Regulatory Support of Accounting in Poland and Ukraine in Context of EU Directives

The article identifies specific features and evaluates the conformity of legal and regulatory support of accounting in Poland and Ukraine to the ongoing challenges of economic growth of the countries. Major components of regulatory support of accounting in Poland and Ukraine are described. The standardization foundations of accounting in Poland have been revealed as well as common and distinctive features of this process in Ukraine have been identified. Various approaches to accounting and financial reporting within the scope of Directive 2013/34/EU and the International Accounting Standards have been evaluated. It is found that the law on accounting in Poland in terms of contents and volume is far more extensive than its Ukrainian counterpart. The Ukrainian national accounting standards, on the contrary, are more sophisticated in terms of fields of application. However, the Polish standards are distinguished by more detailed formulation of methods of accounting and reporting of a specific accounting segment. The uniformity of charts of accounts in Poland is specific only to budgetary institutions and municipal enterprises, while in Ukraine a typical chart of accounts should be used by both budgetary and commercial enterprises. It proves that the Polish enterprises enjoy more freedom in terms of organizational principles of accounting.