| Abstract [eng] |
MONTVILIENE, Dalia. (2007) ‘Research of Accounting Regulation in Lithuania’. MBA Graduation Paper. Kaunas: Kaunas Faculty of Humanities, Vilnius University 66 p. SUMMARY This postgraduate paper, ‘Research of Accounting Regulation in Lithuania‘, reviews key aspects of Lithuanian accounting standardization, IAS, EU Directives, national accounting harmonization and other accounting handling-related issues. Survey questionnaires were used to assess the principal objectives of this research – to discuss accounting policy issues, examine the use of Business Accounting Standards (hereinafter referred to as BAS) and its advantages/merits and assess possibilities of the raising of accounting specialists’ qualifications. The results of the survey revealed that accountants understood the BAS ‘novelty’ and had applied it 97%. It means that in future it will facilitate adjusting of financial reporting, making it more transparent and clearer. To 76.8% of the respondents, the most useful thing in the accounting area was application of BAS. Speaking of the most useful changes made to methodical part, 36.5% of the polled persons pointed out that they concerned BAS 32 (Depreciation of assets), whereas 34% said that they referred to BAS 12 (Fixed assets). As to identification of major weaknesses/shortcomings, the polled persons mentioned the application of different software solutions. 46% of the polled persons pointed out that usefulness of BAS was explained by reliability of information, 33% said that it helped to simplify cooperation with foreign countries, 38% spoke of lack of time, whereas the majority of the polled persons, i.e. 51% thought that lack of experience was the main weakness of the application of BAS. As much as 88% of respondents believed that the major future task was to develop accountants’ knowledge and raise their qualifications. This in mind, all economic entities are suggested to introduce BAS novelties given that their use is expected to provide partners with more transparent information, ensure comprehensibility and clarity. It is also advised to use systemized information and legal acts where we could find (if need be) earlier amendments. And finally, the increasing of the number of workshops offered to accounts free of charge is believed to markedly ease accountants' work. |
