INCOME AND EXPENDITURE ACCOUNTING: AREAS OF HARMONIZATION OF INTERNATIONAL AND NATIONAL FINANCIAL ACCOUNTING STANDARDS

Abstract

Comparative analysis of accounting, valuation, determination and classification of
income and expenses by international and national accounting standards
has been performed, and problems of improvement of accounting of
income and expenses by national and international accounting standards
are outlined. Based on the comparison of national standards and international
standards, the main characteristics and features of the classification of
income and expenditure are considered. The expediency of using
International Accounting Standards in Ukraine is substantiated. The objective necessity
of applying the practice of accounting according to International
Accounting Standards and outlining the benefits of using such practice is stated, the
correspondence of the International Accounting Standards and
Accounting Regulations (Standards), regarding accounting of income
and expenses taking into account national and international practices,
international and national accounting standards is investigated income
grouping by type of experience in the Accounting Standards (Standard) and
International Standard accounting. A comparative analysis of disclosure
of financial results by international standards and national standards
has been carried out. The current practice of compiling and presenting
the Financial Statements (Income Statement) in accordance with international and
national standards is reviewed. The necessity for application of
the international financial reporting standards for Ukrainian enterprises
is substantiated. A comparative analysis international and national
accounting standards of disclosure of financial results by international standards and
national standards has been carried out. The economic essence
and features of the financial statement in the process of
adapting the financial statements to international standards are considered. The
regulatory aspects of the statement of financial performance have been investigated, which is a pressing issue as a result of bringing the national accounting
system into line with international accounting standards.