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 of 128th "Obligation"

I. General provisions

1. This National provision (standard) determines the methodological principles of forming in financial accounting of information on obligations, contingent obligations and contingent assets and and its disclosure in the financial reporting.

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 obligations, contingent obligations and contingent assets which are determined in other national provisions (standards) of financial accounting in public sector, and also on obligations of budgets of all levels for social payments and compensation of privileges.

4. The terms used in national provisions (standards) of financial accounting in public sector have the following value:

the current obligations - obligations which correspond to any of criteria:

a) as expected, will be extinguished during operating cycle;

b) are subject to repayment within twelve months after date of balance; or

c) the subject of public sector has no unconditional right to delay repayment of the obligation for at least twelve months after date of balance;

long-term obligations - all obligations which are not the current obligations;

the contingent asset - possible asset which results from last events and which existence will prove to be true only after occurs or will not occur one or several uncertain future events over which the subject of public sector has no complete control;

contingent obligation is:

1) the possible obligation which results from last events and which existence will prove to be true only after occurs or will not happen one or several uncertain future events over which the subject of public sector has no complete control; or

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