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1 Volodymyr Dahl East Ukrainian National University, Kyiv, Ukraine (corresponding author)
E-mail: klius@snu.edu.ua
ORCID: https://orcid.org/0000-0002-1841-2578
2 Volodymyr Dahl East Ukrainian National University, Kyiv, Ukraine
E-mail: zamayoo@gmail.com
ORCID: https://orcid.org/0000-0003-1244-6846

This is an Open Access article, distributed under the terms 
of the Creative Commons Attribution CC BY 4.0

DOI: https://doi.org/10.30525/2661-5150/2023-1-4

METHODS OF VALUATION OF ITEMS OF FINANCIAL REPORTING 
OF UKRAINIAN ENTERPRISES: UNIFICATION OF NATIONAL 

AND INTERNATIONAL STANDARDS

Yuliia Klius1, Oleh Zamai2

Abstract. The purpose of the paper is to unify the methods of valuation of items of financial reporting of  
Ukrainian enterprises on the basis of national and international standards. Methodology. The theoretical aspects  
of the study are based on international accounting and financial reporting standards, as well as national  
accounting regulations (standards). The applied aspects consist in specifying the methods of valuation of  
certain objects of accounting (assets, liabilities, income, expenses) and their reflection in the financial  
statements. The results of the paper made it possible to determine the conditions for the implementation of 
international accounting and financial reporting standards in Ukraine. It was shown that their implementation 
began in 2007 and was completed in 2012 by public joint stock companies due to the requirements for  
placement of securities on stock markets. The impact on the implementation of international accounting 
and financial reporting standards by Ukrainian enterprises in connection with the signing by Ukraine of the 
Association Agreement with the European Union was determined. The characteristics of the Anglo-American 
and continental accounting models, their regulatory standards, existing differences between US GAAP and  
IFRS/IAS, work on their harmonization with a view to creating an international accounting model were  
presented. The methods of valuation of items of financial reporting were systematized: historical cost, present 
value, net selling price, fair value or amount of expected compensation. Their advantages, disadvantages and 
scope of application were determined. The cost approach to the valuation of financial reporting items and 
the prospects for its use were examined in more detail. It was shown that enterprise value is characterized 
by indicators reflected in balance sheet, off-balance sheet and financial statements. The information model 
for determining the value of an enterprise on the basis of financial statements was proposed. The methods 
of value determination depending on the organizational and legal form of an enterprise were differentiated. 
The sources of formation of its market and fundamental value have been clarified. The informational capacity 
of the items of the financial statements of an enterprise was estimated. The practical implications include the 
creation of an information model for determining the value of the company according to financial reporting, the  
substantiation of recommendations for regrouping its items for the needs of management accounting, and 
the creation of additional reporting forms – a value statement and a value-added statement. Value/originality. 
The methodological recommendations for the harmonization of the systems of financial and management 
accounting of added value were substantiated in terms of: recognition of income generated by fully depreciated 
assets; capitalization of financial costs; use of 8-class accounts; off-balance sheet accounting to reflect  
non-financial information about capital and integrated added value of a company; simplification of the 
tax system by introducing a single value added tax, which will absorb income tax and lead to further  
harmonization of financial and tax accounting.

Key words: unification, methods, evaluation, financial reporting, item, Ukrainian enterprises, international 
standards.

JEL Classification: D82, D83, M40, M41



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1. Introduction
The globalization of the world economy is 

accompanied by an increasing role of information 
flows, harmonization of conditions for functio-
ning of national economic systems, unification 
of accounting rules and formation of financial 
statements. Traditional accounting and financial 
statements provide limited information on the  
value parameters of an enterprise as an integral 
business, limited to data on its economic 
resources and financial results. The accounting  
and information system of an enterprise is 
dominated by historical estimates, which is 
acceptable to a certain extent for the performance 
of activities, but does not meet the requirements 
of financial and investment activities, which are 
oriented to market indicators. At the same time,  
the key drivers of value (capital – human, 
intellectual, organizational, customer, etc.) are 
beyond the traditional accounting system, for 
which the value of the enterprise is an external 
category. Accounting and financial statements of 
a company provide users with information about 
the balance value of assets and capital, which  
may be significantly different from the market value  
of a company, either increasing or decreasing it. 

When it comes to the value chain, the main 
disadvantage of financial reporting is its focus on 
traditional indicators of financial results, rather 
than providing information on the value of the 
business. (Holov, 2015) The disadvantages of 
the formal application of accounting principles 
and methods in accordance with national and 
international standards in terms of ensuring 
the transparency of information on the value,  
eliminate creative accounting and reporting  
focused on the implementation of certain groups 
of users. The mechanisms for ensuring such 
possibilities are professional judgments and 
assumptions of company officials, which are 
subjective in nature, but are based on objective 
value factors. 

