Preparation of financial statements under international standards and its audit specifics
AbstractDue to the transfer of certain categories of business entities to international standards accounting, practical application of the International Financial Reporting Standards today are highly important for business entities in Ukraine. The article covers the specifics of financial statements preparation in accordance with the international standards. The method of reporting transformation for obtaining the initial trial balance sheet and financial reporting forms prescribed by the international standards has been studied. The legislative innovations in accounting and audit have been analyzed, which showed a gradual implementation of the Strategy of International Financial Reporting Standards implementation in Ukraine. The data disclosure requirements in financial statement in compliance with the international standards have been identified, as well as a list of items that must be disclosed in the company's accounting policies. The problem aspects of financial statement audit prepared in accordance with international standards have been highlighted. Practical recommendations have been given for improving the order of audit report (summary) presentation in accordance with the International Standards on Auditing and regulatory acts of Ukraine.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Institute of Accounting and Finance in its journal Accounting and Finance.
Volume (Year): (2013)
Issue (Month): 4 (December)
financial statement; transformation; International Financial Reporting Standards; national standards; accounting policy; auditor's report;
Find related papers by JEL classification:
- M41 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Accounting
- M42 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Auditing
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Serhiy Ostapchuk).
If references are entirely missing, you can add them using this form.