European Financial and Accounting Journal 2013, 8(1):7-17 | DOI: 10.18267/j.efaj.93
Accounting Regulation in Ukraine
- 1
Ing. Michal Hora, Ph.D. - senior lecturer; Department of Financial Accounting and Auditing, Faculty of Finance and Accounting, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic;
- 2
Prof. Ludmila Chyzevska, Ph.D. - Professor, Zhytomyr State Technological University, 103 Cherniakhovsky Str., 10005 Zhytomyr, Ukraine;
The aim of the paper is to evaluate the regulation and organization of accounting in Ukraine under the changes in the national economic system development and impact of IFRS implementation. The system of legal regulation of accounting in Ukraine is presented by five levels, each comprised of a number of corresponding subjects of regulation and documents. Typical Chart of Accounts is evidence of the continental accounting model in Ukraine. The accounting standards provide freedom of choice as for the specific accounting methods, and as a result the significance of accountants' training and their role in professional judgment is intensified. Harmonization of national accounting standards with IFRS requires intensification of accounting organizations' activity. At the present several professional accounting organizations operate in Ukraine, however, they are not given the rights on accounting regulation, but rather have an advisory function. Taking into consideration the historical background, the efficiency of public regulation of the professional accountants' activity in Ukraine is rather limited. Special influence is being done on the accounting purpose and methodology as a tool of applying the values that are considered by users according to their functions at the different levels of management.
Keywords: Audit, Chamber of Auditors, Ukraine
JEL classification: M42
Published: March 1, 2013 Show citation
References
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