Formation of accounting policy and its impact on reporting indicators for food industry enterprises

Abstract

Topic. For the rational accounting management of the food industry enterprises the procedural issues of accounting policy establishment have been determined.

Objective. The purpose of this article is to justify the institutional provisions and the development of recommendations for improvement of accounting policy of the food industry enerprises.

Method (methodology). General scientific methods (analysis, synthesis, induction, deduction, concretization, abstraction, method of historical and logical research), methodical approaches to study the object of research (sampling, generalization, modeling, review, calculation, comparison, testing) and principles of formation and functioning of the accounting system at the food industry enterprises became the methodological basis of the research.

Results. As part of the study, methodological aspects of formation of the enterprises’ accounting policy have been developed. These aspects are based on the study of the principles, methods and procedures that are used for accounting and the reflection of information about it in mandatory and voluntary reporting.

In the structure of the accounting policy of food industry enterprises, in contrast to traditional practice, it is proposed to allocate such mandatory elements as: regulatory support; internal regulations that define the content of the accounting policy. The food industry enterprises are divided into four groups by the principles of accounting policy. The first group includes principles that are responsible for the comprehensive presentation of information in the accounting and reporting of the company (inclusivity; collaboration; transparency). The principles of the second group provide focus of all provisions of the accounting policy (focus on management decision; focus on demand). The third group of principles is responsible for the reliability of accounting results (transparency, openness and reliability). It has been proved that the principles of the fourth group (firmness, constant improvement, integration) contribute to support the adequacy of accounting policy to the requirements of the time. In forming the Accounting Policy Order of the food industry enterprise it is offered to introduce the item "Environmentally-oriented activity", at filling which the interests of all stakeholders (owners of the subject of economy, workers, counteragents, society, state as a whole) are considered. Besides, it is offered to adhere to the principles of the natural capital’s accounting policy and disclose the main methods of its assessment and accounting. The novelty of the results lies in the scientific substantiation of the theoretical and methodological principles of accounting policy formation in the context of sustainable development of food industry enterprises.