Asset Accounting According to National and International Standards

Karina Utenkova ()
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Karina Utenkova: Kharkiv National Agrarian University named after V.V. Dokuchayev

Oblik i finansi, 2014, issue 2, 79-83

Abstract: The Article overviews the issues of complying National Accounting Standards at the enterprises of Ukraine with International Financial Reporting Standards. Key provisions of national and international standards governing the accounting of fixed assets (NP(S)A 7 'Property, Plant, Equipment', IFRS 16 'Fixed Assets') have been analyzed. It has been found that the list of PPE regulated by both accounting standard frameworks is not identical. Specifics of fixed assets recognition, their classification, assessment and reassessment, delivery and disposal, depreciation procedure, reflecting information on fixed assets in financial statements have been overviewed. As the results of the study suggest, current status of fixed assets in Ukraine to some extent corresponds to the requirements of International Financial Reporting Standards, whereas still there exist some differences. These differences concern both fixed assets accounting (in aspects involving initial cost formation, revaluation and depreciation charge) and disclose of information on them in financial statements. According to the author, such situation is quite natural because the process of adjusting the regulatory framework of Ukraine to the international standards of accounting and reporting is on.

Keywords: accounting; International Financial Reporting Standards; reform; National Provisions (Standards) of Accounting; fixed assets (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2014
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