Formation of the accounting policies based on IAS and their impact on financial performance

Анотація

This article highlights the reasons for the discrepancy in reported and real profit, which directly affects many important aspects of each entity`s operations. These are important criteria to consider an entity as solvent, liquid and profitable market player for potential investors. The levels of influence on methods, principles and tools of at each typical enterprise have been characterized. The concepts of accounting according to different regulatory documents have been defined, as well as differences between the named categories and the reasons for these discrepancies have been revealed. The features of the accountant`s professional judgment impact on policies have been designated; positive aspects of the opinions application for their formation have been defined. Benefits of International Accounting Standards implementation at Ukrainian enterprises during their long introduction process have been noted. Their influence on the level of country's economic integration to the international level has been indicated. The main problems of standards implementation and the reasons, which trigger them according to the national features, have been highlighted. The approximate vectors for overcoming these problems have been described. The level of their solution and some steps to overcome gaps caused by different standards have been focused on. One of the basic principles and methods of accounting, which affect entities` financial performance and are important for different types of enterprises have been pointed out. They will make business activity more investment attractive. The differences between the selected elements of policies according to national and international standards have been characterized considerably.

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