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Under the Current Expected Credit Loss (CECL) model, banks should fully recognize expected lifetime credit losses upon loan origination while gradually recognizing interest revenues. This timelier recognition of losses versus gains (i.e., conditional conservatism) makes banks more capital constrained. To mitigate this, banks may (1) offset timelier credit losses by lowering conservatism in other earnings components and (2) reduce credit losses by demanding greater borrower conservatism. We find that, under CECL, banks increase conservatism in loan losses but decrease conservatism in other earnings components, making overall conservatism only marginally increase. In sharp contrast, their borrowers increase conservatism by 40 percent, and borrowers' increase is twice that of banks. This substantial spillover effect suggests that, by greatly increasing borrowers' conservatism, CECL may strengthen debt governance of a broad scope of firms in the economy, thereby having economy-wide consequences beyond the banking industry and potentially enhancing the stability of the entire economy. Data Availability: Data are publicly available from the sources identified in the study. JEL Classifications: G21; M41; M48. [ABSTRACT FROM AUTHOR]

The supply process is an important component of the economic work of an enterprise. Therefore, properly organized purchases of material assets are an important condition for its normal functioning and the fulfillment of planned tasks. After all, the purchased assets are part of the production functions along with internal production activities, sales, financing and management. The purpose of the article is to systematize and substantiate modern aspects and current regulatory and legal support for the organization of accounting and taxation of the supply process for Ukrainian business entities. Results. The procedure for accounting and taxation of the supply process at enterprises is regulated by a number of regulatory documents that ensure compliance by business entities with uniform accounting rules that are mandatory, guarantee and protect the interests of users of accounting information, therefore, the study systematizes the relevant regulatory acts in a certain hierarchy. That is, the state level and the level of the enterprise itself are distinguished. It is proposed to consolidate the provisions of the accounting policy regarding transactions for the acquisition of enterprises in a separate document - "Regulations on the Organization of the Process of Acquisition of Enterprises" - which not only does not contradict the requirements of current legislation, but, taking into account the irregular nature of such transactions in relation to the enterprise itself, does not overload the accounting policy.

The article discusses the accounting of inventories received by the company without documentary support. The authors of this study set a goal — to propose a method that is justified from the point of view of theoretical, normative and practical aspects for reflecting such uninvoiced supplies in the accounting system, since the current official industry recommendations do not provide clear explanations for such business transactions. In the course of the work, the content of the concept of “uninvoiced supplies”, the history of its origin and modern interpretation in the theory and practice of the organization’s economic activity were examined. The current state of accounting at enterprises is characterized by a tendency to optimize the costs of its maintenance through the use of rational tools in the field of internal control, safety of material resources, generation of data for tax accounting, collection and synthesis of statistical information, etc. Accordingly, the creation of a universal accounting and analytical base used for the purposes of managing the economic objects of an enterprise becomes relevant. This circumstance is an important criterion when organizing the accounting of uninvoiced supplies. The authors of the study used methods such as a systems approach, analysis and synthesis, abstraction and modeling. The analysis of the problem and the search for optimal solutions were carried out on the basis of the requirements of regulations and methods of accounting theory. The material in the article can be used when creating an enterprise’s accounting policy, preparing local acts regulating economic accounting of the movement of material assets and their safety. The results of the studied issue are aimed at ensuring the efficiency of activities and sustainable development of business entities.

The article discusses legal and accounting aspects of the settlement of financial liabilities using equity instruments or socalled debt-to-equity swaps. Particular attention is paid to the application of IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments. Illustrative models for accounting for the settlement of financial liabilities with equity instruments between related and non-related parties are presented. [ABSTRACT FROM AUTHOR]

