Welcome to site of Scientific Works of NDFI (demo).

№ 3/2018

Nauk. pr. NDFI 2018 (3): 127–142https://doi.org/10.33763/npndfi2018.03.127

FINANCIAL AND ECONOMIC INTEGRATION OF UKRAINE INTO THE EU

KUCHERIAVA Maria ¹

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0003-2948-1234

Consolidated financial reporting in the context of implementation of EU directive requirements

Under conditions of the necessity to provide high-quality financial information for the effective decision-making process, it is necessary to investigate the development and changes in the area of the institutional provision for consolidated financial reporting in the context of European integration. The object of the investigation is the system of legal and regulatory support for the preparation of consolidated financial reporting as part of the implementation of EU legislation and the establishment of best international practice. The author considers the institutional framework of the legislation in focus and investigates the theoretical basis for the preparation of high-quality consolidated financial reporting under globalization processes. The core provisions of the new Conceptual Framework for Financial Reporting (edited by the International Accounting Standards Board in 2018) in the area of preparation of consolidated financial reporting is analyzed. The author conducts the comparative analysis of the terminology in the area of financial reporting and consolidated financial reporting in accordance with the provisions of the Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings and requirements of Ukrainian legislation. The substantiation of the proposals on the national legislation in the area of preparation of consolidated financial reporting for compliance with the provisions of Directive 2013/34/EU and papers issued by the International Accounting Standards Board is the result of the present investigation.

Keywords:consolidated financial reporting, implementation of EU directive requirements, International Financial Reporting Standards, National Accounting Standards

JEL: М41, М42, М48

Kucheriava M. . Consolidated financial reporting in the context of implementation of EU directive requirements / M. Kucheriava // Наукові праці НДФІ. - 2018. - № 3. - C. 127-142.

Article original in Ukrainian (pp. 127 - 142)

Download

Downloads :800

1. Cabinet of Ministers of Ukraine. (1998). On approval of the Program for the reform of the accounting system with the application of international standards (Decree No. 1706, October 28). Retrieved from zakon3.rada.gov.ua/laws/show/1706-98-%D0%BF [in Ukrainian].

2. Panteleiev, V. P. (2014). Evolution of accounting quality: from economic theory through consolidation of financial reporting to corporate social responsibility. Accounting. Economy. Management, 4. Retrieved from 194.44.12.92:8080/xmlui/bitstream/handle/123456789/1441/%D0%9F%D0%B0%D0%BD%D1%82%D0%B5%D0%BB%D0%B5%D1%94%D0%B2%20%D0%BC%D0%B5%D0%BD%D0%B5%D0%B4%D0%B6%D0%BC%D0%B5%D0%BD%D1%82.pdf?sequence=1 [in Ukrainian].

3. The Sarbanes-Oxley Act. (2002). Retrieved from www.soxlaw.com/.

4. Hodniuk, I. (2016). Method and legislative regulation of consolidation financial statements. The institute of accounting, control and analysis in the globalization circumstances, 1. Retrieved from sophus.at.ua/IA_2016_1/4_godnjuk_irina-normativne_reguljuvannja_ta_metodi.pdf [in Ukrainian].

5. Kucher, S. V. (2016). Consolidated financial statements in Ukraine: normative and legal regulation state. The Journal of Zhytomyr State Technological University. Series: Economics, 3, 19-25. Retrieved from ven.ztu.edu.ua/article/view/79435/85458.

6. Ozhehova, H. O. (2016). Features of methods of consolidated financial statements according to international standards in Ukraine. Young Scientist, 4. Retrieved from molodyvcheny.in.ua/files/journal/2016/4/36.pdf [in Ukrainian].

7. Yatsko, M. V., Yatsko, H. V. (2014). Consoliated financial statements in the face of rising competition. Scientific herald of Uzhgorod University. Economics, 2, 190-193 [in Ukrainian].

8. Ivchenko, L. V., Fedorchenko, O. Ye. (2017). Consolidated financial statements: basic aspects. Economy and Society, 8, 756-761. Retrieved from www.economyandsociety.in.ua/journal/8_ukr/125.pdf [in Ukrainian].

9. Krupka, Ya. D. (2015). Consolidated reporting in the postindustrial economy. Economic Analysis, Vol. 22, No. 1, 174-180. Retrieved from www.econa.org.ua/index.php/econa/article/view/1046/pdf_639 [in Ukrainian].

10. Hoyle, J. B., Schaefer, Th., & Doupnik, T. (2015). Advance Accounting. DSpase. Retrieved from lib.hpu.edu.vn/handle/123456789/23870.

11. Taylor, P. (1987). Consolidated Financial Statements: Concepts. Issues and Techniques. Harper and Row. Retrieved from eprints.lancs.ac.uk/id/eprint/31177.

