Suchergebnisse

Effective internal control helps to guarantee performance policy in an organization, achievement of the set aims; it also reveals the prospects of development, helps to indicate and manage risk so that the risk tolerance limit is maintained. One of the goals of internal control system is to ensure the reliability and sufficiency of information and financial statements. Accounting regulations set a great variety of control measures that must be guaranteed by the accounting policy adopted in a public sector entity. Yet governmental audit designates that a great share of distortions in financial statements are related with assets accounting. The object of the research is internal control measures in the accounting of intangible assets of public sector entities. The aim of the research is to investigate the regulation of internal control measures by creating the accounting policy of intangible assets of public sector entities. The article analyses and systematizes internal control measures determined in the methodological aspect of accounting policy of intangible assets of a public sector entity. ; Vienas iš viešojo sektoriaus subjekto vidaus kontrolės sistemos tikslų yra informacijos ir ataskaitų patikimumo bei išsamumo užtikrinimas. Pagrindiniuose apskaitos norminiuose dokumentuose gausu kontrolės priemonių, kurias turi užtikrinti viešojo sektoriaus subjekte įdiegta apskaitos politika. Straipsnyje tiriamos, sisteminamos viešojo sektoriaus subjekto nematerialiojo turto apskaitos politikos metodologiniame aspekte numatytos vidaus kontrolės priemonės.

The main legal issues regarding internal control of a public legal entity are regulated by the Law of Internal Control and Internal Audit of the Republic of Lithuania (LR) which designates that one of the aims of internal control is to ensure the reliability and completeness of information and reports. The main regulatory enactments of accounting determine many instruments of internal control which must be ensured by the accounting policy adopted in a public sector entity. Regulatory enactments cover different spheres, i.e. accounting and internal control. These spheres are closely interrelated; therefore, it is important to examine the interrelations between the accounting policy and internal control system. The object of the research is internal control instruments in the accounting policy of public sector entities. The aim of the research is to examine the regulation of internal control instruments by legal acts with regard to the accounting policy of a public sector entity. The article provides the analysis of the accounting organization instruments and internal control instruments of accounting technique which are regulated by the Law of Accounting of LR (2001) and the Law of Public Sector Accountability of LR (2007). The paper systematizes the internal control instruments of accounting policy. ; Viešojo sektoriaus subjekto vienas iš vidaus kontrolės sistemos tikslų yra informacijos ir ataskaitų patikimumo bei išsamumo užtikrinimas. Pagrindiniuose apskaitos norminiuose dokumentuose gausu kontrolės priemonių, kurias turi užtikrinti viešojo sektoriaus subjekte įdiegta apskaitos politika. Straipsnyje tiriamos, sisteminamos viešojo sektoriaus subjekto apskaitos politikos organizaciniame ir techniniame aspektuose numatytos vidaus kontrolės priemonės.

The main legal issues regarding internal control of a public legal entity are regulated by the Law of Internal Control and Internal Audit of the Republic of Lithuania (LR) which designates that one of the aims of internal control is to ensure the reliability and completeness of information and reports. The main regulatory enactments of accounting determine many instruments of internal control which must be ensured by the accounting policy adopted in a public sector entity. Regulatory enactments cover different spheres, i.e. accounting and internal control. These spheres are closely interrelated; therefore, it is important to examine the interrelations between the accounting policy and internal control system. The object of the research is internal control instruments in the accounting policy of public sector entities. The aim of the research is to examine the regulation of internal control instruments by legal acts with regard to the accounting policy of a public sector entity. The article provides the analysis of the accounting organization instruments and internal control instruments of accounting technique which are regulated by the Law of Accounting of LR (2001) and the Law of Public Sector Accountability of LR (2007). The paper systematizes the internal control instruments of accounting policy.

