ORDER OF THE MINISTRY OF FINANCE OF UKRAINE

of December 19, 2006 No. 1213

About approval of the Regulations on procedure for financial accounting of separate assets and transactions and Changes to some regulatory legal acts of the Ministry of Finance of Ukraine on financial accounting

According to part two of Article 3 and article 6 of the Law of Ukraine "About financial accounting and the financial reporting in Ukraine" PRIKAZYVAYU:

1. Approve approved by Methodological council on financial accounting under the Ministry of Finance of Ukraine such which are applied:

Regulations on procedure for financial accounting of separate assets and transactions of the companies of the state, municipal sectors of economy and the economic organizations which own and/or use objects of the state-owned, municipal property;

Changes to some regulatory legal acts of the Ministry of Finance of Ukraine from financial accounting.

2. To management of methodology of financial accounting (Lovinskaya L. G.) provide provision of this order in accordance with the established procedure on state registration in the Ministry of Justice of Ukraine.

3. (Kutetskaya V. M.) after state registration of this order to provide to department of organizational and analytical ensuring activities of the Minister (foster service) its publication in mass media.

4. Declare invalid the order of the Ministry of Finance of Ukraine of March 28, 2001 No. 143 "About account correspondence", registered in the Ministry of Justice of Ukraine on April 11, 2001 for No. 335/5526.

5. To impose control over the implementation of this order on the deputy minister Efimenko T. I.

Approved by the Order of the Ministry of Finance of Ukraine of December 19, 2006 No. 1213

Regulations on procedure for financial accounting of separate assets and transactions of the companies of the state, municipal sectors of economy and the economic organizations which own and/or use objects of the state-owned, municipal property

I. General provisions

1. This Provision determines display technique in financial accounting of assets and transactions which have the special nature caused by legal status of the state-owned and municipal property and legislative regulation of activities of subjects of the state, municipal sectors of economy and management of objects of state-owned property.

2. Regulations of this Provision are applied by the companies of the state, municipal sectors of economy, and also other economic organizations which own and/or use objects of the state-owned, municipal property. The companies which according to the legislation constitute the financial reporting under International Financial Reporting Standards can apply the this provision regulations if they do not contradict international accounting standards.

3. Terms which are used in this Provision make such sense:

The economic organizations - the legal entities created according to the Civil code of Ukraine the state, municipal and other companies created according to the Economic code of Ukraine and also other legal entities who perform economic activity and are registered in the procedure established by the law.

The companies of the state, municipal sectors the ekonomikipredpriyatiya which act on the basis of the only the state-owned or municipal property and also economic societies, the state or municipal share in which authorized capital exceeds fifty percent or constitutes the size which provides to the state or local government bodies the right of decisive influence on their economic activity.

II. Accounting policy of the companies of the state, municipal sectors of economy

1. Accounting policy of the companies of the state, municipal sectors of economy is determined in the administrative document which is accepted by the company and is approved by body to which management sphere it belong, or authorized body according to constituent documents. In the administrative document on accounting policy evaluation methods, accounting and procedures which the company shall apply, and concerning which regulatory legal acts on financial accounting provide more than one their option shall be established. Accounting policy is determined based on national National provisions (standards) of financial accounting and other regulatory legal acts. One-alternative evaluation methods, accounting and procedures do not join in such administrative document.

2. The administrative document on accounting policy of the company determines application, in particular:

evaluation methods of disposal of inventories;

frequency of determination of the weighted average unit cost of inventories;

accounting treatment and distribution of transport and procurement expenses, maintaining separate sub-account of accounting of transport and procurement expenses;

depreciation methods of fixed assets, other non-current tangible assets, non-current biological assets and intangible assets;

cost signs of objects which are part of invaluable non-current tangible assets;

the class 8 and/or 9 of the Chart of accounts of financial accounting of assets, the capital, obligations and economic activities of the companies and the organizations approved by the order of the Ministry of Finance of Ukraine of 30.11.99 No. 291 and registered in the Ministry of Justice of Ukraine 21.12.99 for No. 892/4185;

frequency (period) of transfer of the amounts of revaluation of non-current assets of retained earnings;

method of calculation of reserve of doubtful debts (in case of need - method of determination of coefficient of doubtfulness);

the list of the created providing future expenses and payments;

evaluation procedure of degree of completeness of transactions on provision of services;

segments of activities, priority type of segment, pricing bases in intraeconomic calculations;

list and structure of variables and fixed general production expenses, base of their distribution;

list and structure of Articles of calculation of production product cost (works, services);

procedure for determination of degree of completeness of works on the construction contract;

dates determination of the financial assets acquired as a result of systematic transactions;

allocation bases of expenses on transactions with equity tools;

threshold of materiality of rather separate objects of accounting;

revaluations of non-current assets;

frequency of display of delayed tax assets and delayed tax liabilities;

separate balance branches, representations, departments and other separate divisions of the company.

3. Accounting policy of the company can change if:

requirements of constituent documents of the company change;

requirements of body which performs functions on state regulation of methodology of financial accounting and the financial reporting, and governing body change.

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