Accounting policy of construction companies in accordance with International Financial Reporting Standards

Abstract

© 2020 Institute of Physics Publishing. All rights reserved. This paper examines the practical experience of construction companies in terms of their disclosure of information about significant elements of accounting policy in the notes to their financial statements prepared in accordance with International Financial Reporting Standards. The aim of the study is to identify the main problematic issues that arise in construction companies when preparing accounting policies in accordance with International Financial Reporting Standards and find ways to solve them. Using such methods as analysis and synthesis, comparison, logical and systematic approaches, the author identifies the main problems that occur in construction companies when drafting accounting policy, as well as offers solutions to them. As a result of the research, the paper compares the practice of forming accounting policy by leading construction companies, identifies the main problematic aspects and suggests ways to solve them. The article concludes on the uniformity of approaches to disclosure of information about significant elements of accounting policy, proves the identity of most of the problematic aspects that arise in the formation of accounting policy in accordance with International Financial Reporting Standards by construction companies, and substantiates the analogy of ways to solve them.