The main legal issues regarding internal control of a public legal entity are regulated by the Law of Internal Control and Internal Audit of the Republic of Lithuania (LR) which designates that one of the aims of internal control is to ensure the reliability and completeness of information and reports. The main regulatory enactments of accounting determine many instruments of internal control which must be ensured by the accounting policy adopted in a public sector entity. Regulatory enactments cover different spheres, i.e. accounting and internal control. These spheres are closely interrelated; therefore, it is important to examine the interrelations between the accounting policy and internal control system. The object of the research is internal control instruments in the accounting policy of public sector entities. The aim of the research is to examine the regulation of internal control instruments by legal acts with regard to the accounting policy of a public sector entity. The article provides the analysis of the accounting organization instruments and internal control instruments of accounting technique which are regulated by the Law of Accounting of LR (2001) and the Law of Public Sector Accountability of LR (2007). The paper systematizes the internal control instruments of accounting policy.

The main legal issues regarding internal control of a public legal entity are regulated by the Law of Internal Control and Internal Audit of the Republic of Lithuania (LR) which designates that one of the aims of internal control is to ensure the reliability and completeness of information and reports. The main regulatory enactments of accounting determine many instruments of internal control which must be ensured by the accounting policy adopted in a public sector entity. Regulatory enactments cover different spheres, i.e. accounting and internal control. These spheres are closely interrelated; therefore, it is important to examine the interrelations between the accounting policy and internal control system. The object of the research is internal control instruments in the accounting policy of public sector entities. The aim of the research is to examine the regulation of internal control instruments by legal acts with regard to the accounting policy of a public sector entity. The article provides the analysis of the accounting organization instruments and internal control instruments of accounting technique which are regulated by the Law of Accounting of LR (2001) and the Law of Public Sector Accountability of LR (2007). The paper systematizes the internal control instruments of accounting policy.

The main legal issues regarding internal control of a public legal entity are regulated by the Law of Internal Control and Internal Audit of the Republic of Lithuania (LR) which designates that one of the aims of internal control is to ensure the reliability and completeness of information and reports. The main regulatory enactments of accounting determine many instruments of internal control which must be ensured by the accounting policy adopted in a public sector entity. Regulatory enactments cover different spheres, i.e. accounting and internal control. These spheres are closely interrelated; therefore, it is important to examine the interrelations between the accounting policy and internal control system. The object of the research is internal control instruments in the accounting policy of public sector entities. The aim of the research is to examine the regulation of internal control instruments by legal acts with regard to the accounting policy of a public sector entity. The article provides the analysis of the accounting organization instruments and internal control instruments of accounting technique which are regulated by the Law of Accounting of LR (2001) and the Law of Public Sector Accountability of LR (2007). The paper systematizes the internal control instruments of accounting policy.

