Fiscal policy is part of the government's financial policy. It defines the principles of organizing relations in the field of finance in the formation of budget revenues, the implementation of their expenditures, and the conduct of interbudgetary relations. This policy affects the proportions and amounts of financial resources centralized by the state, determines the structure of expenditures and the prospects for the use of budgetary funds in order to develop the country's economy.
The budgetary policy of the state regulates all relations in the field of finance that occur between enterprises and the state through the implementation of tax collections, when pursuing investment policy, and planning budget expenditures in relation to priority sectors of activity.
The state purposefully influences the economy, changing the volume and structure of government spending, taxation and state property,which are the instruments by which budgetary policy is carried out. Its main parameters are reflected in the budget and act as a tool for managing public finances.
The objectives of the budget policy for the fiscal year are spelled out in the President's Budget Message to the Federal Assembly.
Fiscal policy is a strategic direction that determines the prospects for the formation and subsequent use of finance in order to solve the main problems of the economy. Therefore, there are three main directions of this policy:
- Allocation component. Means the need to adjust the market mechanism for regulating financial resources in the economy in order to increase the efficiency of the market. For example, when collecting taxes, the state can limit the production of goods that are not in demand on the foreign market and promote the production of goods that have great merit.
- Distribution component. It consists in changing the results of the distribution of income. Example: fiscal policy to collect taxes from the working population helps pay benefits and pensions to the disabled.
- Stabilization component. Determines the impact on the macroeconomic balance, determined by the amount of taxes, budget expenditures, the amount of public debt and the general state of the credit system.
It should be noted that the accounting policy of a budgetary organization plays a special role inorganization of budgetary accounting. At the enterprise, it is determined using the chart of accounts and the existing requirements for the organization of budget accounting in this area.
Budget accounting (unlike commercial organization) is much more complicated. At the same time, the level of control over the use of budgetary funds is much higher. What will be the accounting policy in this case? Allows you to consolidate existing accounting methods that are applied from year to year.
The structure of the accounting policy includes organizational, methodological sections and applications with a working chart of accounts, a workflow schedule and a list of non-standardized forms created by the organization on its own.
