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THE PROCEDURE FOR FORMING THE COMPANY’S ACCOUNTING POLICY IN THE FRAMEWORK OF MANAGEMENT ACCOUNTING

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PDF: Author(s): Feigel M. L., Grafova T. O., Meytova A. N., Mishchenko O. A.,
Number of journal: 3(52) Date: August 2020
Annotation:

The article examines development of the main internal document regulating the order of management accounting — accounting policy. The article indicates on what the introduction of the internal system of accounting and reporting should be aimed at and their characteristic features of construction. The authors compare two accounting systems-accounting financial system and management accounting system in order to establish the main directions in development of the internal accounting policy of the company. The authors explain why the accounting policy is the main regulatory document in management accounting. The article presents the main factors affecting development of the management accounting policies. Development of the internal accounting and reporting system most often occurs in companies that have already existed for some time on the market and set the goal to achieve the most optimal accounting system for all their indicators. As for financial accounting, setting up and organizing the entire document flow system in management accounting is an important tool, since it formalizes the main flow of information in the company. The authors determine that in order to achieve the effective functioning of the internal accounting system, it is necessary to create an accounting policy that would take into account all the specifics and aspects of the company’s activities. The implementation of the objectives and rules is an important element in implementation of accounting policies. The authors note that for this purpose it is necessary to distribute the responsibilities for internal accounting with the assignment of official responsibility and fixing them in the regulatory documents, as well as to determine what functions the company wants to implement in relation to the management accounting system.

Keywords:

management accounting, accounting policy, accounting financial records, responsibilities, internal accounting system, information flows, setting and organization of management accounting, management reporting, regulatory regulation, responsibility.

For citation:

Grafova T. O., Meytova A. N., Feigel M. L., Mishchenko O. А. The procedure for forming the company’s accounting policy in the framework of management accounting. Business. Education. Law, 2020, no. 3, pp. 53–58. DOI: 10.25683/VOLBI.2020.52.331.