The basis of profit as a basic concept of  
accounting is the method of accrual accounting, 
the matching of revenues and expenses, the 
periodicity of their recognition. Therefore, there  
are opportunities to influence the accounting 
estimates of financial results by regulating them 
or equalizing profits based on the appropriate 
distribution and redistribution of revenues and 
expenses among reporting periods. An important 
component of a company 's value is its value  

added. It is the subject of taxation, not financial 
accounting, and is reflected in the value added  
tax return. It is also the object of statistical 
accounting at the macroeconomic level in the 
system of national accounts. Value added reflects 
a real increase in value for shareholders, and 
its creation and distribution is the subject of  
corporate social responsibility reporting. This 
is due not only to the economic but also to the  
social significance of value added, since it 
characterizes the contribution of owners and 
stakeholders (employees, creditors, government, 
etc.) to the financial results of a company. The 
basis for the distribution of value added among 
stakeholders (employees, government, owners, 
creditors) is capital and labor. 

Due to the emergence of a new information 
function of accounting, the purpose of the study 
is to develop recommendations for unification 
of methods of valuation of items of financial  
reporting of Ukrainian enterprises on the basis  
of national and international standards.

2. Conditions for the implementation  
of international standards of accounting  
and financial reporting in Ukraine

The implementation of international accoun-
ting standards in Ukraine began in 2007 in 
connection with the approval of the Strategy for 
the Implementation of International Financial 
Reporting Standards in Ukraine by the Order 
of the Cabinet of Ministers of Ukraine (Cabinet 
of Ministers of Ukraine, 2007). For public joint- 
stock companies, it should be completed by  
2012, since in order to place securities on the  
stock exchange, they must prepare and publish 
financial statements in accordance with IFRS/IAS.

The signing of the EU-Ukraine Association 
Agreement by Ukraine gave another impetus to 
the introduction of international standards of 
accounting and financial reporting by Ukrainian 
companies (European Union, European 
Atomic Energy Community, 2014). Chapter 13  
of this agreement regulates issues of corporate 
governance, accounting and auditing. Measures 
for approximation to EU accounting and auditing 
legislation are listed in Annex XXXV. Ukraine 
undertook to implement Regulation (EU)  
No. 1606/2002 of the European Parliament and 
of the Council of 19 July 2002 on the introduction 
of international accounting standards within 
2 years from the date of entry into force of the  



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EU Agreement, and Directive No. 2006/43/EU 
of the European Parliament and of the Council 
of 17 May 2006 on the statutory audit of annual 
accounts and consolidated accounts, amending 
Council Directives No. 78/660/EEU and  
No. 83/349/EEU and repealing Council  
Directive No. 84/253/EEU within 3 years.

The most common models are Anglo- 
American and continental, which are based, 
respectively, on generally accepted accounting 
principles of the United States (US GAAP –  
Generally Accepted Accounting Principles), 
international accounting standards (IAS –  
International Accounting Standards) and inter-
national financial reporting standards. 

Despite the existing differences between US 
GAAP and IFRS/IAS, efforts have long been 
made to harmonize them in order to create an 
international accounting model. Comparing  
these models from the perspective of cost- 
oriented management, it should be noted that  
the concept of fair value has become more 
widespread within US GAAP. 

3. Methods of valuing financial reporting items, 
their advantages, disadvantages and scope  
of application

In accordance with paragraph 118 (IAS 1) of 
Presentation of Financial Statements (Interna-
tional Accounting Standard Board (2012)), 
the following estimates may be used to present 
items in the financial statements: historical cost,  
present value, net selling price, fair value, or  
the amount of expected compensation. An entity 
may use one of these methods or a combination 
of them. The primary consideration in selecting 
a method for measuring financial reporting items 
is the purpose and needs of the user. Because 
the estimates made can have a significant effect  
on the interpretation of the financial statements 
and the results of analysis, information about  
them should be disclosed in the notes to the 
financial statements. 

