AN INTEGRATED ACCOUNTING ENTITY IS THE BASIS OF CONTEMPORARY FRAMEWORK FOR ACCOUNTING AND ANALYTICAL MAINTENANCE OF FINANCIAL ENGINEERING OF AN ENTERPRISE’S OPERATIONS
| Autor: | Inna Herasymovych |
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| Jazyk: | angličtina |
| Rok vydání: | 2016 |
| Předmět: | |
| Zdroj: | European Cooperation, Vol 6, Iss 13, Pp 36-48 (2016) |
| ISSN: | 2449-8726 2449-7320 |
| Popis: | The market environment caused the necessity to implement at Ukrainian enterprises such advanced economic tool as financial engineering, for which the information base offers the integrated accounting and monitoring entity as budgeting synthesis, «responsibility centers» and managerial accounting for business processes under the costing method in version «direct costing».Financial engineering requires monitoring not by types of products made, but by the business processes of each «responsibility center», proceeding from the advanced framework that grounds for costs subject to monitoring (the processes are the cost objects), but not the costs as follows (materials, remuneration etc.).To provide monitoring for the mentioned integrated budget entities, an independent provision «Provision on organizational and accounting system within the financial engineering environment» is proposed that comprises the following: the express definition for «the responsibility centers» and express liability of their managers per each budget item; establishment of the specific alert system for initial accounting documents concerning deviations from the guidelines and changes of the budget regulations; a new journal «Change Progress Report of the Responsibility Center» for everyday accounting of the direct costs; development of schedules for document flow per each «responsibility center», which would provide everyday accounting maintenance for estimation and monitoring, planning and forecasting of the mentioned centers activity, as well as their managers.The scientific novelty and practical importance mean substantiation for the financial engineering environment of the integrated accounting and monitoring entity, as well as the capacity development for method «direct costing» which in the financial engineering environment: 1) provides on-line determination of the budget performance level and actual cost value of products; 2) allows the on-line determination for «a breakeven point» that allows to regulate it by change options of the direct cost amount or scope and price of realization; 3) this method does not require to allocate fixed costs to administer the product types, therefore they may be directly qualified as the enterprise’s activity outcome. |
| Databáze: | OpenAIRE |
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