Issue №: 1 (71)
The journal deals with the issues of efficiency of functioning of the national economics and organizational forms of management of the national economy. Attention is paid to the problems of marketing, management and efficiency of production and economic activity of agrarian enterprises. The issues of public administration and administration, accounting and taxation, banking and insurance, forecasting and modeling of economic processes, foreign economic activity, commodity flows of economic entities and their infrastructure support.
ACCOUNTING OF FINANCIAL RESULTS OF AN ENTERPRISE'S ACTIVITIES IN TODAY’S CONDITIONS
KOVAL Liubov – Candidate of Economic Sciences, Associate Professor of the Department of Accounting and Taxation, Vinnytsia National Agrarian University (21008, Vinnytsia, 3, Soniachna Str., e-mail: kovalstar@meta.ua).
REZNICHENKO Roman – Postgraduate Student of the Second Year of Study of the Department of Accounting and Taxation, Vinnytsia National Agrarian University (21008, Vinnytsia, 3, Soniachna Str., e-mail: roma.reznschenko@gmail.com).
The article examines the main aspects of accounting for financial results and its components. It is established that the quality of information reflected in the accounting for financial results directly affects the adoption of management decisions by various users of accounting information. It is established that the current regulatory and legal framework does not fully provide an array of conceptual apparatus on the topic of the study. No regulatory and legal act provides a definition of «financial results» or «financial result». In addition, NAR(S) 15 «Revenue» and NAR(S) 16 «Expenses» do not provide definitions of the components of financial results.
It has been established that in order to show income and expenses in financial results, it is necessary to prepare a separate document, for example, an accounting calculation or an accountant's certificate, due to the lack of a single approved form for such a business transaction. This significantly complicates ensuring the openness and veracity of accounting for the financial results of the companies. Accounting calculations and certificates are also used to record how financial results are formed in various areas of the company’s work, and then these results are added to retained earnings. Since there are no established forms for such accounting procedures, the company in its internal accounting policy document establishes the use of accounting certificates and calculations for these tasks.
It is noted that in the National Accounting Regulation (Standard) 1, the classification of activities differs from their reflection in accounting accounts. For example, the accounting standard distinguishes investment activities, while the chart of accounts provides for separate accounts for accounting for income, expenses and financial results belonging to the other activities. This indicates a discrepancy between individual provisions of the accounting legislation under consideration and worsens the quality of accounting data, in particular, it violates the principle of their comprehensibility for those who use them.
It was established that it would be appropriate to record the financial result of financial transactions on subaccount 792, and the result of investment activities on subaccount 793. This method of accounting could partially improve the structure of information on the financial results of investment activities. In this case, it is necessary to change the name of subaccount 793 to «Result of investment and consequences of the other activities» and within account 793, it is necessary to open the following analytical accounts 793.1 «Results of investment activities» and 793.2 «Results of consequences of the other activities».
It has been proven that in order to reconcile the information of the Statement of Financial Results (Statement of Comprehensive Income) with the accounting data, changes should be made to the Report in terms of certain items of the first section and the sequence of reflection in them. After determining the financial result from operating activities, information on financial income and financial expenses should be provided in order in separate lines, then determine the financial result from financial activities also in a separate line. After that, in the following lines, provide information on income, expenses and financial results from investment and the other activities and only after that determine and indicate information on the financial result before taxation. This technique will allow you to obtain analytical information on making decisions regarding the implementation of a particular type of activity and will correspond to the accounting accounts used and the specified types of the activities.
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About journal
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The journal “Economy, finances, management: Topical issues of science and practice” is included in the "List of Scientific Professional Editions of Ukraine".
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It was founded in 1997 under the name "Bulletin of the Vinnytsia State Agricultural Institute". In 2010-2014 he was published under the title “Collection of scientific works of Vinnitsa National Agrarian University”.
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According to the decision of National Council of Television and Radio Broadcasting of Ukraine from 25.04.2024 No. 1337 the scientific journal «Economy, finances, management: topical issues of science and practical activity» has the ID of the Media R30-05171.
