First National Regulation (Standard): What Will Be Ahead?
The most notable innovation in regulatory accounting software in Ukraine was the adoption of the National Accounting Provision (Standard), 'General Requirements for Financial Statements' (NAP(S) 1) in 2013. The new provision was given the national status and it superseded the accounting standards which determined the order of each primary financial statement presentation. The changes were to be made to bring the national accounting and financial reporting in accordance with international accounting standards. The article analyzes the main provisions of new national standard that regulates formation of financial statements for companies reporting under national standards, and for enterprises whose activities are guided by the International Financial Reporting Standards (IFRS). Based on the research, the main points of this legal document have been highlighted, and it has been also emphasized that the concept of financial statements for the NAP(S) 1 is on the contrary to the conceptual basis of the same statement under IFRS. According to the author, only standard forms of financial statements, prepared in conformity with either with national or international standards, due to differences between the two sets of standards, may carry the risk of information distortion.
Volume (Year): (2013)
Issue (Month): 2 (June)
|Contact details of provider:|| Postal: |
Web page: http://www.iaf.kiev.ua/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:iaf:journl:y:2013:i:2:p:8-12. See general 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 you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.