ACCOUNTING FOR INTANGIBLE ASSETS ACCORDING TO NATIONAL AND INTERNATIONAL STANDARDS: WAYS OF IMPROVEMENT

Abstract

This scientific article reviews important issues that arise during the implementation of operations by Ukrainian enterprises related to the accounting of intangible assets. The article analyzes the latest research and publications of scientists devoted to the organization of non-material assets accounting. It was found that the inclusion of intangible assets into the resources of enterprises is the cause of increasing their market value, increasing investment privatization and indirect protection of rights and interests of economic entities. The notion of «intangible assets» according to Ukrainian national and international standards was studied. It was found that the lack of uniformity in the definition of «intangible assets» is the reason for incomplete understanding of the terminology by the business entity, which leads to ambiguity of interpretation by practitioners and impossibility to form a consensus, which will be stable and immutable, and fully disclose the definition of intangible assets. A review of the differences in the definition of «intangible assets» is made. The authors of the article offered their own understanding of the essence of intangible assets, which is based on the research of normative-legal acts and works of scientists. It is noted that the national regulations (standards) of accounting records are based on international standards of financial accounting. However, an effective view of all existing, but sometimes overlapping provisions of Ukrainian accounting of intangible assets requires regulation of normative and clarification of theoretical aspects. It should be emphasized that in comparison with foreign companies the share of intangible assets in the balance sheets of domestic companies is insignificant. This is due to the lack of formation of the Ukrainian market of intangible assets, which prevents the active development of our economy. It was found that the sphere of non-material assets accounting is insufficiently specified. There are a lot of inaccuracies that occur both in the legislation and arise already in the process of practical activity of the company. That is why a lot of efforts and costs should be spent to create such conditions, which could improve the current situation and create conditions for rational and effective accounting of intangible assets at domestic enterprises. This article examines the classification and classification features of intangible assets, as well as peculiarities of the accounting of operations with intangible assets, which are carried out by foreign countries.