It was established that the main factors influencing the choice of accounting policy are the following: ownership, type of enterprise, its subordination, type of economic activity, number of personnel; the size of the enterprise, the taxation system, the format of financial statements (full or simplified); form of accounting management and organization; enterprise development strategy; cost structure (wage cost, material cost, depreciation cost, etc.); seasonal or non-seasonal nature of the type of activity; pricing procedure, level of competition and degree of uniqueness of the activity product; the state of corporate governance and levels of responsibility to the owners of the enterprise; personnel motivation system; environmental responsibility to society. The classification of the accounting policy for the purposes of analysis and audit has been improved according to the following characteristics: depending on the level of regulatory regulation; depending on the reporting based on it; depending on the term of validity; depending on the risks of distortion of financial statements due to the application of professional judgment; depending on the impact on the financial situation. It has been established that the development of a working plan of accounts taking into consideration the analysis sections necessary for the preparation of financial, tax, statistical, management reporting, and the Management Report will allow the formation of an integrated accounting system that reflects the interrelationships between individual indicators of various reports, which will strengthen the effectiveness of the system of internal control at enterprises and will reduce the risks of distortions of the reflected financial condition at the macro and micro levels. It is substantiated that compliance with the current legislation of the applied accounting policy is characterized by the assessment of objects and their reflection on the accounts in accordance with their purpose and type of activity, the reliability of the reporting compiled on its basis, which ensures the completeness of the display of all operations and the determination of financial results and a reliable assessment of efficiency types of activities in accordance with the productivity of expenses, profitability and cash flow.

The economic role of an accounting regime is to increase welfare through its effects—in conjunction with complementary institutions—on firm and household behavior. I review three major streams of the archival literature (real effects; price effects, including value relevance; and costly contracting), in terms of what they can and cannot reveal as proxies for welfare effects. One conclusion is that the partial correlations and average effects that predominate in this literature have provided valuable insights into the role of accounting in the economy, but provide limited and misleading proxies for welfare effects. A major concern is that teachers, students, and researchers—indeed, regulators and standard setters—raised on this literature could lose sight of, and underestimate, the fundamental contribution of accounting to aggregate welfare. [ABSTRACT FROM AUTHOR]

The accounting policy of small enterprises is the basis for effective and rational organization of accounting and highlighting its methodology. The main purpose of the accounting policy is to choose a specific method of accounting and financial reporting from several possible options allowed by current regulatory documents. In accordance with the legislation, small enterprises independently determine their own accounting policy, while the degree of freedom is regulated at the state level. Today, the search for ways to save costs, and increase competitiveness and profitability of activities requires the development of a well-established accounting system that serves as an information base for management. One of the effective tools of business management is the process of formation and implementation of an accounting policy, which will contribute to the achievement of high financial results due to obtaining competitive and will ensure the formation of complete, objective and reliable accounting information. It was found that in practical work, managers of small enterprises treat the features of accounting policy formation quite formally due to the lack of theoretical knowledge, appropriate qualifications and practical experience. In this regard, the purpose of this study is to characterize the methodological aspects of the formation of the accounting policy of small enterprises. To achieve the specified goal, we consider it necessary to: determine the influencing factors when choosing an accounting policy; to investigate the method of formation of the accounting policy by the national provisions (standards) of accounting. Methodological aspects of the accounting policy of small enterprises are highlighted within the scope of the research. Qualitative characteristics and limitations to which accounting and reporting information must comply are assessed. The influence of internal and external factors is taken into account when forming methodological principles of accounting policy. The impact of the usefulness of accounting and reporting information on the construction of accounting and the provision of information in the financial statements of small enterprises is proven [ABSTRACT FROM AUTHOR]

Ukraine has the status of a candidate country for joining the European Union according to the decision of the European Council. The process of harmonization of accounting of small enterprises in Ukraine takes place by approaching European directives and international standards of conducting business activities in order to reliably provide information needs. Currently, it is important to study the state and development of small enterprises as a driving force in the formation of market relations, and stable and dynamic development of the country's economy. The purpose of the study is to evaluate the taxation system and its reflection in the accounting policy of small enterprises on the example of small enterprises of the Volyn region. The role and significance of the accounting policy was evaluated and its regulatory and legal regulation was analyzed; a description of the current system of taxation of small enterprises and its reflection in the composition of the accounting policy is given; problematic issues of the taxation system of small enterprises are identified. It was determined that the accounting policy provides a set of methods and procedures for organizing and keeping records and reporting, which were chosen based on the established requirements and specifics of the activities of small enterprises. Organizational aspects of the formation of the accounting policy regarding the choice of the taxation system are proposed. The levels of regulation in the formation of accounting policy are characterized (international, interstate, national, branch and local). The experience of the leading countries of the European Union regarding taxation of small business is analyzed. Today, there are ongoing discussions regarding the abolition of the simplified taxation system, because it is an important tool for tax evasion. In this regard, every year the state does not receive the full amount of tax revenues in the consolidated budget of Ukraine. [ABSTRACT FROM AUTHOR]

