Due to the lack of methodology for derivative financial instruments monitoring in the domestic financial sector, the authors have published a series of articles on developing the adaptive methodology for derivatives measurement in accordance with the requirements of the International Financial Reporting Standards. As a result, the authors have developed adaptive formulas. In this context, it is reasonable and important to research and proof the efficiency of applying a more precise calculation tools, therefore, the authors have applied the adaptive methodology for measuring the fair value of a forward transaction on the LUKOIL public company case. The objective of the study was to develop a modified formula of calculating the fair value of a forward transaction. The formula will be used to calculate the economic efficiency of a company. The authors provided scientific substantiation of the hypothesis about the efficiency of developed methodology for calculating the fair value of a forward contract, which will be transformed into a theory. In this regard, the authors used the following methods of scientific knowledge accepted in the economic theory, i.e. analysis and synthesis, logical and inductive approaches. The application of the more precise computational and methodological framework helped to prove the efficiency and accuracy of the adaptive formula for the forward contract's fair value calculation. The authors also systematized constitutive aspects of the accounting policy for derivative financial instruments of LUKOIL. Based on the previously developed adaptive methodology for measuring such derivatives as forwards, futures and options, the authors justified the effectiveness of the proposed calculating formulas. The study includes the systems analysis and substantiation of effect from application of the adaptive formula for a forward contract's fair value calculation, which can be applied by domestic financial and economic counterparties.
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