of January 16, 2007 No. 34
About approval of Strategy of upgrade of system of financial accounting in public sector for 2007-2015
The Cabinet of Ministers of Ukraine decides:
Approve the Strategy of upgrade of system of financial accounting in public sector for 2007-2015 which is applied.
Prime Minister of Ukraine V. Yanukovych
Approved by the Resolution of the Cabinet of Ministers of Ukraine of January 16, 2007 No. 34
General questions
The cooperation of Ukraine with the international organizations, financial institutions, activities in the exchange stock and investment markets need openness and transparency of information on economic problems, in particular concerning financial accounting, compliance to international standards. Subjects of financial accounting in public sector is the Ministry of Finance which provides carrying out state policy in the field of financial accounting, managers of budgetary funds, Treasury and funds of obligatory national social and pension insurance which provide conducting financial accounting.
At present financial accounting in the budget sphere consists of financial accounting of accomplishment state and local budgets and financial accounting of budgetary institutions.
According to the Budget code of Ukraine and the Law of Ukraine "About financial accounting and the financial reporting in Ukraine" the procedure for conducting financial accounting and creation of the financial reporting, reporting on accomplishment of budgets, estimates of budgetary institutions establishes the Ministry of Finance.
Financial accounting of accomplishment state and local budgets is conducted by bodies of Treasury, and financial accounting of accomplishment of estimates of budgetary institutions - managers of budgetary funds.
Besides, funds of obligatory national social and pension insurance apply different techniques of conducting financial accounting.
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