At the Ninth International Conference of the Journal of International Accounting Research, Editor Steve Lin organized a plenary session titled "20 Years of IFRS Research" to commemorate the 20th anniversary of the worldwide adoption of International Financial Reporting Standards (IFRS). During the session, each panelist presented their views on what we have learned from researching IFRS for the past 20 years and where we should go from here. This article presents a short essay from each panelist summarizing their comments, as well as related issues that were not fully explored at the conference. [ABSTRACT FROM AUTHOR]

Purpose: The main purpose of the study is to determine whether local government units use accounting policy instruments to manage a limited level of debt.Methodology/approach: The article analyzes the literature on the subject and legal acts. In the empirical part, a survey addressed to treasurers and chief accountants of local government units was used. The research methodology was based on non-parametric statistical tests. The relationship between the variables on the ordinal scale was checked by Spearman’s rank correlation test, and the statistical significance of differences between the distribution of the perceived intensity of debt management and the selected grouping variable was tested by the Mann-Whitney U test and the Kruskal-Wallis test. Findings: Statistical inference made it possible to conclude that, in the respondents’ opinion, local government units use accounting policy instruments to manage limited levels of debt. Moreover, the statistical tests allowed us to conclude that the perceived intensity of the use of accounting policy instruments in managing an acceptable level of debt is not a derivative of the degree of local government units in the territorial divi-sion of Poland. Research limitations/implications: The research may become the basis for further research to assess the accounting system in terms of reporting the level of indebtedness of public finance sector entities in Poland. Originality/value: The research provides a new look at the problem of the indebted-ness of local government units in the Polish literature.

The purpose of the article is to substantiate the theoretical foundations and practical aspects of the study of the accounting policy of the enterprise in the conditions of war. The full-scale invasion of the Russian Federation on the territory of independent and sovereign Ukraine caused significant negative phenomena and processes occurring in the economy and society. Destabilizing factors had the most significant destructive impact on the sphere of entrepreneurship, as a result of which the conduct of economic activity underwent significant destabilizing changes, and the risks of negative effects significantly increased. The introduction of a special legal regime of martial law in the country caused the need to keep records of economic transactions at enterprises taking into account the factors of war, which significantly reformatted approaches to the accounting system at enterprises and caused its changes. The article analyzes the main scientific approaches to determining the essence of the company's accounting policy and elucidates the specifics of its change in the context of the economic and legal analysis of current legislation in the field of accounting and financial reporting. It has been proven that the existing destabilizing factors of a military nature have a significant destructive effect on the state and changes in the accounting policy of the enterprise, which are due to the need to reflect in the accounting and financial reporting of economic transactions associated with the: impossibility of economic activity or its significant limitations due to the conduct of active hostilities; forced relocation business entities to relatively safe territories; legal restrictions on settlements with Russian and Belarusian counterparties; increased risks of counterparty default; destruction, large-scale destruction, damage and depreciation of assets as a result of active hostilities; provision of defense assistance; as well as settlements with employees in conditions of martial law. The main methods of improving the accounting policy of the enterprise in the conditions of war are proposed.

The application of tax planning by an economic entity will make it possible to release part of the funds from financial (including tax) liabilities and effectively use them in the reproduction process for modernization, reconstruction, improvement of technical conditions for the production of goods, works and services. Every structure of a successful business strives for profitable production, therefore tax optimization, methods and schemes of its application are topical issues. In the context of an annual increase in the tax burden, optimization for entrepreneurial activity is interesting not only for the existing companies, but also for novice businessmen and start-ups. The purpose of the study is to substantiate and develop practical recommendations for the implementation of tax planning. To achieve it, the following tasks and objectives were set: to study and generalize the views of Russian scientists in modern economic conditions; to develop approaches to improving the mechanism of tax optimization in order to perform the functions assigned to it, and above all, to influence the financial conditions of an economic entity through the possibility of tax optimization provided by legislation. In the course of the work, the following methods of classification were used: abstract-logical, monographic, analytical, logical approach, comparison and generalization, etc. The methodological and theoretical basis for the study was the works of representatives of Russian science, regulatory and legislative acts of the Russian Federation regulating the functioning of the tax system; official publications, as well as materials of scientific and practical conferences. The obtained results contribute to the identification of ways to improve the mechanism of tax planning by business entities.

