Innovative Nature of the Enterprise Accounting Policies in the Conditions of the Post-Industrial Economy

Volodymyr Panteleiev ()
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Volodymyr Panteleiev: National Academy of Statistics, Accounting and Auditing, Kyiv, Ukraine

Oblik i finansi, 2020, issue 2, 39-49

Abstract: The development of the post-industrial economy is inextricably linked with the introduction of innovation. Use the innovation by enterprises leads to the emergence of new accounting objects and, as a result, the need for their reflection in the financial statements. An adequate response to the growing demands of users on the informativeness of the enterprise financial statements is the targeted construction of the enterprise accounting policies. The purpose of the article is to disclose the content and justify the priority of using the innovative accounting policies of the enterprise, which takes into account the emergence of new accounting objects in the post-industrial economy and involves the introduction of innovative accounting techniques to reflect innovation in the enterprise financial statements. The conditions for the formation, change and application of the enterprise accounting policies, which are defined by international and national accounting standards, were disclosed. It was proved that the contradictions between the requirements of optimal information provision for the needs of management and the protection of the interests of external users of financial statements are successfully resolved by introducing an innovative model for the enterprise development and developing within it an appropriate innovative accounting policies. The article presents examples of the consistent application of alternative accounting policies under IFRS and national accounting standards of Ukraine. The characteristic features of the accounting policies for the innovative sphere of the enterprise were determined. The author's vision of the content of innovative accounting policies was presented, which will contribute to a clear disclosure of information on the innovative component of the enterprise in its financial statements. The provisions stated by the author are guidelines for updating the Methodical recommendations on the enterprise accounting policies. The expediency of expanding the list of alternatives to the enterprise accounting policies permitted by international standards was substantiated. According to the author, it will be useful in this case to study foreign experience, in particular of developed countries, in which innovation is the key to the effective development of production and the service sector.

Keywords: enterprise accounting policies; post-industrial economy; innovation; accounting objects; IFRS; National Accounting Standards of Ukraine (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2020
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