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International Accounting

1(295) - 2014 January

Financial liabilities as element of financial statements: classification and measurement issues

Vol. 17, Iss. 1, JANUARY 2014

Available online: 19 January 2014

Subject Heading: PROBLEMS OF ACCOUNT

JEL Classification:

Lugovskoy D.V. PhD in Economics, Associate Professor, the Department of Accounting, Audit and Automated Data Processing, the Kuban State University Phone: 8(861)219-95-01, ad. 201

Abrosimova Y.A. Lecturer, the Department of Economics, Accounting and Auditing, the Krasnodar University of the Russian Ministry of Internal Affairs
jul-abrosimova@mail.ru

The article presents the financial liabilities classifications by contingency (as an actual, an estimated and a contingent) and validity (as a legal, a legal-constructive and a constructive), combining them allows to generate a matrix of financial liabilities types and an algorithm for their recognition in the financial statements. The author recommends using the highest of cost and amortized value for non-market financial liabilities. The paper proposes correlation of estimated liabilities (reserves) with related financial liabilities and separate disclosure of estimated liabilities in the notes to the balance sheet.

Keywords: financial liabilities, financial statements, financial liabilities classification, contingent liabilities, reserves, constructive liabilities

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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