In the market environment every company is seeking to obtain and maintain the best market share. One of the mechanisms in achieving this goal is an effective internal control of the company. With growing competition, fast development and introduction of new technologies, progressing complexity of business projects, and enlarging business diversity, company management is becoming increasingly more complicated. Consequently, company internal control is becoming a more and more complicated task. A good company internal control system is one of the guarantees of effective company business. Following Lithuanian accession to the EU the economy grows fast and organisations look for new courses of action, expand the scope of their activities and thus face new types of risk. To achieve the best possible results a company must exploit all possible resources. Under such circumstances it may be difficult to acquire a competitive potential in the European Union unless there is an efficient internal control in place. Huge financial scandals of the end of the 20th century, such as Enron, WorldCom, Ahold, Parmalat, etc. made it obvious that companies without an internal control system are destined to die. Moreover, those bankruptcy cases revealed insufficient regulation of internal control. The current global crisis showed that corporate internal control failed to reveal major business risks faced by companies and to minimize such risks to an acceptable level. Likewise, corporate management systems failed to introduce urgent anti-crisis measures. The above prompts the relevance and importance of the topic. Research object: corporate internal control system under the conditions of transformation. Research objective: to analyse the changes in the corporate internal control system predetermined by the transformation period and to suggest an internal control pattern that focuses on risk management. Key scientific findings of the research 1. For the first time, analysis of different approaches towards the internal control was performed. After they were systematised, two directions of the internal control analysis were established: 1) internal control structure; 2) internal control implementation process. If the internal control is considered from a single of the above aspects, all the essential qualities fail to be revealed. Consequently the aforesaid directions have to be combined and the internal control system should be considered as a process defined by the actions of the management, which is based on provisions of ethics and social responsibility and is meant to secure the implementation of the business policy of the company and to achieve the set objectives. 2. Comparative analysis of internal control patterns was performed. 3. For the first time, legal framework regulating internal control of economic entities engaged in different business sectors in Lithuania was analysed. It was discovered that Lithuanian legislation fails to offer a systematic approach towards internal control. 4. The internal control system of Lithuanian companies was analysed. The corporate internal control was researched in 2001 and 2007 in order to determine the changes in the internal control of the companies. 5. Improvements were introduced in the internal control model for small and medium enterprises by including the following key elements: 1) control environment, 2) risk management, 3) information system and informing; 4) control factors; and 5) monitoring. 6. It was suggested that the research into the control environment should focus on the aspects of ethics and socially responsible company. 7. It was suggested that while evaluating the financial activities of a company at the risk management stage it is expedient to: 1) perform analysis of relative indices, 2) to assess the probability of company bankruptcy, 3) to forecast cash flow from the main business activities of the company. 8. It was suggested to investigate and manage the fraud risk at the risk management stage. An algorithm of auditor's actions was developed, which can be applied when circumstances indicating a possibility of errors and fraud are observed. 9. It was suggested that the analysis of the accounting system should include the following areas that are significant with respect of the internal control: selection of accounting policy and individual accounting processes. For the purpose of control, it is important to investigate both the policy of financial and management accounting. Key applicable findings of the research 1. Improved internal control system evaluation methodology for small and medium enterprises, which is designed for practical application by independent and internal auditors and company management in deciding the standing of the company control. 2. Internal control measures for individual accounting processes were systemized and presented. The urgency of analysing the accounting policy as a system of prevention control measures was substantiated. 3. After the possibilities at Lithuanian companies were analysed with the help of the recourse analysis of forecasting cash flows from main activities, a pattern for forecasting the future cash flows was suggested. 4. A system of prevention measures for organisational and technical aspects of financial accounting policy was brought forward. A special emphasis was placed on control measures in changing the accounting policy. 5. A modified production cost calculation methodology was designed for small and medium enterprises, where the production costs are accounted by using traditional cost price calculation methods, while operation costs are calculated by using elements of modern management accounting theory.

