Of azerbaijan high technical educational institutions

PAHTEI 
PROCEEDINGS OF AZERBAIJAN HIGH TECHNICAL EDUCATIONAL INSTITUTIONS 
VOLUME 27 ISSUE 04 2023 
E-ISSN: 2674-5224 
Accounting practice is a set of accounting procedures at a particular enterprise, institution, 
organization that provides accounting, as well as the preparation of financial and management 
reporting. The inclusion in the definition of accounting policy and accounting rules, which 
generally relate to the organization of accounting, is not justified. Small and medium-sized 
enterprises (SMEs) are often under-represented in the accounting standards developed for larger 
companies. The UN and OECD have recognized the need to develop special accounting standards 
for SMEs, rather than requiring them to comply with IFRs that are primarily intended for large 
firms. 
Keywords: 
small and medium enterprises, international financial standards, inventory 
accounting, accounting. 
 
Introduction 
World accounting experience shows that the most effective implementation of the control and 
analytical functions of accounting is possible in the conditions of dividing accounting into two 
independent ones - financial and managerial. 
In management accounting, it is possible to control the safety and use of resources, as well as to 
identify financial results by responsibility centers. Responsibility centers are divisions of a 
production, supply and marketing nature, built on the basis of the presence of a responsible 
manager and summing up the results by activity centers. 
 
Purpose of the research
The purpose of this research is to examine the process of improving inventory accounting in small 
and medium enterprises in the context of the transition to international financial reporting 
standards for small and medium enterprises. 
 
Material and the methods of the research
The databases used for the application of the selected methods include international regulations, 
articles, the main areas of special economic literature on topics relevant to the selected research 
field, including scientific studies of foreign scientists.