Subject The article addresses the interpretation of the derivative financial instrument term in Russian and international laws, the concept definition and recognition of derivatives in accounting records. Objectives The purpose of the research is to perfect the terminological base and develop methodological aspects in derivative accounting. Methods The methodology includes universal methods of scientific knowledge, namely, generalization, analysis and synthesis, and empirical methods, like observation, description and systematization. Results The study reveals the absence of a single approach to the definition of the derivative financial instrument term in various fields of Russian legislation. I propose my own definition to be included in the scientific terminology as a universal interpretation, which takes into account the features of this instrument for accounting purposes. The paper presents recommendations for recognition of derivatives. Conclusions and Relevance The offered recommendations may contribute to further development and improvement of legislation regulating accounting treatment of and transactions with derivatives in the Russian financial market.
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