In the market environment every company is seeking to obtain and maintain the best market share. One of the mechanisms in achieving this goal is an effective internal control of the company. With growing competition, fast development and introduction of new technologies, progressing complexity of business projects, and enlarging business diversity, company management is becoming increasingly more complicated. Consequently, company internal control is becoming a more and more complicated task. A good company internal control system is one of the guarantees of effective company business. Following Lithuanian accession to the EU the economy grows fast and organisations look for new courses of action, expand the scope of their activities and thus face new types of risk. To achieve the best possible results a company must exploit all possible resources. Under such circumstances it may be difficult to acquire a competitive potential in the European Union unless there is an efficient internal control in place. Huge financial scandals of the end of the 20th century, such as Enron, WorldCom, Ahold, Parmalat, etc. made it obvious that companies without an internal control system are destined to die. Moreover, those bankruptcy cases revealed insufficient regulation of internal control. The current global crisis showed that corporate internal control failed to reveal major business risks faced by companies and to minimize such risks to an acceptable level. Likewise, corporate management systems failed to introduce urgent anti-crisis measures. The above prompts the relevance and importance of the topic. Research object: corporate internal control system under the conditions of transformation. Research objective: to analyse the changes in the corporate internal control system predetermined by the transformation period and to suggest an internal control pattern that focuses on risk management. Key scientific findings of the research 1. For the first time, analysis of different approaches towards the internal control was performed. After they were systematised, two directions of the internal control analysis were established: 1) internal control structure; 2) internal control implementation process. If the internal control is considered from a single of the above aspects, all the essential qualities fail to be revealed. Consequently the aforesaid directions have to be combined and the internal control system should be considered as a process defined by the actions of the management, which is based on provisions of ethics and social responsibility and is meant to secure the implementation of the business policy of the company and to achieve the set objectives. 2. Comparative analysis of internal control patterns was performed. 3. For the first time, legal framework regulating internal control of economic entities engaged in different business sectors in Lithuania was analysed. It was discovered that Lithuanian legislation fails to offer a systematic approach towards internal control. 4. The internal control system of Lithuanian companies was analysed. The corporate internal control was researched in 2001 and 2007 in order to determine the changes in the internal control of the companies. 5. Improvements were introduced in the internal control model for small and medium enterprises by including the following key elements: 1) control environment, 2) risk management, 3) information system and informing; 4) control factors; and 5) monitoring. 6. It was suggested that the research into the control environment should focus on the aspects of ethics and socially responsible company. 7. It was suggested that while evaluating the financial activities of a company at the risk management stage it is expedient to: 1) perform analysis of relative indices, 2) to assess the probability of company bankruptcy, 3) to forecast cash flow from the main business activities of the company. 8. It was suggested to investigate and manage the fraud risk at the risk management stage. An algorithm of auditor's actions was developed, which can be applied when circumstances indicating a possibility of errors and fraud are observed. 9. It was suggested that the analysis of the accounting system should include the following areas that are significant with respect of the internal control: selection of accounting policy and individual accounting processes. For the purpose of control, it is important to investigate both the policy of financial and management accounting. Key applicable findings of the research 1. Improved internal control system evaluation methodology for small and medium enterprises, which is designed for practical application by independent and internal auditors and company management in deciding the standing of the company control. 2. Internal control measures for individual accounting processes were systemized and presented. The urgency of analysing the accounting policy as a system of prevention control measures was substantiated. 3. After the possibilities at Lithuanian companies were analysed with the help of the recourse analysis of forecasting cash flows from main activities, a pattern for forecasting the future cash flows was suggested. 4. A system of prevention measures for organisational and technical aspects of financial accounting policy was brought forward. A special emphasis was placed on control measures in changing the accounting policy. 5. A modified production cost calculation methodology was designed for small and medium enterprises, where the production costs are accounted by using traditional cost price calculation methods, while operation costs are calculated by using elements of modern management accounting theory.

