Advertising
The Ministry of Finance has amended National Accounting Regulation (Standard) 6 “Correction of Errors and Changes in Financial Statements”.
The corresponding order No. 130 of March 18, 2024 entered into force on April 16.
The document clarifies that accounting estimates are the monetary expression of elements of financial reporting that are not directly observable, but are determined approximately, that is, pre-estimated.
Examples of accounting estimates are:
Estimate – determination of monetary amounts, by which elements of financial statements should be recognized and displayed.
It is determined that if a change in the accounting estimate leads to changes in assets, liabilities or equity, it is recognized by adjusting the book value of the corresponding asset, liability or equity in the period when the change occurred.
It is established that if information about the size of the impact on future periods is not disclosed due to the impossibility of its preliminary assessment, the enterprise discloses information about this fact.
LIGA360 LEGAL SOLUTION – legislation analysis and law enforcement practice for every specialist. Find regulatory documents, research legal issues and consult with experts. Learn more benefits at the link.
Want to get the best price on LIGA 360: Lawyer premium solution? Only now there is a special offer for the tariff. Details at the link.
