The urgency of the given research is defined by the fact that the improvement of financial reporting quality which is the basic source for the conduction of enterprise's financial state and results of activity analysis is continuously connected to the efficiency of assets and liabilities, their quantification and classification. The purpose of the research is to consider the basic approaches to the definition of financial reporting quality, to reveal interrelation between professional accounting judgment regarding accounting objects and forecast value of information introduced to users.
Keywords: quality, limits the quality of financial reporting prognostic value of information, the discounted cost, qualitative characteristics of information for professional accounting judgment international standards
The relevance of the investigation is predetermined by the fact that application of IFRS 6 "The exploration for and evaluation of mineral resources" presupposes the application of professional accounting judgment while running the information about exploration and evaluation of mineral resources. The aim of the article is to study how oil producing companies apply IFRS 6 and to work out some suggestions on perfecting the accounting policy in the above-mentioned assets in the conditions of uncertainty of the norms of International standards.
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