12. Zeff, S. A. (2007). Some obstacles to global financial reporting comparability and convergence at a high level of quality. The British Accounting Review, Vol. 39, No. 4.
doi.org/10.1016/j.bar.2007.08.001

13. Brown, Ph., Tarca, A. (2005). A commentary on issues relating to the enforcement of International Financial Reporting Standards in EU. European Accounting Review, 14.
doi.org/10.1080/0963818042000338997

14. Soderstrom, N. S., Sun, K. J. (2007). IFRS Adoption and Accounting Quality: A Review. European Accounting Review, 16.
doi.org/10.1080/09638180701706732

15. Mian, Sh. L., Smith, Jr. C. W. (1990). Incentives for unconsolidated financial reporting. Journal of Accounting and Economics, Vol. 12, Iss. 1-3.
doi.org/10.1016/0165-4101(90)90045-6

16. Beckman, J. K. (1995). The economic unit approach to consolidated financial statements: Support from the financial economics literature. Journal of Accounting Literature, 14. Retrieved from search.proquest.com/openview/49255e607965b47a23615637685fbc60/1?pq-origsite=gscholar&cbl=31366.

17. Wise, V. (2006). Cross-Sector Transfer of Consolidated Financial Reporting - Conceptual Concerns. Australian Journal of Public Administration, Vol. 65, Iss. 3.
doi.org/10.1111/j.1467-8500.2006.00494a.x

18. Whittred, G. (1986). The Evolution of Consolidated Financial Reporting in Australia. A Journal of Accounting, Finance and Business Studies, Vol. 22, Iss. 2.
doi.org/10.1111/j.1467-6281.1986.tb00129.x

19. Hendriksen, E. S, van Breda, M. F. (2000). Accounting theory. Moscow: Finansy i statistika [in Russian].

20. Lowe, H. D. (1990). Shortcomings of Japanese Consolidated Financial Statements. Retrieved from search.proquest.com/openview/7bec45214a79820ea85486d1b3b98b25/1?pq-origsite=gscholar&cbl=3330.

21. Sokolov, Ia. V. (1996). Accounting: from the origins to our days. Moscow: Audit; IuNITI [in Russian].

22. Verkhovna Rada of Ukraine. (2010, September 1). Conceptual Framework for Financial Reporting. Retrieved from zakon0.rada.gov.ua/laws/show/929_009 [in Ukrainian].

23. IFRS. (2018). Conceptual Framework for Financial Reporting. Retrieved from www.ifrs.org/.

24. European Union. (2013). Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC. Retrieved from eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32013L0034.

25. Verkhovna Rada of Ukraine. (1999). On accounting and financial reporting in Ukraine (Act No. 996-XIV, July 16). Retrieved from zakon3.rada.gov.ua/laws/show/996-14 [in Ukrainian].

26. Ministry of Finance of Ukraine. (1999). On approval of the Regulation (standard) of accounting 19 (Order No. 163, July 7). Retrieved from zakon2.rada.gov.ua/laws/show/z0499-99 [in Ukrainian].

27. Ministry of Finance of Ukraine. (2013). On approval of the National accounting regulation (standard) 2 "Consolidated financial statements" (Order No. 628, June 27). Retrieved from zakon2.rada.gov.ua/laws/show/z1223-13 [in Ukrainian].

28. Ministry of Finance of Ukraine. (2000). On approval of the Regulation (standard) of accounting 7 "Fixed assets" (Order No. 92, April 27). Retrieved from zakon0.rada.gov.ua/laws/show/z0288-00 [in Ukrainian].

29. Ministry of Finance of Ukraine. (1999). On approval of the Regulation (standard) of accounting 16 "Costs" (Order No. 98, December 31). Retrieved from zakon2.rada.gov.ua/laws/show/z0027-00 [in Ukrainian].

30. Verkhovna Rada of Ukraine. (2001). On financial services and state regulation of financial services markets (Act No. 2664-III, July 12). Retrieved from zakon2.rada.gov.ua/laws/show/2664-14 [in Ukrainian].

31. Verkhovna Rada of Ukraine. (2003). Economic Code of Ukraine (Act No. 436-IV, January 16). Retrieved from zakon5.rada.gov.ua/laws/show/436-15 [in Ukrainian].

32. Verkhovna Rada of Ukraine. (2006). About holding companies in Ukraine (Act No. 3528-IV, March 15). Retrieved from zakon5.rada.gov.ua/laws/show/3528-15 [in Ukrainian].

33. Ministry of Finance of Ukraine. (2013). On approval of the National accounting regulation (standard) 1 "General requirements for financial statements" (Order No. 73, February 7). Retrieved from zakon2.rada.gov.ua/laws/show/z0336-13 [in Ukrainian].