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Zhydovska Nataliia
PhD,
acting assistant professor
Lviv National Agrarian University
Dubliany
IMPROVEMENT OF METHODOLOGY OF ACCOUNTING AND FINANCIAL
REPORTING IN BANKS OF UKRAINE
Development of market relations and integration
transformation in Ukraine has caused reformation of accounting system. Urgent
tasks of the state are to elaborate and adequately apply such accounting and
reporting methodology which meets the international standards, which, in their
turn, are the best unified requirements to organization and maintenance of
accounting and directed at approaching of national accounting systems. The
state should establish principles and approaches concerning management and
formation of accounting regulations, rules and procedures of information
processing and financial reports preparation.
Since January 1, 1998 Ukraine’s banking system has
started transformation to the international accounting standards and initiated
reformation of accounting system in Ukraine.
Accounting reformation in banks of Ukraine occurs by means of
elaboration of substantially new normal and legal acts regulating order of the
accounting of financial instruments according to the international standards
and new order of composition and structure of financial reports [2].
But great amount of obstructive antinomies hinder
evolution of accounting system and financial reporting in banks of Ukraine:
·
non-agreement
and certain changes of some legislative norms;
·
absence of
corresponding market infrastructure in Ukraine;
·
absence of statistic
data and its application in the estimation
process;
·
discrepancy between the requirements of
international authorities.
An important
stage in the integration of domestic system of bank accounting was to adopt Tax
Code of Ukraine. It helped to approach tax norms to methodology of accounting. For
today non-agreement of principal legislation has been removed. The Article 68
LU "On Banks and Banking Activity” states that banks carry accounting according
to domestic accounting system which has been developed basing on the rules
established by the National Bank of Ukraine according to the
international standards of accounting.
One should mention that fulfillment of legislatively
established tasks happens in parallel with observation of changes which occur
at the level of the international standards of accounting. Basing on the fact
the NBU and MFU have signed memorandum on interaction, collaboration and
coordination of actions as to introduction of the ISFR in Ukraine. It points out:
1. coordination of activity in the sphere of introduction
of the ISFR in Ukraine;
2. to make maximum efforts for successful fulfillment of
measures on introduction of the ISFR in Ukraine;
3. to propose joining to the memorandum by authorities,
public organization and other interested persons.
The nearest plans of the NBU are:
·
development of a
concept of improvement of accounting methodology and formation of financial
reporting of banks of Ukraine;
·
approval of new
Instruction on composition and presentation of financial reports by banks of Ukraine;
·
introduction of
changes in the effective Instruction on accounting banks’ transactions.
Process of application of the international standards
of financial reporting in banks of Ukraine should be gradual and purposeful
one. Drawbacks and non-agreements of the domestic accounting system should be
removed according to the requirements of market economy. Modern ISFR are
dynamic system directed at unification of principles and methods of
recognition, estimation and reveal of information in financial reports and
oriented at needs of capital markets.
Further organization of the process of accounting
regulation in banks of Ukraine
anticipates [1]:
1. application of the ISFR as officially accepted
requirements to construction and improvement of methodology of accounting and
formation of financial reporting;
2. legislative regulations of effective fundamentals and
instructions, adopted by decisions of Board of the NBU;
3. assistance by recommendations as to application of the
ISFR, methods of financial instruction accounting and filling of articles of
financial reports.
Taking into account more than 10-year experience of
transfer to the ISFR one may say that integration happens very slowly, but the
absolute fact is that banking system is very important component as a ground
and dominant one in financial world as a whole.
References
1. Holov S. International standards of financial
reporting: improvement and application // Accounting and audit. – 2007. - № 11.
2. International standards of accounting / Transl. from
Engl. Edited by S.F.Holov. – K.: Federation of professional accountants and
auditors of Ukraine,
2010. – 736p.
3. Solovieva O. What is GAAP?: accounting abroad //
Accounting and audit. – 2009. - №5.– P.
72 – 81.
4. Sopko V. Economic and legal fundamentals and
directions of unification and adaptation of terminology of accounting and
control for the needs of international standardization // Finance of
Ukraine. – 2011. – № 8.
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