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Abstract

The content

Introduction

In modern conditions, accounting and auditing of funds for targeted financing of an enterprise is an important issue in the activities of modern enterprises. The means of targeted financing include funds received by enterprises for strictly defined purposes and carrying out activities of a special purpose. Funding for targeted activities is carried out from revenues from other organizations and individuals, allocations from the budget and other sources. By providing financial resources to the private sector, the state seeks to realize economic and social functions, including attracting commercial organizations for the development of the public services sector. Means of target financing are spent in strict accordance with the approved estimates and purpose.

1. Theme urgency

The relevance of this topic is due to the importance of accounting of funds for targeted financing, as the main tool for monitoring the completeness and legality of receiving and spending targeted funds. A constant analysis of legislative regulation and accounting practices is necessary in order to adjust the company's accounting policy.

2. Goal and tasks of the research

The purpose of this work is to analyze and critically evaluate the accounting methodology for funds for targeted financing, identifying directions for its improvement.

To achieve this goal in the work it is necessary to solve the following tasks:

– to study the concept and purpose of funds targeted financing, to consider the procedure for monitoring their use;

– to consider the goals, objectives and legal regulation of the accounting of funds for targeted financing;

– to analyze the method of accounting of funds targeted financing;

– to consider the order of reflection of the funds of target financing in the financial statements;

– to analyze the receipt and disbursement of funds for targeted financing;

– to analyze the organization of control over the targeted expenditure of funding;

– to determine the direction of improving the accounting of funds targeted financing.

Object of study: scientific, reference, regulatory and legislative literature, which is associated with targeted investment and collateral.

Subject of research: a set of theoretical and methodological aspects that are associated with targeted investment collateral.

3. Review of research and development

In modern conditions, accounting and auditing of funds for targeted financing of an enterprise is an important issue in the activities of modern enterprises. The means of targeted financing include funds received by enterprises for strictly defined purposes and carrying out activities of a special purpose. Funding for targeted activities is carried out from revenues from other organizations and individuals, allocations from the budget and other sources. By providing financial resources to the private sector, the state seeks to realize economic and social functions, including attracting commercial organizations for the development of the public services sector [1].

The problems of accounting for targeted financing are investigated in the works of leading foreign and domestic economic scientists. Among them it is possible to distinguish such as: K. Marks, V. A. Gavrilenko, F. F. Butinets, V. V. Sopko, N. M. Tkachenko, Yu. S. Tsal-Tsalko, N. V. Chabanova, Yu. A. Vasilenko, N. A. Gura.

Consider literary sources, such as, for example, the article by V. A. Gavrilenko and V. Yu. Zvenyachkina in Economic Space, Issue 12/1, 2008. about target financing and its mapping in equity accounting. The article deals with issues related to the accounting of funds targeted financing and earmarked revenues. In the process of research, a number of contradictions that exist today in accounting and tax legislation, as well as some shortcomings in the method of displaying subsidies, subsidies and targeted financing of capital investments, were identified. Developed recommendations to improve the accounting of earmarked funds and earmarked revenues [2].

The article by N. Gura Target financing: accounting and taxation analyzes the approaches to the definition of target financing and reveals the essence of different types of target financing, which made it possible to offer its classification in different directions. With the adoption of the TCU in Ukraine, the differences in the recognition of target financing in accounting and tax purposes are almost eliminated. The approaches to the recognition of income from targeted financing in accounting and with a view to taxation are systematized and the procedure for recording accounting of various types of targeted financing is disclosed [3]

The article I. Tkachenko Target financing: tax and accounting aspects for 2012. The conclusions are given that the adoption of the Tax Code provides for a convergence of tax and accounting, which makes it possible to draw up tax returns according to accounting data. This relationship requires a careful approach to documenting the received targeted funding, control over the use of these funds and their mapping in accounting [5].

4. Targeted financing as an economic category

Targeted financing is a fairly complex and controversial object of accounting, while in the scientific literature it is not given sufficient attention.