Copyright of Business Administration Quarterly / Kwartalnik Nauk o Przedsiebiorstwie is the property of SGH Warsaw School of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper describes issues of improving the accounting policy as a fundamental methodological tool for organizing and implementing the accounting process and the reporting of an economic entity formed on its basis, which is the primary source of information about its financial activities. Reporting and accounting policies should be in a stage of constant development and evolution in order to meet adequate business development trends and the needs of stakeholders. In an environment where corporations are the basic form of business organization, corporate reporting, showing the process of creating value over time, results from the development of the existing merged reporting model, and corporate accounting policy is a corporate governance tool. At the same time, levelbased risk-based approach to its implementation can be considered as a tool for implementing a corporate strategy. The purpose of the research is to identify trends in improving corporate accounting policies, and the task is to update its strategic significance. In the course of the work, the author substantiates the expansion of the boundaries and functions of accounting policy in the corporate space as endowing it with the functions of a corporate governance instrument and the implementation of corporate strategy. The results of the study can be used for the purposes of corporate governance and optimization of the coordinated activities of participants in corporate relations. This caused to the process of implementing a single strategy by revealing the management functions of accounting systems and updating their predictive risk-based value.

The object of research is the preparation of the procedure for the formation and write-off of the accounting category of expenses of future periods. The difficulty of this issue for practicing accountants is the lack of detailing of their composition, accounting and write-off in regulatory documents. In the national regulations (standards) of accounting (which are the main regulatory document on accounting), there is no definition of this category, as well as its components and the order of their attribution to the expenses of the current period. That is why the criteria for the recognition of expenses were defined, the period of their recognition was determined, and the reasons why some expenses cannot be classified as current expenses in accordance with NAR(S) (National accounting regulations (standards)) were analyzed. The difference between some components of expenses of future periods that are similar in name and expenses that are not included in current expenses according to NAR(S) was clarified. It is also clarified how those expenses of future periods should be reflected, which by all indications can be attributed to this category, however, according to the write-off period, they cannot be credited to account 39 «Expenses of future periods» and entered in the 2nd section of the Balance Sheet «Current assets». In addition, the presence of expenses of future periods as part of separate lines of financial statements according to IFRS (International Financial Reporting Standards) is disclosed. Various options for writing off the expenses of future periods and including them in the composition of the expenses of the current period were also considered. Depending on the time of receipt of income for which these expenses were incurred, it can be carried out in equal parts, proportionally or using other methods. [ABSTRACT FROM AUTHOR]

Mining development in Cuba is of vital importance for the progress of the country, although it has generated environmental liabilities because of implementing the mine closure plan incorrectly. The lack of financing in order to face this process is one of the main causes. The purpose of this study was to develop an accounting policy for creating and using a provision for mine closure, which will guarantee, that companies have the necessary financing to execute the closure plan at the end of the life cycle of the mining project. [ABSTRACT FROM AUTHOR]

Copyright of Zeszyty Teoretyczne Rachunkowości is the property of Stowarzyszenie Ksiegowych w Polsce Rada Naukowa and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article discusses the prospects of using electronic documents and electronic document management in accounting and tax accounting. Changes in this area will lead to a new procedure for the formation and organization of registration of primary documents, internal documents and reports of economic entities. An electronic document can become a generalizing document for counterparties within the framework of the fact of economic activity. The use of electronic documents and electronic document management will automate a large number of accounting and tax accounting procedures. It will also contribute to the wider use of the possibilities of robotics for accounting activities. If the document is drawn up in electronic form, then it must be certified with an electronic signature. The correct use of an electronic signature and its types is essential for identifying the facts of economic activity. The rules of record keeping regarding the use of electronic documents and electronic document management will require significant changes and additions to accounting policies from business entities, both for accounting and for tax accounting.

