On the methodology for building an accounting policy in the study of the information base for assessing the state of obligations of commercial enterprises in accordance with international financial reporting standards

UDC 35.073.52

Authors

Zhanuzakov B. Sh.
PhD in Economics, Associate Professor, International University named after K.Sh.Toktomamatov, Jalal-Abad, Kyrgyz Republic

Abstract

The article talks about the role and importance of standards in the development of the accounting system for receivables and payables. The correct organization of settlement operations ensures the stability of the turnover of the funds of an economic entity, the strengthening of settlement discipline and the improvement of its financial condition. The article discusses options for estimating accounts receivable and ways to reduce the negative effect of delayed payment from buyers. Valuation in accounting is the process of presenting accounting objects in monetary units of measurement. In international practice, it is accepted that assets are accounted for at the acquisition price, and written off at the sale (disposal) price. Therefore, there is a division into the initial and subsequent assessment. As a rule, the initial measurement for liabilities is the cost accounting, i.e. at the invoiced amount, and subsequently at the depreciated cost using the effective interest method.

Keywords

International Financial Reporting Standards; development; accounting policy; methodology; accounting; financial statements; economic conditions; accounts receivable; credit policy; delay; grade; profit; bad debts.