INTANGIBLE ASSETS IN THE EXTERNAL REPORTING IN UKRAINE: IMPROVEMENT OF DISCLOSURE
DOI:
https://doi.org/10.32070/ec.v3i47.92Keywords:
intangible assets, intellectual property, accounting policy, internal control, reporting, organization of accounting, normative legal actAbstract
The final product of an accounting information formation process on intangible assets is an enterprise's financial statement and internal (management) statement with appropriate operations details. Intangible assets and their role in assessing the effectiveness of a particular business entity are the subjects of intensive research by both foreign and Ukrainian scientists.
Research of this accounting object will be relevant for the business practices in Ukraine until appropriate reporting recommendations are developed, which will reflect the real property and financial condition of the entity, which, in turn, will increase the reliability of reporting indicators and the economic attractiveness of the enterprise for potential stakeholders both in the Ukrainian and international markets.
Therefore, the situation with non-disclosure of a part of the intangible assets in the company's financial statements is unacceptable, since its users expect full and reliable disclosure of information in the company's financial statements. The lack of complete and reliable information about the company does not allow its users to form an opinion and make final important decisions about the efficiency and prospects of a particular entity. Modern economic realities in developed countries and, especially in Ukraine dictate new requirements for the organization of the accounting process to manage, evaluate, and control transactions with intangible assets, which necessitates improving the organizational aspects of the accounting system in the enterprise, in particular, in terms of building an external reporting system.
During the analysis of the approaches to the formation of external reporting in terms of providing information on intangible assets of the Ukrainian enterprises, as well as the nature and principles of the taxonomy of financial statements of Ukraine, recommendations on the structure and description of all components of intangible assets reporting were developed and systematized
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