The advantages of using historical estimates 
include Reliability and objectivity due to the 
existence of primary documents confirming 
the initial value of assets, according to which  
a business transaction is documented and  
reflected in accounting at the time of its 
implementation; real, rather than calculated, 
reflection of a change in the value of the company 's 
resources in accounting; Determination of 

production costs on the basis of the actual costs 
of the enterprise, i.e., according to their initial 
valuation; ensuring the calculation of the financial 
result on the basis of the comparison of income  
with corresponding costs; generation and 
disclosure of information on real cash flows; 
relative simplicity; compliance with the concept 
of continuity of activity in the absence of plans 
for sale (liquidation). Disadvantages of using 
historical estimates include: the artificial nature 
of overvaluation of assets due to their subjectivity 
based on assumptions and value judgments;  
price difference of assets from their accounting 
valuation in case of sale; the need to reflect  
inflation gain (loss) in the value of assets when 
market conditions change; isolation from  
market estimates of the value of an enterprise; 
low relevance for making management  
decisions.

The value of an enterprise is a monetary  
estimate of all components of its assets and  
capital, or the price that a competent potential 
buyer is willing to pay for its integral property 
complex, as for a separate business unit, as  
a result of a commercial agreement voluntarily 
concluded with an independent seller in the 
real market. The value of a business entity is an 
indicator of its economic potential, and the  
dynamics of changes in value signal the state 
of corporate management and its quality. 
(Atamas  P. Y., Atamas O. P., 2015). The indicator 
of enterprise value can be considered as a static 
category (determined by financial and economic 
parameters and results) and a dynamic category 
(determined by expectations of prospects of 
financial and economic development). As 
a complex characteristic, the enterprise value 
includes financial indicators (the most important 
are income from sales, profit, profitability) and 
non-financial indicators (capitals – human,  
intellectual, environmental, social, etc.).  
The value of the enterprise value estimate is 
determined by the following factors: the isolation 
of owners from management; a significant 
amount of accounting and non-accounting  
non-financial information that needs to be  
replaced by a comprehensive indicator; the 
delegation of management authority and  
influence over financial results to top manage-
ment and employees; providing capital owners 
with clear and understandable guidelines  
regarding the investment attractiveness of 



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the company and its ability to create value for  
current and future owners; establishing price 
benchmarks for possible transactions for the 
sale and purchase of the company on a free  
competitive basis; creating a system of financial 
and managerial accounting of value indicators, 
including those for information and analytical 
accounting of value management. 

4. Cost approach to valuation of financial 
reporting items and prospects for its use

The value of a company is characterized by 
the indicators reflected in the balance sheet, 

off-balance sheet and financial statements. The 
specified system of indicators makes it possible 
to identify the factors that create or destroy  
value. Determining its magnitude, each group of 
internal and external users of financial reporting 
has its own goal and priorities for the growth 
of value added, therefore, it focuses on certain 
factors (Koriahin, 2013). Quantification of value 
is a complex process and requires an appropriate 
information model (Table 1). 

The main source of information on a company's 
assets is the balance sheet, but it needs to be 
adjusted because, on the one hand, the balance 
sheet reflects tangible and intangible assets at 

Table 1
Information model for determining enterprise value based on financial reporting data

No.  
of form

Reporting form
Information 

capacity
Merits Drawbacks

1 2 3 4 5

1
Balance Sheet 
(Statement of 

financial position)

Value of a company 's 
assets, liabilities and 

equity

Discloses the residual 
value of tangible assets 
and part of intangible 
assets covered by the 

provisions of NP(S)A 8 
"Intangible Assets".

It does not take into account a number of 
important intangible factors: organizational 
culture, company reputation, human 
resources, employee loyalty and skills, 
innovation of activity, brand, synergy  
effect, etc.

2
Statement of 

Financial Results 
(total income)

 Revenues, expenses, 
financial results 
(total income)

Ability to use the 
capitalized value of 

income

Existence of restrictions represented by 
constant revenues or constant rate of their 
change. The need to determine typical income 
taking into account the characteristics of the 
enterprise, its development prospects, industry 
specifics and a number of other economic 
factors. The dependence of the valuation result 
on the chosen capitalization rate.

3
Cash Flow 
Statement

The value of 
incoming and 

outgoing cash flows 
by type of activity

The ability to use cash 
flow discounting to 

determine the value of a 
business

The need to justify the discount rate and 
the types of activities (operating, investing, 
and financing) whose net cash flows are 
considered.

4
Statement of 

changes in equity

Changes in the 
value and sources 

of formation of the 
company 's own 

capital

Ability to calculate net 
value based on equity, 

its comparison with the 
value of net assets

The need to calculate gross value based on 
total capital according to the balance sheet 
(statement of financial position).