Copyright of Roczniki Ekonomiczne Kujawsko-Pomorskiej Szkoly Wyzszej w Bydgoszczy is the property of Kujawy & Pomorze University in Bydgoszcz and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The war causes dangerous and unpredictable conditions for using property, the impossibility of determining the period of its useful operation. The risks of losing property are considerable. In Ukraine, the property of agricultural enterprises is primarily uninsured. The only way out is the introduction of accelerated depreciation, which will adequately reflect the costs of the enterprise, associated with hostilities in the regions of Ukraine. The purpose of the article is to determine the methodical approaches and areas of regulatory and methodological support for changes in accounting policies for depreciation in the accelerated mode.The international and national methodology of depreciation calculation was analyzed. The legislative and normative changes for accounting policy of enterprises in terms of accelerated depreciation of fixed assets and clarifying the term of their useful life were substantiated. The mechanism of application of the method of accelerated reduction of the residual value of fixed assets was revealed. The necessity of the introduction of the regional policy coordinated with bodies of the State tax service concerning the application of the accelerated rates of depreciation in the territories where active military actions take place was proved. Although the national accounting standard 7 “Fixed assets” provides the possibility of doubling the depreciation rate and revising the useful life of fixed assets, it does not clarify the depreciation policy of wartime. Therefore, introducing the concept of “martial law” in national and international accounting standards is of paramount importance at the legislative level. The problem of repairing damaged property is exacerbated by the weakness of the market segment by its insurance.

The article is devoted to the study of the polarization of accounting thought in relation to the multivariate mechanism ofconstruction of the accounting model, which led to the development of ambiguous in nature specific accounting technology - creative accounting.

An enterprise’s financial result is the main source of information for all those interested in the company’s activity. As a result of being normalized and audited, the information offered by accounting receives the “social recognition”, recognition which allows them to be used to evaluate the enterprise’s activities and performances. Although there are accounting laws, the options and/or the imprecision in the accounting texts allow for the possibility to manipulate the financial result and the content of the financial statements Within the liberty offered by the different source of accounting law, the enterprises can choose between the options which are at the base of presenting the financial statements. The choices made by the enterprise’s management with the purpose of modeling in a legal way, the presentation and the content of the financial statements are known as accounting policy. Within an enterprise, developing the accounting policies represent a primary aspect, because applying these policies determine a high degree of financial information relevance and lead to better management choices.

As a result of the conducted research, the possibilities of modeling the accounting process at the current stage were considered and models of accounting (financial) and management reporting were developed in the conditions of the transition to IFRS. To the fulfillment of requirements with IFRS 1, "First Application of International Financial Reporting Standards" (IFRS 1), the elements of preparatory work in the conditions of transition to IFRS. The first element of the organizational nature is the development of an accounting policy that falls within the organization's competence. 3 models of accounting policy are presented. As a part of Model 2, a Conceptual Model for the Formation of Accounting Policies in accordance with IFRS is proposed. The model for the formation of methodical provisions of accounting policy under IFRS is proposed. Developed a mechanism for the formation of management accounting policies aimed at preparing information in accordance with IFRS, which increases the reliability of information and allows to optimize the management decision-making process at different levels of management The ways of obtaining IFRS reporting by Ukrainian companies are comparatively analyzed for the identification of the most optimal one and in order to develop proposals for the further development of the method implemented within the framework of its application. The stages of financial statement compilation by means of each of the methods are specified, as well as the conceptual models of automated processing of accounting information using the method of transformation, parallel accounting (conversion), and translation, as well as the proposed combined method of compiling accounting (financial) reporting in the conditions of transition to the use of international standards. The proposed methodology of preparing individual financial statements under IFRS allows a company with the lowest cost of labor and financial resources to collect and aggregate information for the preparation of reporting in an international format that has a fundamental impact on the effectiveness of managerial decisions, which largely depend on the reliability and timeliness of financial and managerial information contained in the relevant reporting, opening new opportunities to the organization for attracting large foreign investors. The concept of the formation of a management accounting and analytical system based on the IFRS information platform has been developed, which includes a step-by-step process of setting up its individual elements with a description of organizational and methodical procedures, with the selection and specification of tools and technologies used at each level of the analyzed procedure. A model of the transformation of accounting reporting into the format of management reports adapted to the requirements of IFRS is proposed, in which the relationship of individual balance sheet indicators by types of activities with other management reports is highlighted. [ABSTRACT FROM AUTHOR]

