Methodological aspects of state regulation of the national accounting policy and the problems of its harmonization with international financial reporting standards

UDC 657

Authors

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

Abstract

The article is devoted to the methodological aspects of the transformation of the national accounting policy and the problem of its harmonization with international financial reporting standards in the current conditions of the functioning of economic entities. The article talks about the role and importance of standards in the development of the accounting system. 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. When forming a system of accounting and reporting, each country to some extent relies on legislative acts. The influence of professional organizations on the creation of an accounting system is different. Legislative documents include the Companies Act (Great Britain), the Accounting and Reporting Act (Sweden), the Accounting Act (Republic of Kazakhstan) and, in those countries where tax legislation comes first, the taxes (Germany). In a number of countries, accounting and reporting standards are developed by government organizations specially created for this purpose. For example, in Spain, the regulation of accounting is under the jurisdiction of the Ministry of Economy and Finance, which has created the Institute of Accountants and Auditors to coordinate activities. The activities of commercial organizations in the country are regulated by the provisions of the Commercial Code and the Companies Act. This legislation establishes accounting principles, rules for the preparation of accounting reports and auditing, as well as the publication of accounting reports. The main accounting procedures are set out in detail in the General Plan of Accounting, which includes the main and additional parts, where the principles, methods of assessment, and rules for maintaining accounting records are presented. The Institute of Accountants and Auditors periodically publishes a Bulletin containing comments and changes in the current legislation on accounting.

Keywords

transformation, harmonization, international financial reporting standards; development; accounting policy; methodology; accounting; financial statements; economic conditions; financial condition.