Nature of Work in Progress as an Accounting Category

The article addresses the nature of work in progress as an accounting category based on consideration of the achievements of modern accounting science and practice of the enterprises. Analyzed are the approaches to the interpretation of a work in progress as an accounting category in scientific and regulatory sources. It is shown that work in progress has different aspects that must be considered in the study of its nature. Systematized are the existing approaches to the definition of work in progress by the features within which its nature is defined. Taking into account the requirements of modern accounting methods and overall understanding of the production process in the paper there are outlined the essential characteristics of work in progress: the inseparability from the production process, existence pertaining to time, the possibility of different forms of product production. Based on the dual approach to understanding of nature of the category in question and taking into account the said characteristics the author has formed his own definition of work in progress.