Subject The article highlights the international and Ukrainian experience in assessing information materiality criterion in the accounting system. Objectives The object of the study is substantiating theoretical approaches and improving practical tools to assess the materiality criterion as a description of information in accounting system. To achieve the objective I set the following tasks: to specify the concept of materiality in the practice of accounting procedures organization and financial statements generation; to define subjects and objects of the materiality category when developing accounting policies of a business entity; to analyze recommendations of the Ministry of Finance of Ukraine in part of determining materiality thresholds in relation to accounting items and business transactions; to draw a parallel between Ukrainian and international standards in respect of regulation of the materiality criterion. Methods The theoretical and methodological bases of the research include the fundamental concepts of economic theory, accounting and analysis, the laws and regulations of Ukraine, the results of academic researches published by leading Ukrainian academic economists. Results As a result of the undertaken study, I developed a methodical approach to applying the materiality threshold while generating financial statements. Practical Application The obtained results may be useful for business entities of various forms of incorporation while they develop accounting policies, arrange accounting system, prepare and submit financial statements. Conclusions The research results have theoretical and practical value in part of qualitative information support to different groups of users, taking into account traditional Ukrainian approaches to forming the indicators of financial statements and requirement of international standards.
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