Implementation of EU Accounting Standards into Ukrainian Enterprises' Accounting Policy

The purpose of the article is to assess economic substantiation of certain legal provisions of accounting and reporting included into the Law of Ukraine 'About accounting and reporting in Ukraine' and ability of their practical application during development of the accounting policy by domestic entities. It analyzes certain provisions of the Law of Ukraine 'About accounting and reporting in Ukraine' and discloses problematic implementation thereof. In particular, division of entities proposed by the Law differs from that given in the Economic code of Ukraine. It pays attention to public disclosure of financial statements of the entity, discloses contradictions arising therefrom. It assesses reasonabliness of grounds not to recognize the transation. It emphasizes that the provisions of the accounting policy of the entity in relation to quantitative values of the materiality threshold of accounting information constitute the ground not to recognize the business transaction. It sibstantiates the necessity of further amendments to the Ukrainian accounting legislation, which shall ensure compliance with requirements of the Directive 2013/34/EU and allow unambiguous understanding of the provisions of the Law adopted.