This article investigates the accounting standards changes related to business acquisitions and the impact of those changes on the reported goodwill in the past 50 years. We observe that the amount of goodwill on companies’ balance sheets steadily increased before 2001 but has risen to new levels with the adoption of SFAS 141. Goodwill is now equal to about 30 percent of companies’ net assets compared to only about 7 percent in the 1980s. We examine whether the increased levels of goodwill could have resulted from changes in accounting standards. Specifically, we investigate the impacts of accounting regulations on goodwill reporting under three different regimes: APB 16 and 17, SFAS 141 and 142, and SFAS 141(R). We find that the increase in the reported value of goodwill is not a result of an increase in public companies’ acquisitions, as those have actually decreased over time. Further, the increase overlaps with the changes to the accounting for goodwill and the switch from goodwill amortization to impairment. Our findings are timely and important because the Financial Accounting Standards Board (FASB) has a concurrent project revisiting Identifiable Intangible Assets and Subsequent Accounting for Goodwill (FASB 2020). Our evidence urges caution in the reintroduction of goodwill amortization proposed by FASB, as the level of goodwill has increased dramatically despite FASB’s intentions to improve the quality of goodwill accounting and curtail management’s goodwill manipulation.

The normative-legal regulation of accounting of formation and use of reserve capital is established. Legislative regulation of the minimum size of reserve capital for different types of companies has been clarified. For joint-stock companies, in contrast to other types of companies, the legislation provides for the possibility of reducing the minimum deductions (including up to 0 %) when the reserve capital reaches the minimum size. A statistical analysis of the structure of equity by type of economic activity is made. It is established that out of 15 types of economic activity, only three (agriculture, forestry and fisheries; education; provision of other services) have profitable activity. Profitable types of economic activity are characterized by the dominance of retained earnings or additional capital in the structure of equity, with reserve capital occupying a small share. The common features and differences of additional and reserve capital are established. Common one is the creation of various funds, the source of which is net income. A distinctive feature is the ability to use funds. Additional capital provides for the creation of a fund for the renewal of non-current assets, employee motivation, etc. and the use of funds for these needs. Unlike additional capital, reserve capital is formed to eliminate crisis moments in the enterprise, reaches a certain size and may not be used for years, because it has a clear purpose – to cover losses, pay dividends on preferred shares and guarantees to creditors in liquidation. The method of accounting of reserve capital, which allows distinguishing the minimum level defined by the legislation and the sum exceeding the minimum size is offered.

The article considers the problem of current accounting of stocks in public sector organizations through the prism of new standards. As a result, the unity of the system of requirements for accounting of tangible assets was confirmed. The paper reveals the positions of modern scientists and practitioners on the novelty of requirements in the accounting of short-term assets. The author presents the logical scheme of application of norms of accounting of material stocks in the budgetary sphere from the point of view of their subordination. The study generally discloses the criteria for fulfilling the utility of the potential contained in the asset. The article presents and discloses the logical scheme for achieving the utility criterion reflected in the material stock. The author describes the necessity to use inventory as a way to identify signs of attributing assets to stocks or property in storage.

The branch features of functioning the enterprises of the extractive industry influencing the organization of the account, the analysis and audit are established: limited stocks of minerals influence the actual period of functioning of the enterprise; seasonal demand for products; complex production; the location of the enterprise in relation to settlements must be consistent with the safety of the technological process for the environment, people; obtaining special permits for legitimate subsoil use. The elements of accounting policy as a tool for the actual reflection of contractual and depreciation policy in the financial statements are described. It was found that all surveyed companies apply a uniform depreciation policy. Given the seasonal nature of production and underutilization of capacity, it is proposed to move to the application of intensive depreciation policy. This will allow you to clearly plan the timing of equipment upgrades and the cost of own or borrowed funds for its implementation Stages of assessment of buyers’ solvency are offered. The first stage involves establishing the degree of implementation of agreements between buyers and the mining industry. The second stage involves determining the completeness of the provision of cash or non-cash proceeds from sales based on the establishment of correlations between the indicators of the statement of financial performance and the statement of cash flows. The third stage involves establishing the increase in receivables for sold products, goods, works, services for the reporting period and the share of the increase in receivables in the net income from sales for the reporting period.

