ARTICLE
TITLE

Formation of accounting policy in the company

SUMMARY

Corporate accounting must be managed with respect to the changing business environment, accounting and legislation regulating taxes. The requirements for the quality of financial reporting information in the company shall be met in accordance with the company’s accounting policy.The accounting policy must be based on all the accounting requirements listed in various legal acts and internal company documents. Thus, financial accountingmust present fairly the financial position of the company, performance results, cash flows, and present the substance of economic transactions, the substance of events andtheir economic meaning, not only formal requirements for its implementation. However, the selected accounting methods should not focus solely on the correct presentation of the financial statements, but should also produce such operating results that are close to the company’sgoals. Consequently, the companies are required to specify accounting procedures in their accounting policies, since legislative accounting regulation at the state level cannot fully reflect the economic relationships of the market of a particular company. 

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