Assessment of regulatory and legal support of a accounting of economic activity of budget institutions

The activity of budgetary institutions has its peculiarities, namely: they are a component of the budget system of Ukraine; carry out activities on the rights of state or communal property; the purpose of the activity is not to make a profit; receive financial resources from the budgets of the respective levels; the financial condition of the budgetary institution is determined by the adequacy and timeliness of financial resources from the budgets of the respective levels. These features determine the corresponding specifics of the regulatory support of the accounting process in public sector institutions. Regulatory support of accounting is a set of legal documents that establish uniform requirements for accounting in budgetary institutions. The regulatory framework is a collective reflection of social, political, economic, international influences. The paper considers the development of budget accounting in the 20-21 century. The emergence of various forms of ownership after 1991 has led to significant reform processes in budget accounting. Regulatory and legal support of accounting in budgetary institutions can be divided into three levels: higher level - regulates the activities of all business entities, regardless of ownership; middle level - is characterized by regulatory support for accounting of public sector institutions; lower level - determines the list of standards that are developed and operate solely to ensure the activities of a particular institution. The basis of accounting is the basic standards adopted by the main legislative body of Ukraine and determine the legal basis for the operation of economic entities of various forms of ownership. These include the Constitution of Ukraine, the Commercial Code of Ukraine, the Civil Code of Ukraine, the Labor Code of Ukraine, the Code of Administrative Offenses, the Tax Code of Ukraine. In this normative link, it is important to highlight the Budget Code of Ukraine and the Law of Ukraine «On Accounting and Financial Reporting in Ukraine». The average level of regulatory support includes regulations that determine the methodology of accounting for assets, liabilities and business processes in budgetary institutions. Familiarization of a practicing accountant with the standards of higher and middle levels provides basic knowledge about the current methods of accounting in budgetary institutions. But each budgetary institution has its own peculiarities in the construction of the accounting process. The head of the budget institution approves a package of internal documents that define the rules of operation of this institution: staff and salaries, form of remuneration, job responsibilities of staff, accounting policy of the budget institution. It should be noted that the head of the budget institution forms its accounting policy in accordance with applicable law. The regulatory framework for accounting in budgetary institutions is in the process of reform and constant change. The changes are due to the globalization processes taking place in the world and Ukraine's desire to join them

budgetary institution; public sector; regulatory and legal support of accounting