In the market environment every company is seeking to obtain and maintain the best market share. One of the mechanisms in achieving this goal is an effective internal control of the company. With growing competition, fast development and introduction of new technologies, progressing complexity of business projects, and enlarging business diversity, company management is becoming increasingly more complicated. Consequently, company internal control is becoming a more and more complicated task. A good company internal control system is one of the guarantees of effective company business. Following Lithuanian accession to the EU the economy grows fast and organisations look for new courses of action, expand the scope of their activities and thus face new types of risk. To achieve the best possible results a company must exploit all possible resources. Under such circumstances it may be difficult to acquire a competitive potential in the European Union unless there is an efficient internal control in place. Huge financial scandals of the end of the 20th century, such as Enron, WorldCom, Ahold, Parmalat, etc. made it obvious that companies without an internal control system are destined to die. Moreover, those bankruptcy cases revealed insufficient regulation of internal control. The current global crisis showed that corporate internal control failed to reveal major business risks faced by companies and to minimize such risks to an acceptable level. Likewise, corporate management systems failed to introduce urgent anti-crisis measures. The above prompts the relevance and importance of the topic. Research object: corporate internal control system under the conditions of transformation. Research objective: to analyse the changes in the corporate internal control system predetermined by the transformation period and to suggest an internal control pattern that focuses on risk management. Key scientific findings of the research 1. For the first time, analysis of different approaches towards the internal control was performed. After they were systematised, two directions of the internal control analysis were established: 1) internal control structure; 2) internal control implementation process. If the internal control is considered from a single of the above aspects, all the essential qualities fail to be revealed. Consequently the aforesaid directions have to be combined and the internal control system should be considered as a process defined by the actions of the management, which is based on provisions of ethics and social responsibility and is meant to secure the implementation of the business policy of the company and to achieve the set objectives. 2. Comparative analysis of internal control patterns was performed. 3. For the first time, legal framework regulating internal control of economic entities engaged in different business sectors in Lithuania was analysed. It was discovered that Lithuanian legislation fails to offer a systematic approach towards internal control. 4. The internal control system of Lithuanian companies was analysed. The corporate internal control was researched in 2001 and 2007 in order to determine the changes in the internal control of the companies. 5. Improvements were introduced in the internal control model for small and medium enterprises by including the following key elements: 1) control environment, 2) risk management, 3) information system and informing; 4) control factors; and 5) monitoring. 6. It was suggested that the research into the control environment should focus on the aspects of ethics and socially responsible company. 7. It was suggested that while evaluating the financial activities of a company at the risk management stage it is expedient to: 1) perform analysis of relative indices, 2) to assess the probability of company bankruptcy, 3) to forecast cash flow from the main business activities of the company. 8. It was suggested to investigate and manage the fraud risk at the risk management stage. An algorithm of auditor's actions was developed, which can be applied when circumstances indicating a possibility of errors and fraud are observed. 9. It was suggested that the analysis of the accounting system should include the following areas that are significant with respect of the internal control: selection of accounting policy and individual accounting processes. For the purpose of control, it is important to investigate both the policy of financial and management accounting. Key applicable findings of the research 1. Improved internal control system evaluation methodology for small and medium enterprises, which is designed for practical application by independent and internal auditors and company management in deciding the standing of the company control. 2. Internal control measures for individual accounting processes were systemized and presented. The urgency of analysing the accounting policy as a system of prevention control measures was substantiated. 3. After the possibilities at Lithuanian companies were analysed with the help of the recourse analysis of forecasting cash flows from main activities, a pattern for forecasting the future cash flows was suggested. 4. A system of prevention measures for organisational and technical aspects of financial accounting policy was brought forward. A special emphasis was placed on control measures in changing the accounting policy. 5. A modified production cost calculation methodology was designed for small and medium enterprises, where the production costs are accounted by using traditional cost price calculation methods, while operation costs are calculated by using elements of modern management accounting theory.

