ORDER OF THE MINISTRY OF FINANCE OF UKRAINE

of December 31, 1999 No. 318

About approval of the National provision (standard) of financial accounting

In pursuance of the Program of reforming of the system of financial accounting using international standards approved by the resolution of the Cabinet of Ministers of Ukraine of October 28, 1998 No. 1706, I ORDER:

Approve the National provision (standard) of the financial accounting 16 "Expenses" (further - the Provision (standard) 16) approved by Methodological council on financial accounting under the Ministry of Finance of Ukraine which is applied.

Approved by the Order of the Ministry of Finance of Ukraine of December 31, 1999 No. 318

National provision (standard) of the financial accounting 16 "Expenses"

General provisions

1. This National provision (standard) determines methodological bases of forming in financial accounting of expense information of the company and its disclosure in the financial reporting.

2. Regulations of this National provision (standard) are applied by the companies, the organizations and other legal entities (further - the companies) irrespective of patterns of ownership (except budgetary institutions and the companies which according to the legislation constitute the financial reporting under International Financial Reporting Standards).

3. The national provision (standard) 16 is applied to the expense accounting under construction contracts taking into account features of their recognition and structure established by the National provision (standard) of financial accounting 18 "Construction contracts". The national provision (standard) 16 does not extend to the expenses connected with primary recognition and change of fair value of the biological assets connected with agricultural activities, and with primary recognition of agricultural products.

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