New changes from the Ministry of Finance

Автор: admin_dev

Дата оновлення: 14 February 2014

By its decree in December 2013, the Ministry of Finance approved changes to the following methodological recommendations:

1. in the area of accounting for fixed assets, effective from 2003;
2. in the area of accounting for biological assets, effective from 2006;
3. in the area of inventory accounting, effective from 2007;
4. in the area of completing financial reporting forms, effective from 2013;
5. in the area of checking the comparability of financial statement metrics, effective from 2013.

As for the first four methodologies, they are no longer used by enterprises that prepare financial statements using international standards.

Also a clarification was made regarding the calculation of depreciation when using the production method; now it starts from the date following the date the asset is put into operation.