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.
PECULIARITIES OF ORGANIZATION OF FINANCIAL ACCOUNTING IN THE PUBLIC SECTOR
KLADNYTSKA Tetian – Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of Accounting and Finance, University of Economics and Entrepreneurship (29000, Khmelnytskyi, 13, Heroes of Maidan Str., e-mail: kladnitskaya.t@ukr.net)
In the present context of reforming of Ukraine's public finance system, the efficient organization of financial accounting in the public sector holds great significance. Precise, correct, and timely accounting forms the foundation for sound management decisions, upholding financial control, and constructing public confidence in governmental entities. The application of International Public Sector Accounting Standards (IPSAS), stricter reporting requirements, the digitalization of accounting processes, and the need for effective supervision of budget fund usage require a reexamination of the conventional approaches to financial accounting organization in budgetary organizations.
The significance of the research is also due to the need to coordinate the national accounting system with global standards, enhance transparency and accountability within the public sector; these are essential conditions for Ukraine's effective integration into the European economic area.
This article details the core, aims, and responsibilities of financial accounting in the public sector. The legal framework for structuring accounting in budgetary institutions of Ukraine is analyzed. The differences between financial accounting in the public and commercial domains are addressed. The main components of accounting's organization are detailed. The traits of the organization of financial accounting in public sector institutions, specifically, the structure of the accounting process in budgetary institutions are examined. The effect of international public sector accounting standards (IPSAS) on the national financial accounting framework is assessed. The courses of the progress of the financial accounting system in the public sector of Ukraine are proposed.
The proposed actions are intended to solve pressing issues and guarantee a substantially improved standard of public finance management. The study's outcomes demonstrate that financial accounting's effectiveness in the public sector directly relies on the caliber of the regulatory framework, the professional competence of personnel and the extent of accounting processes' digitalization. It is grounded that to further enhance the accounting system, it’s essential to actively utilize international standards, invest in IT solutions, and develop human resources.
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About journal
051 Economics
071 Accounting and taxation
072 Finance, banking and insurance
073 Management
075 Marketing
076 Business, trade and exchange activities
241 Hotel, restaurant and catering
281 Public administration
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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