Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC

LAW OF UKRAINE

of July 16, 1999 No. 996-XIV

About financial accounting and the financial reporting in Ukraine

(as amended on 17-06-2020)

This Law determines the legal basis of regulation, the organization, financial accounting and financial reporting preparation in Ukraine.

Section I General provisions

Article 1. Determination of terms

For the purposes of this Law terms are used in the following value:

assets - the resources controlled by the company as a result of last events which use, as expected, will lead to receipt of economic benefits in the future;

financial accounting - process of identification, measurement, registration, accumulating, generalization, storage and information transfer about activities of the company to external and internal users for decision making;

intraeconomic (managerial) accounting - system of collection, processing and preparation of information on activities of the company for internal users in enterprise management process;

economic activity - the action or event causing changes in structure of assets and liabilities, equity of the company;

the obligation - the debt of the company which resulted from last events and which repayment in the future, as expected, will lead to reduction of the resources of the company personifying economic benefits;

economic benefit - potential possibility of receipt of money by the company from use of assets;

consolidated financial statements - the financial reporting of the company which exercises control, and the companies which are controlled by it as single economic unit;

national provision (standard) of financial accounting - the regulatory legal act which determines the principles and methods of financial accounting and financial reporting preparation by the companies (except the companies, which according to the legislation constitute the financial reporting under International Financial Reporting Standards and national provisions (standards) of financial accounting in public sector) developed on the basis of International Financial Reporting Standards and the European Union law in the sphere of financial accounting and approved by the central executive body which provides forming and realizes state policy in the sphere of financial accounting;

accounting policy - set of the principles, methods and procedures used by the company for financial accounting, creation and accounts presentation;

the source document - the document containing data on economic activity;

the financial reporting - the reporting which contains information on financial condition and results of activities of the company;

users of the financial reporting (further - users) physical persons or legal entities for which information on activities of the company is necessary for decision making;

international accounting standards (further - international standards) - the documents accepted by Council for international accounting standards which determine procedure for financial reporting preparation;

expenses - reduction of economic benefits in the form of reduction of assets or increase in obligations which leads to reduction of equity (except for capital reductions due to its withdrawal or distribution by owners);

income - increase in economic benefits in the form of increase in assets or reduction of obligations which leads to growth of equity (except for growth of the capital at the expense of fees of owners);

payment report for benefit of the state - the document containing summarized information on activities of the subjects of managing performing activities in the extracting industries or wood procurement, and also the disaggregated information on the taxes and fees, other payments paid or which are subject to payment for benefit of the state according to the law. The payment report for benefit of the state moves subjects of managing which perform activities in the extracting industries, according to the Law of Ukraine "About ensuring transparency in the extracting industries", and also the companies which perform procurement of wood and at the same time are of public interest;

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 40000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.