5
Notes to annual 

financial reporting

Ensures detail and 
validity of financial 

statement items, 
discloses methods of 
their calculation and 

estimation

Provide additional 
information for 

calculating the value
Auxiliary in nature

6

Appendix to the 
notes to the annual 
financial reporting 

"Segment 
Information"

Revenues, expenses, 
financial results, 

assets and liabilities 
of reporting 

segments

Provide additional 
information to structure 

the value of a business for 
specific types of deals

Auxiliary in nature 

Source: author's own calculations



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a residual value, which may be higher or lower 
than the market value, and, on the other hand, 
it does not reflect the value of assets that do not 
meet the criteria for recognition in the balance 
sheet. The procedure for taking into account the 
factors of increase (decrease) in the value of the  
enterprise is determined by NP(S)A 28 "Decrease 
in the usefulness of assets" by determining the 
benefits of restoring the usefulness and the losses 
of decreasing utility. The risk of loss of enterprise 
value due to non-payment of receivables is 
taken into account by creating a provision for  
doubtful debts in accordance with NP(S)A 10  
"Receivables", using one of the following  
methods: taking into account the absolute  
amount of doubtful debts or the coefficient of 
doubtful debts. 

The methods for determining the value of 
a company depend on its organizational and 
legal form. For joint-stock companies, indicators 
of domestic and foreign stock exchanges play 
an important role. Therefore, indicators of 
public financial statements of companies whose  
securities are listed on stock exchanges should 
reliably reflect information about the market  
value. (Mysaka, Derun, 2018), which is the 
basis of their investment attractiveness and 
creditworthiness. An important element of the 
value-oriented management of companies is the 
fundamental analysis of their publicly traded 
securities and the calculation of their intrinsic  
value. It is based not only on current market 
conditions and the financial position of the 
company, but also on the long-term prospects of 
its operations. In contrast to intrinsic value, which 
takes into account fundamental value factors, 
a market price is based primarily on the subjective 
current assessment of securities by active market 
participants. The logic of investment decisions is 
based on the following patterns: if the estimated 
intrinsic value is higher than the current market 
value, the security is attractive for investment  
due to the growth of expected benefits, and 
vice versa. The volatility of stock price forecasts 
is determined, among other things, by the  
discrepancy between balance sheet estimates and 
market estimates of enterprise value. Therefore,  
in order for securities to be listed, the issuing 
company must disclose its financial statements. 
Depending on the geographical location of the  
stock trading platform, accounting model 
requirements may be imposed.

5. Assessing the informational value  
of an entity's financial statement line items

Balance sheet indicators are used to assess 
the value of the company according to the real  
estate approach, which includes three main 
methods: the value of the assets in use (cost); 
the calculation of net assets; the liquidation  
value. These methods are static, unlike the  
dynamic ones, which are based on the data of  
Form 2 and Form 3. The statement of financial 
results (total income) and the statement of cash 
flows provide the necessary information to  
аssess the value by the income method, reflecting 
the ability of the assets to generate income 
(determined by the accrual method) and cash 
flows. The disadvantages of these methods are: 
firstly, the need to make certain assumptions  
about the nature of the distribution of income  
and cash flows, their composition, rate of change, 
etc.; secondly, the dependence of the valuation 
result on the chosen capitalization rate, discount 
rate, etc. The equity valuation is also static, it 
offers the possibility to determine the net value, 
while the gross value calculation requires the use 
of balance sheet data (balance sheet). The notes  
to the financial statements and the segment 
information annex to the notes to the financial 
statements provide additional information for  
the calculation of value, but are of an auxiliary 
nature. Form 6 is most relevant for large 
companies that operate in various fields and  
have a geographically extensive branch network,  
and the elements of the economic and  
geographical structure are independent objects  
of sales and other transactions. 

In accordance with NP(S)A 8 "Operating 
Segments", the valuation of assets in the  
financial statements must be consistent with 
the objectives of management and determined  
by the person responsible for making operating 
decisions. It may differ from the methods used 
to measure a particular asset in other forms of 
reporting. For example, according to international 
standards, the same asset may be reported in 
the balance sheet, in the notes to the financial 
statements, and in the notes to the segments 
at a higher (market) value, at historical cost, or 
at a discounted (current) cost. The real estate  
method is the most regulated of the above-
mentioned valuation methods based on financial 
statements. According to the Law of Ukraine 
"On Valuation of Property, Property Rights and 



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Professional Valuation Activities in Ukraine",  
the property valuation certificate is a document 
that provides information on the value of  
property on the basis of the performed valuation 
procedures. (Verkhovna Rada of Ukraine, 2001)

In order to obtain estimates of the value of the 
enterprise, it is necessary to adjust the items of 
the financial statements: non-operating assets 
should be excluded from the value of fixed  
assets and intangible assets, "quasi-owned" items 
should be included in equity, created reserves 
should be adjusted, costs of research, develop-
ment, marketing, operational leasing should be 
capitalized, and emergency one-time revenues 
and expenses should be excluded. (Lahovska,  
2012) Fixed assets and intangible assets 
should be revalued if their residual value differs  
significantly from their market value, otherwise 
indexation is acceptable. 