In the market environment every company is seeking to obtain and maintain the best market share. One of the mechanisms in achieving this goal is an effective internal control of the company. With growing competition, fast development and introduction of new technologies, progressing complexity of business projects, and enlarging business diversity, company management is becoming increasingly more complicated. Consequently, company internal control is becoming a more and more complicated task. A good company internal control system is one of the guarantees of effective company business. Following Lithuanian accession to the EU the economy grows fast and organisations look for new courses of action, expand the scope of their activities and thus face new types of risk. To achieve the best possible results a company must exploit all possible resources. Under such circumstances it may be difficult to acquire a competitive potential in the European Union unless there is an efficient internal control in place. Huge financial scandals of the end of the 20th century, such as Enron, WorldCom, Ahold, Parmalat, etc. made it obvious that companies without an internal control system are destined to die. Moreover, those bankruptcy cases revealed insufficient regulation of internal control. The current global crisis showed that corporate internal control failed to reveal major business risks faced by companies and to minimize such risks to an acceptable level. Likewise, corporate management systems failed to introduce urgent anti-crisis measures. The above prompts the relevance and importance of the topic. Research object: corporate internal control system under the conditions of transformation. Research objective: to analyse the changes in the corporate internal control system predetermined by the transformation period and to suggest an internal control pattern that focuses on risk management. Key scientific findings of the research 1. For the first time, analysis of different approaches towards the internal control was performed. After they were systematised, two directions of the internal control analysis were established: 1) internal control structure; 2) internal control implementation process. If the internal control is considered from a single of the above aspects, all the essential qualities fail to be revealed. Consequently the aforesaid directions have to be combined and the internal control system should be considered as a process defined by the actions of the management, which is based on provisions of ethics and social responsibility and is meant to secure the implementation of the business policy of the company and to achieve the set objectives. 2. Comparative analysis of internal control patterns was performed. 3. For the first time, legal framework regulating internal control of economic entities engaged in different business sectors in Lithuania was analysed. It was discovered that Lithuanian legislation fails to offer a systematic approach towards internal control. 4. The internal control system of Lithuanian companies was analysed. The corporate internal control was researched in 2001 and 2007 in order to determine the changes in the internal control of the companies. 5. Improvements were introduced in the internal control model for small and medium enterprises by including the following key elements: 1) control environment, 2) risk management, 3) information system and informing; 4) control factors; and 5) monitoring. 6. It was suggested that the research into the control environment should focus on the aspects of ethics and socially responsible company. 7. It was suggested that while evaluating the financial activities of a company at the risk management stage it is expedient to: 1) perform analysis of relative indices, 2) to assess the probability of company bankruptcy, 3) to forecast cash flow from the main business activities of the company. 8. It was suggested to investigate and manage the fraud risk at the risk management stage. An algorithm of auditor's actions was developed, which can be applied when circumstances indicating a possibility of errors and fraud are observed. 9. It was suggested that the analysis of the accounting system should include the following areas that are significant with respect of the internal control: selection of accounting policy and individual accounting processes. For the purpose of control, it is important to investigate both the policy of financial and management accounting. Key applicable findings of the research 1. Improved internal control system evaluation methodology for small and medium enterprises, which is designed for practical application by independent and internal auditors and company management in deciding the standing of the company control. 2. Internal control measures for individual accounting processes were systemized and presented. The urgency of analysing the accounting policy as a system of prevention control measures was substantiated. 3. After the possibilities at Lithuanian companies were analysed with the help of the recourse analysis of forecasting cash flows from main activities, a pattern for forecasting the future cash flows was suggested. 4. A system of prevention measures for organisational and technical aspects of financial accounting policy was brought forward. A special emphasis was placed on control measures in changing the accounting policy. 5. A modified production cost calculation methodology was designed for small and medium enterprises, where the production costs are accounted by using traditional cost price calculation methods, while operation costs are calculated by using elements of modern management accounting theory.

Owners of companies, investors, creditors, governmental institutions make decisions regarding the development of the companies on the basis of the information provided in financial statements. Thus, financial statements must not deceive the users of the information. Different sciences designate the element of information distortion to identify fraud, hence the necessity to analyse different methods of fraud detection in financial statements. The paper investigates frauds in financial statements and possibilities to detect frauds by means of financial ratio indices. The object of the research is fraud detection in financial statements. The aim of the research is to explore the possibilities to detect frauds in financial statements by means of financial ratio indices. Theoretical survey revealed that, in scientific literature, financial indices are analysed in order to designate which indices of financial statements are the most sensitive in relation with the motifs of executive managers and employees of companies to commit frauds. The indices of profitability, long-term solvency, performance, structure of assets, growth are mostly examined. Cash flow indices and bankruptcy prediction models are used less often. The analytical research embraces 40 false (experimental group) and 40 correct (control group) financial statements. Firstly, regarding the fraud sensitive indices discussed in scientific literature, 5 fraud sensitive financial indices, previously designated in researches, have been confirmed, namely, assets transferability, the share of short-term assets, the share of stock, assets logarithm, liability logarithm. Secondly, it was discovered that profitability (net profit and total profit ratio and profitability of short-term assets) and long-term solvency (steady financing) indices can be used to identify fraud. The index of the share of cash in assets also signals about frauds. Thirdly, indices of short-term solvency and bankruptcy prediction models do not indicate frauds in financial statements. The article also provides the limits of index variations in false and correct financial statements. DOI: https://doi.org/10.15544/ssaf.2014.04

