The Ministry of Finance of Ukraine made minor changes to the procedure of the Guidelines for accounting, namely:
– in the accounting policy of the enterprise, in which, for more reliable information in the accounting and financial statements, it should change from year to year, usually from the beginning of the year (at Prikhodko & Partners Law Firm, qualified lawyers will work who will competently draw up your accounting policy ), where class 9 accounts are maintained by all enterprises using account class 8 “Expenses by elements”;
– MFIs recommend registering VAT payers, in their accounting policies, keeping VAT records; small enterprises need to determine what form of financial reporting they will report to statistics;
– it is advisable to describe in an order an approved director on accounting policies a methodology for determining the present value of long-term debt.
– amendments to the recommendations for accounting of Fixed Assets – group 8 “Perennial plantings” include fruitful plants;
– changes have occurred in the order created by the head of the enterprise during the commissioning of the facility, stating that the liquidation value of the Fixed Assets is determined by the commission;
– excluded the indexation of fixed assets;
– adjusted the reflection in the accounting for the return to the lessor of fixed assets leased as part of integral property complexes (CEC):
* Dt 685 – Kt 311 (return to the lessor of the balance of unused depreciation charges).
* Dt 48 – Kt 685 (the balance of the unused trust fund to be returned to the lessor).
– in inventory accounting, the requirement “place of drawing up” in the details of the procurement act was excluded.
– in the guidelines for accounting on financial expenses, they added that in this order they do not apply to micro; small enterprises; non profitable organizations; enterprises that conduct simplified accounting of income and expenses in accordance with tax legislation; components reporting in accordance with IFRS, as well as representative offices of foreign entities.
– in accounting for joint activities, excluded in the methodological recommendations of the enterprise that compile financial statements in accordance with IFRS.
And finally, perhaps the most sensational novelty that is often discussed on the network, this is the order of the Ministry of Finance of Ukraine No. 379 dated 09.16.2019, it changed P (C) BU 10 “Accounts Receivable”, and P (C) BU 11 “Obligations “. It was he who launched the process of discounting absolutely all long-term debts, including both receivables and payables. In other words, at the balance sheet date, any long-term debt must be reflected at its present value – it doesn’t matter whether they are interest-bearing or interest-free. There is no other way out – in the balance sheet such debts are displayed exclusively at their present value.