The necessity of development of the system of financial accounting as an instrument of internal and external strategic accounting communications of the enterprise is grounded. The significance of the financial accounting system as a source of information for enterprise management is analyzed. The necessity for the development of financial accounting system in accordance with the requests of the subjects of strategic management of enterprises is determined. The types and directions of formation of the financial accounting information necessary for stakeholders for making strategic decisions are identified. The classification of tools for the development of the financial accounting system as an instrument of strategic accounting communications is developed. The traditional tools for the development of the financial accounting system are identified and analyzed. The concept of strategically important objects of accounting is substantiated. The importance of the development of accounting methodology of strategic direction (strategic accounting policy, strategic reporting) as a tool of bringing the financial accounting system closer to the requirements of strategic management is grounded. The engineering tools of the financial accounting system development (engineering entries, engineering strategic reporting) are identified and analyzed.

The purpose of the study is to identify the impact of specific types of related parties, which are allocated in International Standards on Auditing 550 “Related Parties”, not only on the organization of the audit of financial statements in the context of assessing the risk of material misstatement, but also on the organization of accounting in enterprises. To achieve the goal set in the work, a complex of general scientific methods (analysis, synthesis, induction, deduction, abstraction) and methodical techniques (systematization, generalization, review, comparison) based on the provisions of International Standards of Auditing was used. In the study of the essence of related parties transactions and elaboration their classification method of system analysis, logical method, and method of modeling were used. There are three major tasks within the overall responsibility of the auditor while fulfilling such engagement as audit of the financial statements have been determined. It is substantiated that two different phrases (“has a responsibility to perform audit procedures” and “needs to obtain an understanding”) which are used in International Standards on Auditing 550 “Related Parties” requires a separate approach to formation a set of optimal audit procedures. Specific types of related parties based on the International Standards 550 “Related Services” that should be considered when performing audit of financial statements has been identified. Classification of related parties transactions according to their riskiness and connection with the normal course of business into four different types has been elaborated. Two groups of inquiries concerning related parties transactions have been analyzed. It has been proved that making inquiries the auditor should provide as much information as possible in order to avoid misunderstandings, which may lead to difficulties in forming an opinion. It is noted that determining the characteristics of the dominant influence and significant transactions will allow effective communication and cooperation between auditors, management staff and those responsible for governance in formation inquires and answers for them. Using proposed classification in the process of audit of financial statements and in developing regulatory documents for accounting at the entity will allow appropriate assessing of risk of material misstatement and increasing the effectiveness of internal control at the entity. It has been substantiated that the objectives of accounting policy not only in terms of meeting the interests of the company as an entity that prepares financial statements and interacts with related parties, but also in terms of meeting the interests of the entity as a responsible party, interacting with the auditor, that seeks to establish an internal control system that will ensure reducing its own risks.

The article is aimed at examining the theoretical-practical bases of formation of accounting policy for intangible assets of enterprise, taking into account the conceptual basis of financial statements – either UAS (Ukrainian Accounting Standards) or IFRS (International Financial Reporting Standards). The analysis and generalization of the requirements of regulations, as well as scientific works of many scholars on understanding the essence of the concept of «accounting policy» were carried out. Two key directions of understanding of accounting policy by domestic scholars are allocated: the closer specified one (description of alternative solutions) and the wide one (disclosure of an additional array of information in addition to choosing from the permitted alternatives). The author’s own approach to understanding the accounting policy in terms of intangible assets is proposed: it is a description of the decisions chosen by the enterprise from a number of alternatives stipulated by the standards (UAS or IFRS), regarding the recognition, valuation, submission and disclosure of information about intangible assets, as well as other aspects deemed essential. The approaches of domestic scholars to identify the main elements of accounting policy related to intangible assets are considered. On the basis of the study of alternative requirements of IAS 38, a minimum set of elements of the enterprise’s accounting policy for intangible assets is proposed, as well as key differences in approaches to the preparation of accounting policies under the UAS compared to the IFRS are defined. The appropriateness of disclosure of tax aspects in accounting policy is analyzed. Approaches to improving accounting policy and ensuring its innovative nature through the presentation of independent decisions of the enterprise on disclosure of information about intangible assets in the broad sense of this concept are proposed. It is recommended to disclose information on the identification of classes of the implicit innovation-oriented assets, approaches to valuation and monitoring of these assets outside of traditional accounting methods, as well as disclosure channels for such assets.