When Lithuania becomes a member of the EU, the business environment will change dramatically: a free trade environment will be introduced; the trading restrictions and constraints will be abolished, etc. In the new environment the individual qualities of the undertakings and the quality of the internal processes and management will become vital. Moreover, the importance of the company accounting policy, which is a measure that helps to accomplish the objectives of the company, will increase significantly. The work looks at the accounting policy concept, analyses accounting policy interpretations provided by different scientists, offers analysis of the accounting policy elements, and, based on the findings of the research, reveals the peculiarities of the accounting policy formation in small and medium enterprises.To identify the peculiarities of the accounting policy formation in small and medium enterprises, in FebruaryMarch 2003 a research was carried out in Kaunas enterprises of this type. The analysis of the research results brought to the following conclusions:Most companies acknowledge the necessity of framing the accounting policy. 24% of company representatives do not appreciate the importance of the accounting policy; however some aspects of the accounting policy are present at the said companies.The investigation of the organisational aspect of the accounting policy showed that the greatest consideration for that aspect is given by small companies.The analysis of the research result shows that:• all the companies mostly disregard the description of the accounting planning method;• all the companies pay rather great attention to drawing up the job descriptions of the accounting staff;• some company managers fail to inform their employees of the commercial secret issue. The job descriptions (employment contracts) do not contain any restrictions related to the use of information acquired at work after the termination of the employment agreement;the issue of periodical training of employees, courses and seminars was mainly addressed by the representatives of small and medium enterprises. The companies give rather great attention to the qualification level of the accounting staff. The literature which is necessary for correct tax accounting is available for the accounting staff of a vast majority of companies. The above facts show that a relevant accounting staff training system exists in the companies (except for micro ones).The investigation of the technical aspect of the company accounting policy shows that:• most of the accountants approve the list of accounts used by the company, however only a few companies have typical account correspondences approved;• to ensure that the company staff do not exceed their powers when signing the company documents, each company should have an approved list of responsible persons and the sample signatures thereof. Small and medium enterprises have achieved the best results in this field, while the micro companies give the least attention thereto;• the largest weight on the timely submission of the documents to the accounts is put in small enterprises; however only a small number of micro and medium enterprises can boast of such situation; the accounting document flow is most exactly defined in small enterprises;although most of the companies may be considered as computerised undertakings, only a few of them take care of the safety of their data;• the end-of-period procedures which arc performed before drawing up the annual financial accounting are described by only 4% of micro enterprises and 5% of small ones. However neither of the investigated medium enterprises have the said descriptions.The investigation n of the methodological aspect of the accounting policy shows that:• the accounting policies of all the companies lack perfection since the general accounting principles are described by only 13% of micro enterprises and 37% of small companies, while the medium enterprises do not have such descriptions whatsoever;• the greatest attention is given by the companies to the long-term asset accounting. Most of the investigated companies have a definition of the long-term asset depreciation method and a fixed minimum historical value of the long-tenn tangible assets;• the stock accounting and the procedures of the income I expenditure appreciation in the accounting have actually not been described by the companies;the results of the investigation show that most of the companies also fail to understand the importance of the tax policy.In summary, il can be maintained that only individual elements of accounting policy are present in small and medium companies; however the said elements arc not coherent. ; Lietuvai įstojus į ES, verslo aplinka iš esmės pasikeis: bus sukurta laisva prekybos erdvė, panaikinti prekybos ribojimai ir suvaržymai, kt. Tokioje aplinkoje ypač svarbios taps įmonių individualios savybės, vidaus procesų ir valdymo kokybė. Kartu iškils ir įmonės apskaitos politikos, kaip priemonės tos įmonės tikslams pasiekti, reikšmė. Darbe aptariama apskaitos politikos samprata, ištirtas įvairių mokslininkų apskaitos politikos interpretacijos, atlikta apskaitos politikos elementų analizė. Remiantis atlikto tyrimo rezultatais, siekta atskleisti apskaitos politikos formavimo ypatumus mažose ir vidutinėse įmonėse.

