstatement in the Audit of Payments to Budget
Users of reporting, which is formed based on accounting data, can change the content and nature of their own decisions depending on the parameters of the information they receive. In other words, users' decisions depend...
Financial Mechanism of Road Transport Companies in the Financial Management System: Theoretical Aspect
The war in Ukraine has had a destructive effect on the economic activity of road transport companies, the organization of their financial relations, the management of financial resources, and, therefore, on the financial...
Development of Enterprise Accounting Policy on Accounting of Receivables within Payment System with Buyers
The growth in receivables is one of the reasons of low solvency of domestic agricultural companies. Therefore, the important significance in the management of financial flows in the company belongs to the accounting poli...
Capital Investments as a Basic Prerequisite for the Investment Security of the State
The importance of research on the investment security of the state to prevent hazards and overcome existing threats in this area is growing significantly in modern conditions. Despite significant scientific research on t...