Ministry of Justice of Ukraine
December 14, 1999
of November 29, 1999 No. 290
About approval of the National provision (standard) of financial accounting
In pursuance of the Program of reforming of financial accounting using international standards approved by the resolution of the Cabinet of Ministers of Ukraine of October 28, 1998 No. 1706, I ORDER:
1. Approve the National provision (standard) of the financial accounting 15 "Income" (further - the Provision (standard) 15) approved by Methodological council on financial accounting under the Ministry of Finance of Ukraine which is applied.
2. Determine that the specified National provision (standard) 15 is applied concerning accounting of the transactions happening since 2000.
A. V. Litvin
Approved by the Order of the Ministry of Finance of Ukraine of November 29, 1999 No. 290
1. This National provision (standard) determines methodological bases of forming in financial accounting of information on the income of the company and its disclosure in the financial reporting.
2. Regulations of this National provision (standard) are applied by the companies, the organizations and other legal entities (further - the companies) irrespective of patterns of ownership (except budgetary institutions and the companies which according to the legislation constitute the financial reporting under International Financial Reporting Standards).
3. This National provision (standard) does not extend to the income connected with:
the dividends belonging by results of financial investments and which are considered by method of equity participation;
primary recognition and change of fair value of the biological assets connected with agricultural activities, and with primary recognition of agricultural products;
changes in value of other current assets;
natural increase of livestock of the cattle, production yield rural and forestry;
4. The terms provided in provisions (standards) of financial accounting have such value:
Percent - payment for use of the money, their equivalents or the amounts which ran into debt to the company.
Royalty - any payment received as remuneration for use or for provision of the right to use of any author's and related right to literary works, works of art or sciences, including computer programs, other records on data carriers, video or audio cassettes, cinema movies or films for radio - or television broadcasting, any patent, registered mark for goods and services or trademark, design, the confidential drawing, model, formula, process, the right to information of rather industrial, commercial or scientific experience (know-how).
Dividends - the part of net profit distributed between participants (owners) according to share of their equity participation of the company.
Book value of currency - the cost of foreign currency determined by the currency rate of monetary unit of Ukraine to foreign currency for date of implementation of economic activity or for date of creation of balance.
Recognition and classification of the income
5. The income is recognized during increase in asset or reduction of the obligation which predetermines growth of equity (except for growth of the capital at the expense of fees of members of the company) provided that assessment of the income can be authentically determined.
The income recognition criteria given in this National provision (standard) are applied separately to each transaction. However it is necessary to apply these criteria to separate elements of one transaction or to two or more transactions together if it follows from essence of such economic activity (transactions).
6. Such receipts from other persons are not recognized the income:
6.1. Tax amount on value added, excises, other taxes and obligatory payments which are subject to budget contribution and off-budget funds.
6.2. The amount of receipts under the commission agreement, agency and other similar agreement for benefit of the consignor, the principal and so forth.
6.3. Products advance payment amount (goods, works, services).
6.4. Advance amount in payment for products (goods, works, services).
6.5. Sum of earnest money under pledge or in repayment of the loan if it is provided by the relevant agreement.
6.6. The receipts belonging to other persons.
6.7. Receipt from primary placement of securities.
6.8. Amount of book value of currency.
income (revenue) from sales of products (goods, works, services);
net income from sales of products (goods, works, services);
other operating incomes;
The income (revenue) from sales of products (goods, works, services) total income (revenue) from sales of products, goods, works or services without subtraction of the provided discounts, return of earlier sold goods and indirect taxes and fees (the value added tax, the excise duty and so forth).
The net income from sales of products (goods, works, services) is determined by subtraction from the income from sales of products, goods, works, services of the provided discounts, the cost of the returned earlier sold goods, the income which under agreements belong to consignors (to principals and so forth), and taxes and fees.
Other operating incomes the amounts of other income from operating activiies of the company, except net income from sales of products (goods, works, services) are included, in particular: income from operating lease of assets; income from operational exchange differences; compensation of earlier written off assets; the income from the royalty, percent received on remaining balance of means on current accounts in banks, the income from realization of current assets (except financial investments), the non-current assets containing for sale and group of disposal and so forth.
Financial incomes dividends, percent and other income gained from financial investments are included (except the income which is considered by method of equity participation).
Other income, in particular, are included the income from realization of financial investments; the income from not operational exchange differences and other income which arise in the course of economic activity, but are not connected with operating activiies of the company.
8. The income (revenue) from sales of products (goods, other assets) is recognized case of availability of all stated below conditions:
the risks and benefits connected with the property right to products (goods, other asset) are transferred to the buyer;
the company does not exercise further control and control of goods sold (goods, other assets);
the income amount (revenue) can be authentically determined;
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