Deputy Olga Gryaznova describes advantages of amending current DPR’s law “On accounting and financial reporting”

The draft law ʺOn amendments to the law of the Donetsk People’s Republic “On accounting and financial reporting”ʺ provides for the establishment of a single accounting standard, as a result of which account policy will meet all requirements for the collection and systematization of data required to make management decisions. This was stated by the Deputy of the DPR’s People’s Council Olga Gryaznova in a commentary to the press service of the People’s Council.

ʺThe draft law ʺOn amendments to the law of the Donetsk People’s Republic “On accounting and financial reporting”ʺ stipulates that the state regulation of accounting is supervised by the authorized authority and the Central Republican Bank of the DPR.

The authorized republican authority approves the programme for the development of the Republican standards and organizes the examination of accounting draft standards. In turn, the CRP of the DPR participates in the preparation and coordination of a programme on the development of Republican standards, accounting procedures and the preparation of financial statements in banks.

Also, the draft bill is supplemented by such a definition as the structure of accounting objects, requirements to a chief accountant for organizations of budgetary sphere are disclosed and procedure of organization of internal control is prescribed,ʺ the deputy said.

Also, Olga Gryaznova clarified the essential advantages of amending the current law of the DPR “On accounting and financial reporting”.

ʺThe advantages of standardization of accounting and financial reporting are that this will allow making the first step towards the creation of republican software. Today, many enterprises and organizations use unlicensed software, which is regularly affected by software failures.

It is important to point out that common standards will allow developing accounting policy of economic entities in such a way that it complies with all the requirements for the collection and systematization of the data necessary to make managerial decisions,ʺ the deputy summed up.

You might also like