Approved by the Order of the Ministry of Finance of Ukraine of December 24, 2010 No. 1629

National provision (standard) of financial accounting in public sector 124th "Income"

I. General provisions

1. This National provision (standard) determines the methodological principles of forming in financial accounting of information on the income from exchange and not exchange transactions.

2. Regulations of this National provision (standard) are applied by subjects of financial accounting in public sector (further - subjects of public sector).

3. This National provision (standard) does not extend to recognition and assessment of the income which are determined in other national provisions (standards) of financial accounting in public sector, in particular connected with:

lease agreements;

and are considered by dividends which belong by results of financial investments by method of equity participation;

sale or changes in the cost of fixed assets and intangible assets;

changes in fair value of financial assets and financial liabilities or their liquidation;

changes in value of other current assets;

changes in value of biological assets;

mining.

4. Terms which are used in national provisions (standards) of financial accounting in public sector have such value:

budget assignment - the power of the subject of public sector conferred according to budget setting on capture of the budget obligation and implementation of payments which has quantitative, temporary and target restrictions;

percent - payment for use of money, their equivalents or the amounts which are outstanding to the subject of public sector;

receivables - outstanding amount of the subject of public sector for certain date which results from exchange and not exchange transactions;

dividends - the part of net profit distributed between participants (owners) according to share of their equity participation of the company;

not exchange transaction is economic activity which does not provide transfer of assets, services (works) in exchange for the gained income or assets, but can provide accomplishment of certain conditions;

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