The coronacrisis accelerated the process of economic digitization. New technologies are changing approaches to the organization of labor, as a result of a process of changing classic business models. The competitive environment in all market sectors is changing. Businesses at all levels are working to integrate technology for creating a sustainable, mobile, and digital business model. Accordingly, to ensure this process, technical support in the form of data hubs, data centers, etc. is required. ISSN 1994-1749. 2020. Вип. 3 (47) Проблеми теорії та методології бухгалтерського обліку, контролю і аналізу 70 Strategies of digitalization of different countries are considered. It is determined that the digitization process provides these basic factors for the beginning of qualitative changes: infrastructure upgrades, expansion of databases, widespread mobile devices with a high level of communication capabilities, increasing accessibility and expanding the use of the Internet. As a result, digitalization leads to a general «connection» and the total impact of these processes on all sectors of the economy: industry, transport, finance, health, education, and others. For an objective assessment of performance and business opportunities, it is proposed to include in the management report information on development prospects, key risks, the achievement of declared goals, and strategic plans, taking into account the degree of consequences caused by the COVID-19 pandemic. Businesses should review their accounting and reporting policies to provide accurate and up-to-date information on stakeholder performance.

Comparability is one of the qualitative characteristics of financial statements prepared in compliance with the International Financial Reporting Standards (IFRS). This research attempts to identify whether this qualitative characteristic can be negated even when entities apply IFRS. The researcher analyzed the data using a content analysis of audited financial statements of the listed banks in Bangladesh. It was found that despite the increasing effort by accounting standard setters and pressure groups to achieve IFRS-compliance and harmonization in accounting practices, non-compliance and divergence still exists. This research also finds that the divergence in depreciation practices can be of enough significance to negate comparability. The findings of this research expected to assist the international and national standard setters as well as the regulators in understanding the practical issues in implementing accounting standards and developing clearer IFRS implementation guidelines.

The article considers the issues of organization and formation of inventory accounting policy, substantiates its role in the system of information support of inventory management processes and highlights the impact on the effectiveness of inventory management in the process of innovation activity. Based on the study of trends in the share of inventories of industrial enterprises and indicators of innovation development, it is established that inventories are not currently considered as a resource that has a significant impact on the innovation potential of the enterprise, and in combination with financial performance indicates inefficient investment in inventories and inefficient inventory management. It is proved that it is possible to increase the efficiency of inventory management due to the optimal organization of the inventory accounting system, the foundations of which are laid during the formation of accounting policies. The author's approach to understanding the accounting policy in the sphere of inventory accounting, which is considered as a set of principles, methods and procedures used by the company to generate quality, timely, relevant, clear, complete and reliable information about the availability, movement, storage and use of inventories, sufficient to make management decisions aimed at improving the efficiency of inventory management and disclosure of inventory information in the financial statements. Coverage of approaches to the formation of accounting policy is based on a combination of organizational, technological and methodological components of accounting policy. The first (organizational and technological) component includes such elements as: inventory principles, laws and regulations concerning accounting of inventories, forms of primary documents and internal management reporting used for inventory accounting, document management rules and accounting information processing technology, control procedures on the movement of inventories and the responsibility of officials, the procedure and frequency of revaluation of inventories and inventory count, the order of analytical inventory, the unit of natural measurement of inventories for each unit of accounting, the interaction of accounting with other services during the transfer and exchange of inventory. The second component (methodological) reveals the principles and rules of receipt, processing, recording and transmission of inventory information, inventory valuation rules, inventory accounting (development of a working plan of accounts), disclosure of inventory information in the financial statements. It has been considered such main elements of organizational, technological and methodological components: features of the work plan of inventory accounts, the issue of documentation of inventory transactions, the recognition of inventories and their evaluation, document management rules, accounting for transport and procurement costs. Variable elements of inventory accounting policy are identified.