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Messenger Approved recommendations on accounting policy
The Ministry of Finance has adopted certain amendments to the orders, as well as Methodological recommendations regarding the accounting policy at the enterprise. According to the Order of the Ministry of Finance No. 635 of 27.06.2013, the recommendations may be applied by legal entities, enterprises and organizations regardless of organizational and legal forms.
The Ministry of Finance has adopted certain amendments to the orders, as well as Methodological recommendations regarding the accounting policy at the enterprise. According to the Order of the Ministry of Finance No. 635 of 27.06.2013, the recommendations may be applied by legal entities, enterprises and organizations regardless of organizational and legal forms.
It is stipulated that, based on agreement with the owner or the authorized body of the enterprise, regulatory legal acts and accounting provisions, the enterprise may determine its accounting policy.
The accounting policy is defined by an administrative document and specifies:
- Methods of record-keeping, allocation and sub-accounting of transportation and procurement expenses;
- Methods for revaluation of non-current assets;
- Approaches to the valuation of disposed inventories;
- The frequency for calculating the (weighted average) cost per unit of inventories;
- Changes in the enterprise’s charter requirements ;
- Cost characteristics of items included in low-value non-current tangible assets;
- Methods of depreciation of non-current tangible assets, intangible assets, fixed assets, as well as investment property and long-term biological assets, in cases where they are accounted for at initial cost;
A change in accounting policy is possible in the following cases:
- Changes in the requirements of the government body responsible for regulating the methodology of financial and accounting reporting;
- When changes in accounting policy cause business transactions to present more reliable information in the financial statements and accounting records.