Strielnikov R. Use of the international standards for improvement of system of the account and control of capital investments at the enterprises of industrial group

Abstract

In the article the questions of the evolution and harmonization of the accounting system and financial statements in accordance with international standards, are the main reasons for the application of international standards in the domestic economy, as well as the role and importance of international standards to improve the accounting and control of capital investments in domestic enterprises of the industrial group. In General, the introduction in Ukraine of the Law «On accounting and financial reporting in Ukraine» is as close to IFRS, however, national Provisions (standards) of accounting (P(s)BU) require significant adjustments in the direction of rapprochement with the international. It should be noted that the international financial reporting standards are a set compromise and quite General variants of accounting. IFRS are not a dogma, normative documents regulating particular ways of accounting standards and reporting. They are only of a recommendatory nature, i.e., are not mandatory for adoption. A comparative analysis of the provisions P(s)BO and IFRS suggests that the cost of major repairs should be considered current expenses. Thus, the convergence of the different systems is a real process, although long and difficult. However, this gives some time and such countries as Ukraine, where the differences remain significant, better understanding of the occurring transformations and work toward the establishment of the necessary infrastructure for the full implementation of international financial reporting standards