ECONOMIC ESSENCE, CONTENT AND PLACE OF ACCOUNTING POLICY IN THE ACCOUNTING SYSTEM OF BUDGETARY ORGANIZATIONS

Abstract

The paper examines the economic essence of accounting policy in budgetary organizations on the basis of a comparison of normative, managerial, institutional and control-information approaches. It is argued that in the public sector accounting policy should be regarded not only as a set of chosen accounting methods, but also as an instrument of fiscal accountability and internal control. The content of accounting policy is presented as four interrelated components, and its place in the accounting system is defined as a link between normative regulation, accounting practice, internal control and reporting.