Methodological aspects of accounting policy formation in Ukraine and Europe: a comparative aspect

Abstract

The article deals with the methodological aspects of accounting policy formation in Ukraine and Europe. The author provides his own assessment through a comparative analysis of the accounting policies of Ukraine and Europe. The article considers such aspects as harmonisation, integration, legislative framework of accounting, impact of international accounting standards on the economic situation of the country, and an overview of common features of accounting policies in Europe and Ukraine. The study found that the EU has already passed the stage of harmonization, which was made possible by the introduction of a number of Directives that clearly spelled out the multifaceted aspects of the accounting system. For example, it is known that the main objective of the Fourth Directive is to harmonise national accounting legislation for companies. This harmonisation aims to ensure consistency of accounting and reporting standards across the EU. It contributes to the creation of a single European market and the achievement of common political goals. Ukraine, as a country that is currently in the process of harmonisation, should follow the EU's example and focus on deepening its own harmonisation processes to improve international economic cooperation, create favourable conditions for further international trade, attract investment, etc. The study found that the accounting policies of Ukraine and Europe have different approaches to the valuation of assets and liabilities and the assessment of taxes. Among the common features, it was highlighted that tax policies are based on a single set of principles. Eliminating the differences in accounting policies between Ukraine and Europe can contribute to the recovery of the Ukrainian economy in the post-war period, creating conditions for the development of the domestic economy.