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International Accounting

3(297) - 2014 January

Financial liabilities as element of financial statements: identification issues

Vol. 17, Iss. 3, JANUARY 2014

Available online: 25 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 of the Department of Economics, Accounting and Auditing, the Krasnodar University of the Russian Interior Ministry
jul-abrosimova@mail.ru

The article analyzes the economic substance of financial liabilities, segregates their most significant identification features (validity, time, valuation, passive type, unconditional), allowing to clarify their definition as an organization debt to third parties, occurring out of the law, contract, tort or business practices of the company, which requires outflow of financial assets or treasury shares either assuming a new financial liability.

Keywords: financial liabilities, financial statements, financial liabilities identification, treasury shares

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

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