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Registered by the

Ministry of Justice of Ukraine

January 26, 2012

No. 120/20433

ORDER OF THE MINISTRY OF FINANCE OF UKRAINE

of December 29, 2011 No. 1798

About approval of some national provisions (standards) of financial accounting in public sector

(as amended on 29-12-2015)

According to part two of article 6 of the Law of Ukraine "About financial accounting and the financial reporting in Ukraine" and on accomplishment of Strategy of upgrade of the system of financial accounting in public sector for 2007-2015 approved by the resolution of the Cabinet of Ministers of Ukraine of 16.01.2007 No. 34, I ORDER:

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

National provision (standard) of financial accounting in public sector 131 "Construction contracts" which is applied;

National provision (standard) of financial accounting in public sector 132 of "Payment to workers" which is applied;

Changes to the National provision (standard) of financial accounting in public sector 101 "Accounts presentations" approved by the order of the Ministry of Finance of Ukraine of 28.12.2009 No. 1541, registered in the Ministry of Justice of Ukraine 28.01.2010 for No. 103/17398 (in edition of the order of the Ministry of Finance of Ukraine of 24.12.2010 No. 1629) which are applied.

2. (Chmeruk M. O.) in accordance with the established procedure to provide to department of tax, customs policy and methodology of financial accounting submission of this order on state registration in the Ministry of Justice of Ukraine.

3. (Press service) (Kosarchuk V. P.) in ten-day time from the date of state registration of this order in the Ministry of Justice of Ukraine to provide to management of communications its promulgation on the official website of the Ministry of Finance of Ukraine on the Internet.

4. Determine that this order becomes effective from 01:01. 2015, except the National provision (standard) of financial accounting in public sector 131 "Construction contracts", this order approved by Item 1 which becomes effective since January 01, 2017

5. To impose control over the implementation of this order on the First Deputy Minister Myarkovsky A. I.

Minister

F.Yaroshenko

Approved by the Order of the Ministry of Finance of Ukraine of December 29, 2011 No. 1798

National provision (standard) of financial accounting in public sector 131 "Construction contracts"

І. General provisions

1. This National provision (standard) determines the methodological principles of forming in financial accounting of information on the income and expenses connected with accomplishment of construction contracts and its disclosures in the financial reporting.

2. Regulations of this National provision (standard) are applied by subjects of financial accounting in public sector by contractors under construction contracts (further - subjects of public sector).

3. Terms which are used in national provisions (standards) of financial accounting in public sector have such value:

advance payments under the construction contract - the money or other assets received in payment for works which will be performed on the construction contract;

the construction contract - the agreement on construction;

construction - construction of new object, reconstruction, expansion, completion, restoration and repair of objects, accomplishment of installation and commissioning;

gross debt of customers for works on the construction contract - the amount of excess of expenses and acknowledged surplus (less acknowledged deficit) over the amount of interim accounts (without indirect taxes) for date of balance since the beginning of accomplishment of the construction contract;

gross debt to customers for works on the construction contract - the amount of excess of interim accounts (without indirect taxes) over expenses and acknowledged surplus (less acknowledged deficit) for date of balance since the beginning of accomplishment of the construction contract;

variation from the price under the construction contract - the change in price of the construction contract as a result of changes of previously agreed volume of works, structurally quality characteristics and terms of accomplishment of the construction contract;

expenses under the construction contract - job cost under the construction contract;

incentive payments under the construction contract - the additional amounts which are paid for accomplishment (overfulfillment) of terms of the contract;

the fixed price contract - the construction contract which provides the fixed (firm) price of all amount of works or fixed rate for unit of end products of construction (sq.m, the number of places and so forth);

the contract at the price "costs plus" - the construction contract which provides the price as the amount of actual expenses of its accomplishment and additional percent from the amount of these expenses or fixed value;

construction object - certain buildings and constructions or set of buildings and constructions which construction is performed on the single project;

the contractor - the subject of public sector which signs the construction contract and performs the works provided by this contract and transfers them to the customer;

the claim under the construction contract - the amount of property responsibility of the customer or other party which is required to be compensated over the contract price;

interim accounts - accounts for the performed works on the construction contract transferred to the customer for payment.

ІІ. Recognition of the income and expenses during accomplishment of the construction contract

1. The income and expenses during accomplishment of the construction contract are recognized taking into account degree of completeness of works for date of balance if the resulting financial result of this contract can be authentically estimated.

2. Degree of completeness of works on the construction contract can be determined by one of the given methods:

ratio of actual expenses since the beginning of accomplishment of the construction contract before date of balance and the expected (estimate) amount of total expenses under the contract;

measurement and assessment of the performed work;

ratio of amount of complete part of works and their total amount under the construction contract in natural measurement.

3. The resulting financial result according to the construction fixed price contract can be authentically estimated in the presence of at the same time such conditions:

possibilities of reliable determination of the amount of total income;

probable receipt of economic benefits or potential of usefulness;

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