THE USE OF ACCOUNTING INFORMATION ON COSTS IN MANAGING INNOVATION PROJECTS

One of the problems preventing innovation development is the unsatisfactory level of data generation on the implementation of innovation projects in the enterprise, as well as the variability in the composition of innovation costs included in the cost price of the innovation project using various sources of financing. This article asserts the importance of accounting of innovative projects and disclosure information about this projects in financial statement. On example of companies of petrochemical industry article presents the process of generating information about the costs of innovative projects. The procedure for reflecting the costs of an innovative project according to international financial reporting standards is also highlighted. Various sources of funding for innovative projects, as well as the costs of the process of budgeting for innovative projects are considered. The authors proposed a justification for the allocation of costs for an innovative project, the order of their reflection in the financial statements. Also the procedure for reflecting the cost of an innovative project in accordance with international financial reporting standards is highlighted.