ACCOUNTING APPROACHES IN THE MANAGEMENT OF THE UNDERTAKING UNDER AMORTIZATION OF ASSETS
Journal Title: Knowledge International Journal - Year 2018, Vol 25, Issue 1
Abstract
Accounting provides the bulk of the economic information used by management bodies at different levels of economic governance and the individual enterprise. Under market conditions, it forms the basis of the management process. The management of individual economic units requires knowledge of legislation and disclosure of patterns and trends in the process of their development. As a system of information, accounting is an element of the science-based system of business management. It justifies the specific human activity of creating information as feedback in managing the economic system. Viewed in a practical and applied aspect, accounting is a function of management, and is a means of implementing decisions. For internal information needs, an entity applies its internal organization, the aggregate of which reflects the accounting policies of its management. Any management decision to be motivated must be based on the principles set out therein. It is a legitimate model of the activity carried out during a certain reporting period. An enterprise's amortization policy is an integral part of its accounting policy and includes principles, bases, methods, policies and procedures to reflect the decrease or change in the carrying amount of the accounting entity over a reporting period. Its implementation is conditioned by the knowledge of specific features in the organization of the activity, the specifics of the activity, the adopted guidelines for development and renovation of the depreciable assets of the enterprise, as well as other similar factors and conditions, revealed on the basis of economic analysis. Amortization policy is conducted by the entity's management, taking into account specific economic conditions and applicable accounting standards. The purpose of this report is to present accounting approaches that provide options, instances, variants and alternative case solutions that determine the entity's amortization policy coupled with the use of accounting estimates in the entity's financial statements.
Authors and Affiliations
Valentina Staneva, Hristo Stanev
Keywords
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