Directions and problems of accounting and analytical support for venture activity

Economic Annals-ХХI: Volume 146, Issue 11-12, Pages: 131-134

Citation information:
Legenchuk, S., & Usatenko, O. (2014). Directions and problems of accounting and analytical support for venture activity. Economic Annals-XXI, 11-12, 131-134. https://ea21journal.world/index.php/ea-v146-33/

Sergiy Legenchuk
D.Sc. (Economics),
Professor,
Zhytomyr State Technological University
103 Chernyakhovsky Str., Zhytomyr, 10005, Ukraine
legenchyk@list.ru

Olga Usatenko
PhD (Economics),
Associate Professor,
National Mining University
19 К. Marx Ave, Dnipropetrovsk, 49000, Ukraine
UsatOl@yandex.ru

Directions and problems of accounting and analytical support for venture activity

Abstract. Introduction. Venture activity in Ukraine is expected to generate revenues for Ukrainian companies through inflows of foreign direct investments of $40 billion per year during the next five years. In order to achieve such results, available systems of accounting should be more accurate and provide managers with reliable, precise, correct and relevant information for making effective decisions. Purpose of the article is to outline the main problems of accounting for venture activity and offer approaches to their resolving. Results. Investigation of a concept and main principles of accounting allowed detailing a general notion of accounting from the perspective of risky venture activity. The universal scheme of accounting for venture activity, including various stages and information needs fulfillment was developed. We outlined the functions of accounting and analytical support for venture activity, consistent with the requirements of different business units. In addition, some important problems of accounting and analytical support for venture activity were revealed and approaches to their resolving were offered.

Conclusion. 1. Improved accounting and analytical provision supports effective managerial decisions and defends financial interests from internal and external threats. 2. Factors, which influence venture accounting system, are company’s scale, industry and type of activity, environment, organization of accounting and controlling system etc. 3. The developed basic scheme of venture activity accounting and analytical support improves venture productivity. 4. If the revealed problems of accounting for venture activity are resolved, Ukraine will be able to achieve goals declared in the Strategy 2020.

Keywords: Venture; Venture Capital Activity; Accounting and Analytical Support; Administrative Decisions; Information; Accounting

JEL Classіfіcatіon: M41; G24

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Received 12.10.2014