FORMATION OF AN ENTERPRISE’S ACCOUNTING POLICY AS A TOOL FOR PROVIDING THE CONTINUITY OF ACTIVITY

Abstract

Nowadays, in the period of reforming of accounting in Russia and its convergence to the international
financial reporting standards, its role has changed qualitatively: from a simple registration of economic life’s
facts it turned into one of the most important elements of business management. This process is considered
in the article.
It is determined that nowadays the accounting policy of an enterprise is becoming one of the key points
of management policy, and directly influences the financial statement indicators - the information base for
decision making by real and potential investors.
The role of accounting policy of an enterprise’s in its financial and operational activities on the basis of
its structure, industry specificity and other characteristic features of activities is determined. Requirements to
the content of accounting policy and factors influencing its formation are determined.
The significance of accounting policy in determining the formed information’s quality is determined.
Particular attention in the article is paid to the modern understanding of accounting policy of an enterprise as
a tool of accounting methodology.
The impact of accounting policy in forming internal control system of an enterprise is analyzed. The
significance of an enterprise’s accounting policy as a tool for managing the accounting and tax risks arising
in the organization is proved.