In order to use the real estate method to  
value a company, the company 's balance 
sheet must be reduced by the amount of non- 
operating assets and liabilities, as well as related 
income and expenses. The main items of non-
operating assets are excess cash, marketable 
securities, and real estate not used for business 
activities. It is also necessary to revalue  
inventories, capitalize assets received under 
operating lease, adjust the amounts of unused 
created reserves. In the process of applying the  
real estate method, the Real Estate Valuation 
Statement should be used. The requirements 
for its content, preparation and verification 
are determined by the regulations (national  
standards) approved by the Cabinet of Ministers 
of Ukraine. The sections of the content of the 
Statement of Real Estate Valuation should  
disclose the performed procedures and the 
application of the regulatory framework. Real  
estate appraisal may be performed by state 
authorities, local governments, business entities 
having the right to perform appraisal activities. 

As part of the preparation for the application of 
the income method of accounting, it is necessary 
to exclude unusual, non-recurring, one-time, 
emergency income and expenses from the profit 
and loss statement in order to avoid distortion 
of the achieved results. It is also necessary to  
capitalize the costs of research and development, 
marketing, education and training, implemen-
tation of social programs and improvement 
of business processes, as well as to adjust the 

 amount of income taxes. The Annex to the 
Notes to the Annual Financial Statements 
"Segment Information" in accordance with  
NP(S)A 29 "Financial Statements for Segments" 
is formed for individual business segments:  
economic, geographical and production, 
geographical and sales. The availability of 
details of segment reporting provides a detailed 
description of the performing activities of an 
enterprise and allows forecasting its indicators, 
making assumptions about the forecast balance 
sheet, statement of financial results and statement 
of cash flows. The system of segment accounting 
and reporting is the basis for building a financial 
model of an enterprise and serves as an important 
source of information for assessing the value  
of the enterprise. (Ihnatenko, 2012)

Thus, the basis of the variety of approaches to 
the formation of value added reporting are the 
traditional concepts of accounting, the data of 
which are subject to regrouping for the needs of 
management accounting and for the preparation 
of additional forms of reporting – the value  
statement, the value added statement. 

In order to harmonize the systems of financial 
and management accounting of value added,  
it is advisable to take the following measures: 
– to recognize the value generated by fully 
depreciated assets as added value. To do this, 
it is necessary to restore the usefulness of the  
asset based on its new book (residual) value 
determined from its revised period of operation;
– to abandon the capitalization of financial 
expenses in the distribution of added value, 
by which is meant the inclusion of financial  
expenses in the cost of a qualifying asset in 
accordance with NP(S)BU 31 "Financial 
Expenses";
– to use the 8-class accounts to summarize the 
information on value added and its distribution  
(the name "Value added formation" can be an 
alternative name to "Cost of elements"). Unlike 
profit, value added is fully distributed in the 
reporting period, so the undistributed value 
added does not exist; 
– to maintain off-balance sheet accounting to  
reflect non-financial information on the  
integrated value added of a company in off-balance 
sheet accounts for each type of capital using 
financial and non-financial indicators;
– to simplify the tax system by introducing a  
unified value-added tax, which will absorb 



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income tax and contribute to further harmo-
nization of financial and tax accounting.

6. Conclusions
The factors of convergence of indicators of  

book and market value of the enterprise according 
to the data of financial reporting are: first, an 
increase in the number of items estimated at fair 
value; second, an increase in their share in the 
total balance; third, the creation of internally 
generated goodwill in the form of excess of 

market capitalization of a company over the sum 
of net assets. The macro-environmental drivers 
of corporate value growth are: financialization; 
digitalization of the economy; transnationa-
lization of business, which creates opportunities 
for transfer pricing and tax optimization.  
The main risks of value loss are: speculative 
nature of the stock market, implementation  
of risky innovations, excess of the rate of  
growth of securities and fictitious capital  
emission over the indicators of growth of the  
real sector of economy.

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Received on: 19th of March, 2023
Accepted on: 17th of April, 2023

Published on: 28th of April, 2023