LAW OF UKRAINE

of July 16, 1999 No. 996-XIV

About financial accounting and the financial reporting in Ukraine

This Law determines the legal basis of regulation, the organization, conducting financial accounting and creation of the financial reporting in Ukraine.

Section I General provisions

Article 1. Determination of terms

For the purposes of this Law terms are used in the following value:

assets - the resources controlled by the company as a result of last events which use, as expected, will lead to receipt of economic benefits in the future;

financial accounting - process of identification, measurement, registration, accumulating, generalization, storage and information transfer about activities of the company to external and internal users for decision making;

intraeconomic (managerial) accounting - system of collection, processing and preparation of information on activities of the company for internal users in enterprise management process;

economic activity - the action or event causing changes in structure of assets and liabilities, equity of the company;

group - the group of legal entities consisting of the company which controls other companies (parent entity), and all companies which are controlled by it (affiliated enterprises);

document flow - movement of source documents from the moment of their creation by the company or obtaining from other companies before transfer on storage to archive after acceptance to accounting;

the obligation - the debt of the company which resulted from last events and which repayment in the future, as expected, will lead to reduction of the resources of the company personifying economic benefits;

economic benefit - potential possibility of receipt of money by the company from use of assets;

consolidated financial statements - the financial reporting of the company which exercises control, and the companies which are controlled by it as single economic unit;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info