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Asset Accounting According to National and International Standards

Author

Listed:
  • Karina Utenkova

    (Kharkiv National Agrarian University named after V.V. Dokuchayev)

Abstract

The Article overviews the issues of complying National Accounting Standards at the enterprises of Ukraine with International Financial Reporting Standards. Key provisions of national and international standards governing the accounting of fixed assets (NP(S)A 7 'Property, Plant, Equipment', IFRS 16 'Fixed Assets') have been analyzed. It has been found that the list of PPE regulated by both accounting standard frameworks is not identical. Specifics of fixed assets recognition, their classification, assessment and reassessment, delivery and disposal, depreciation procedure, reflecting information on fixed assets in financial statements have been overviewed. As the results of the study suggest, current status of fixed assets in Ukraine to some extent corresponds to the requirements of International Financial Reporting Standards, whereas still there exist some differences. These differences concern both fixed assets accounting (in aspects involving initial cost formation, revaluation and depreciation charge) and disclose of information on them in financial statements. According to the author, such situation is quite natural because the process of adjusting the regulatory framework of Ukraine to the international standards of accounting and reporting is on.

Suggested Citation

  • Karina Utenkova, 2014. "Asset Accounting According to National and International Standards," Oblik i finansi, Institute of Accounting and Finance, issue 2, pages 79-83, June.
    • Handle: RePEc:iaf:journl:y:2014:i:2:p:79-83
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    File URL: http://www.afj.org.ua/pdf/172-oblik-osnovnih-zasobiv-za-nacionalnimi-i-mizhnarodnimi-standartami.pdf
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    File URL: http://www.afj.org.ua/en/article/172/
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    More about this item

    Keywords

    accounting; International Financial Reporting Standards; reform; National Provisions (Standards) of Accounting; fixed assets;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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