ORDER OF THE MINISTRY OF FINANCE OF UKRAINE

of April 28, 2001 No. 205

About approval of the National provision (standard) of financial accounting 18 "Construction contracts"

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, and according to articles 1 and 6 of the Law of Ukraine "About financial accounting and the financial reporting in Ukraine" I ORDER:

1. Approve the National provision (standard) of financial accounting 18 "Construction contracts" approved by Methodological council on financial accounting of the Ministry of Finance of Ukraine, it is applied.

2. Determine that the National provision (standard) of financial accounting 18 "Construction contracts" becomes effective since January 1, 2002.

Approved by the Order of the Ministry of Finance of Ukraine of April 28, 2001 No. 205

National provision (standard) of financial accounting 18 "Construction contracts"

General provisions

1. National provision (standard) of financial accounting 18 "Construction contracts" (further - the National provision (standard) 18) determines methodological bases of forming by contractors in financial accounting of information on the income and expenses connected with accomplishment of construction contracts and its disclosures in the financial reporting.

This National provision (standard) is not applied by the companies which according to the legislation constitute the financial reporting under International Financial Reporting Standards.

2. Terms which are used in provisions (standards) of financial accounting have such value:

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