Accounting. The concept of accounting policies (the most important)

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Accounting. The concept of accounting policies (the most important)

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75. The concept of accounting policy

Accounting policy - a set of accounting methods, namely: primary observation, cost measurement, current grouping and final generalization of the facts of economic activity.

The accounting policy of the organization is formed by the chief accountant (accountant) of the organization and approved by the head of the organization.

Mandatory elements accounting policies are:

1) developed by the organization working chart of accountscontaining synthetic and analytical accounts necessary for keeping records in accordance with the requirements of timeliness and completeness of accounting and reporting;

2) forms of primary accounting documentsused to formalize the facts of economic activity, for which standard forms of primary accounting documents, as well as forms of documents for internal financial statements are not provided;

3) the procedure for conducting an inventory of the assets and liabilities of the organization;

4) asset and liability valuation methods;

5) document flow rules and accounting information processing technology;

6) other solutionsnecessary for the organization of accounting.

Those responsible for preparing accounting policies must comply with the following requirements:

1) provided that the organization is just starting independent activities, then the accounting policy must be approved before the end of the first tax period;

2) for the purposes of taxation, the accounting policy records the procedure for determining revenue from ordinary activities when determining income tax, etc.

The accounting policy of the organization should provide:

1) completeness of reflection in accounting of all factors of economic activity;

2) timely reflection of the facts of economic activity in accounting and reporting;

3) greater willingness to recognize expenses and liabilities in accounting than possible income and assets, preventing the creation of hidden reserves;

4) reflection in accounting of factors of economic activity based not so much on their legal form, but on their economic content, facts and business conditions;

5) the identity of analytical accounting data to turnovers and balances of synthetic accounting accounts on the last calendar day of each month;

6) rational accounting, based on the conditions of economic activity and the size of the organization.

The accounting policy adopted by the organization is subject to registration by the relevant organizational and administrative documentation (orders, instructions, etc.) of the organization.

The accounting methods chosen by the organization when forming the accounting policy are applied from January 1 of the year following the year of approval of the relevant organizational and administrative document. At the same time, they are applied by all branches, representative offices and other divisions of the organization, regardless of their location.

The newly created organization draws up the chosen accounting policy before the 1st publication of financial statements, but no later than 90 days from the date of acquisition of the rights of a legal entity (state registration). The accounting policy adopted by the newly created organization is considered applicable from the date of state registration.

Author: Kabkova E.N.

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