The aim of the research is to examine and evaluate the accounting information disclosure quality of the non-current tangible assets in the financial statements of the municipalities of Lithuania and identify municipality characteristics having an impact on the accounting information disclosure quality. Although the question of Lithuania public sector accounting information disclosure quality has been relevant since the Public Sector Accounting and Financial Reporting Reform in 2010, this research is the first of its kind in Lithuania. Based on the legal and regulatory requirements and related scientific literature, the research model of the accounting information disclosure quality in the financial statements has been created. Using the content analysis of consolidated annual financial statements of Lithuanian municipalities (years 2013–2016), the disclosure quality index has been calculated, as well as the accounting information disclosure quality of the tangible assets has been evaluated and compared. The results show that the quality of accounting information disclosure of Lithuanian municipalities in 2013 was low (revealed 37.87% of the mandatory information), while in subsequent years, the disclosure of mandatory information increased (to 45.50% in 2016) and the quality of information disclosure became average. Multiple panel regression analysis revealed that specific factors such as size of the municipality, municipality debt-paying capacity, municipality tangible assets, and municipality revenue, have a statistically significant impact on the accounting information disclosure quality.

The aim of the research is to examine and evaluate the accounting information disclosure quality of the non-current tangible assets in the financial statements of the municipalities of Lithuania and identify municipality characteristics having an impact on the accounting information disclosure quality. Although the question of Lithuania public sector accounting information disclosure quality has been relevant since the Public Sector Accounting and Financial Reporting Reform in 2010, this research is the first of its kind in Lithuania. Based on the legal and regulatory requirements and related scientific literature, the research model of the accounting information disclosure quality in the financial statements has been created. Using the content analysis of consolidated annual financial statements of Lithuanian municipalities (years 2013–2016), the disclosure quality index has been calculated, as well as the accounting information disclosure quality of the tangible assets has been evaluated and compared. The results show that the quality of accounting information disclosure of Lithuanian municipalities in 2013 was low (revealed 37.87% of the mandatory information), while in subsequent years, the disclosure of mandatory information increased (to 45.50% in 2016) and the quality of information disclosure became average. Multiple panel regression analysis revealed that specific factors such as size of the municipality, municipality debt-paying capacity, municipality tangible assets, and municipality revenue, have a statistically significant impact on the accounting information disclosure quality.

The aim of the research is to examine and evaluate the accounting information disclosure quality of the non-current tangible assets in the financial statements of the municipalities of Lithuania and identify municipality characteristics having an impact on the accounting information disclosure quality. Although the question of Lithuania public sector accounting information disclosure quality has been relevant since the Public Sector Accounting and Financial Reporting Reform in 2010, this research is the first of its kind in Lithuania. Based on the legal and regulatory requirements and related scientific literature, the research model of the accounting information disclosure quality in the financial statements has been created. Using the content analysis of consolidated annual financial statements of Lithuanian municipalities (years 2013–2016), the disclosure quality index has been calculated, as well as the accounting information disclosure quality of the tangible assets has been evaluated and compared. The results show that the quality of accounting information disclosure of Lithuanian municipalities in 2013 was low (revealed 37.87% of the mandatory information), while in subsequent years, the disclosure of mandatory information increased (to 45.50% in 2016) and the quality of information disclosure became average. Multiple panel regression analysis revealed that specific factors such as size of the municipality, municipality debt-paying capacity, municipality tangible assets, and municipality revenue, have a statistically significant impact on the accounting information disclosure quality.