First National Regulation (Standard): What Will Be Ahead?

Konstyantyn Bezverkhiy ()
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Konstyantyn Bezverkhiy: 'New-Paris' Ltd.

Oblik i finansi, 2013, issue 2, 8-12

Abstract: The most notable innovation in regulatory accounting software in Ukraine was the adoption of the National Accounting Provision (Standard), 'General Requirements for Financial Statements' (NAP(S) 1) in 2013. The new provision was given the national status and it superseded the accounting standards which determined the order of each primary financial statement presentation. The changes were to be made to bring the national accounting and financial reporting in accordance with international accounting standards. The article analyzes the main provisions of new national standard that regulates formation of financial statements for companies reporting under national standards, and for enterprises whose activities are guided by the International Financial Reporting Standards (IFRS). Based on the research, the main points of this legal document have been highlighted, and it has been also emphasized that the concept of financial statements for the NAP(S) 1 is on the contrary to the conceptual basis of the same statement under IFRS. According to the author, only standard forms of financial statements, prepared in conformity with either with national or international standards, due to differences between the two sets of standards, may carry the risk of information distortion.

Keywords: legal regulation; financial reporting; National Accounting (Provisions) Standards; International Financial Reporting Standards (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2013
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