ACCOUNTING POLICY AS A BASIS FOR THE FORMATION OF RELEVANT INFORMATION IN THE MANAGEMENT ACCOUNTING SYSTEM

Abstract

The article reveals the role of accounting policy as a methodological basis for building an effective management accounting system that forms reliable and relevant information for making informed decisions by all stakeholders. The author substantiates the key requirements to the accounting policy on management accounting, such as compliance with the information needs of stakeholders, consideration of business specifics, combination of regulation and flexibility, compliance with regulations and methodological connection with other types of accounting. The stages of accounting policy formation are described: organizational, development, implementation, revision and improvement. The structure and content of the main sections of the accounting policy are considered in detail. The organizational section establishes the period, currency, terms of reporting preparation, responsible persons. The section “Reporting formats” defines the content of financial and management reports that meet the needs of different groups of users. The section “Object Accounting Methods” discloses the methodology of accounting for assets, liabilities, equity, income, expenses. Examples of accounting policies for revenue and inventory are given. The section “List of Business Transactions” describes account correspondences and primary documents for the main operations. The sections “Document flow schedule” and “Inventory procedure” regulate the processes of collection and processing of primary data, ensuring the completeness and reliability of accounting information. The expediency of using accounting accounts for management purposes is substantiated. The materials of the article may be useful in setting up or improving management accounting at enterprises.