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BUSINESS INFORM №6-2014

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49

Section: Accounting and Auditing
UDC 657.372.2
Kovach S. I.
The Concept of Materiality in Accounting and Reporting (p. 284 - 288)

The article highlights the theoretical foundations of the concept of materiality in accounting and reporting, and practical recommendations for its use. In Ukraine, the legal regulation of materiality is performed by the Ministry of Finance, it is one of the subjects of importance. Management of the company, as a subject of materiality, decides on the materiality of accounting information, establishing quantitative or qualitative characteristics of materiality, as a rule, in accounting policies. Objects of importance are the activity of the enterprise as a whole, individual business transactions and accounting entities, the financial statements. Ministry of Finance recommended the quantitative characteristics of materiality by establishing materiality thresholds for the objects of accounting and business operations and of the financial statements. Essence is used exclusively for each enterprise – a business entity with the advice of the Ministry of Finance, but in any case should be guided by professional considerations, without exceeding the maximum size of recommended thresholds of materiality. Lack of a clear methodology for determining materiality, on the one hand, promotes the use of the concept of materiality in specific conditions, on the other – reduces the comparability of financial statements.
Keywords: materiality, threshold of materiality, accounting policy, accounting, financial reporting, accounting information
Fig.: 1. Tabl.: 4. Bibl.: 8.

Kovach Svitlana I. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting, Analysis and Audit, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]

Article is written in Ukrainian
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Reference to this article:
Kovach, Svitlana I. (2014) “The Concept of Materiality in Accounting and Reporting.” Business Inform 6:284–288.


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