ANALYSIS OF NATIONAL STANDARDS WHICH REGULATE BUDGET FUNDS ACCOUNTING HARMONIZED WITH IPSASB

Abstract

The article conducts comparative analysis of Ukrainian accounting practices to account assets in accordance with National Accounting Standards, which are harmonized with IPSASB. The necessity of accounting business operations in accordance with industry specific activities reflection in accounting is determined. In this regard, on the recommendation of the Ministry of Finance of Ukraine, it is established that the main spending units of the budget ought to develop the Regulations on the accounting of assets, capital and liabilities for public sector institutions, taking into account the branch of their activities. According to the research results, it is necessary to amend the Regulations in the part which discloses operations with assets. It is required: to clarify the essence of the category "fixed assets" with the definition of cost criterion; to distinguish types of fixed assets in their groups that are inherent in public sector institutions, in particular higher education institutions; to establish useful usage terms separately for each group of fixed assets. According to the fixed assets structural analysis results it is established that fixed assets in higher education institutions are divided into such groups: land, buildings, structures and transmission devices, machinery and equipment, vehicles, tools, devices, inventory, animals and perennials planting, other fixed assets. The author concludes that it is necessary to develop a methodological framework to form accounting information to recognize certain groups of fixed assets in accordance with their purpose and initial valuation, revaluation, amortization, disposals and features of disclosure in the notes to the financial statements in accordance with the National Accounting Standards, which are harmonized with IPSASB.