Targeted financing is received by enterprises of certain types of economic activity from state or local budgets; first of all, this concerns enterprises that are subject to state regulation of prices: housing and public utilities, transport, etc. Such targeted financing is provided in the form of subsidies to cover the difference in tariffs, subsidies, reimbursement of benefits to certain categories of citizens, etc. Enterprises can also receive targeted funding from various individuals and legal entities. In addition, one of the main objects of accounting for targeted funding is non-profit (non-profit) organizations that receive membership fees from members of the organization, as well as various targeted and non-earmarked revenues from third parties and organizations [7].

Moreover, there is a different procedure for taxation, recognition and accounting for each type of target financing; this order is not always obvious, since in many cases there are no unambiguous legislative interpretations of various types of targeted financing and the procedure for their recognition, which makes it difficult to reflect in accounting for targeted financing.

Targeted financing can be defined as revenues from the budget, from enterprises or from individuals for certain purposes (capital investments, scientific research, covering losses of enterprises, etc.).

In the International Financial Reporting Standard Accounting for state grants and disclosure of information on state aid, government grants are defined as state aid in the form of transferring resources to an enterprise in exchange for past or future observance of certain conditions, while indicating that they can be called differently subsidies, subventions or bonuses. In the Russian accounting, target financing is interpreted primarily as government assistance, while clearly indicating the need for targeted use of the funds received.

Meanwhile, targeted financing may be of an unclearly targeted nature and may be provided not only by the state, especially in non-profit organizations. Ukrainian legislation defines the procedure for recognizing revenue from earmarked funding in accounting and for tax purposes; For many types of targeted financing, the improper use of funds is practically impossible, since state assistance is provided mainly to cover the costs of enterprises (subsidies, subsidies, benefits).

Conclusion

Analysis of approaches to the definition of targeted funding and the disclosure of the essence of different types of targeted funding allowed us to offer its classification in different directions. With the adoption of the TCU, the differences in the recognition of target financing in accounting and taxation were almost eliminated. The approaches to the recognition of income from targeted financing in accounting and with a view to taxation are systematized and the procedure for recording accounting of various types of targeted financing is disclosed.

Accounting for expenses of a budget enterprise, as well as its income from core and other activities, are among the most complex and controversial issues in accounting for such organizations. Targeted funding in this regard is used quite rarely, because today there is no uniform methodology for working with such an account. However, in spite of all the difficulties, it is this account that is the main one in terms of making a profit and coordinating the costs of fixed assets. Only in the case of the provision of funds for a single project within a single program, can we say that working with such an account is quite simple. In all other cases, earmarked funding and its analysis requires careful preparation and a high qualification level from the manager and chief accountant of the enterprise.

Today, there are a number of unresolved problems and issues related to a clear legal regulation of accounting for financial and economic activities of an enterprise, including targeted financing. Solving these problems will improve the understanding of targeted financing as an economic category.

Recently, legislative and regulatory regulation has undergone significant changes in order to improve all systems. Enterprises need to carefully monitor all legislative and regulatory changes regarding accounting and financial reporting on targeted financing in order to prevent offenses for non-compliance of accounting and reporting with legal requirements.

References

  1. Гавриленко В. А. Экономический анализ деятельности промышленных предприятий / А. В. Гавриленко – Донецк: ДВУЗ, ДонНТУ 2009.–353 с.
  2. Гавриленко В. А., Звенячкина В. Ю. – Экономический простор. Выпуск 12/1, с. 65–74 – 2008.
  3. Гура Н. А., Каверин Ю. В. Толковый словарь бухгалтерской и аудиторской терминологии. Киев: Украинская книга, 1999. 64 с.
  4. Бутинец Ф. Ф. Теория бухгалтерского учета / Ф. Ф. Бутинець. – Ж.: ЖИТИ, 2000. – 640 с.
  5. Ткаченко И. В. Целевое финансирование: налогово-бухгалтерские аспекты, 2012г.
  6. Сопко В. В. Бухгалтерский учет / В. В. Сопко. – К.: КНЕУ, 2000. – 578 с.
  7. Гура Н. А. Целевое финансирование: учет и налогообложение в Украине, 2013.