The role of accounting policy in accounting procedures at the enterprise

At present, when reforming accounting in Russia and in the period of its convergence to international financial reporting standards, its role has changed dramatically: from a simple registration of the facts of economic life it became one of the most important elements of business management. This process is considered in this article. It’s revealed that the accounting policy of an organization becomes a key center of management, which has a direct influence on financial statements, i.e. an information base for decision making by real and potential investors. The role of accounting policy of the enterprise in its financial and operating activities on the basis of its structure, sector-specific issues and other peculiarities is defined. The requirements to the content of accounting policy and factors influencing its formation are identified. The significance of accounting policy when determining the quality of formed information is determined. Particular attention is paid to a modern understanding of accounting policy as a tool of accounting methodology. The impact of accounting policy in formation of the internal control system of the enterprise is analyzed. The importance of accounting policy as a tool of management of accounting and tax risks arising in the organization is substantiated.