International Accounting

Accounting for financial instruments in lease transactions

Vol. 20, Iss. 10, MAY 2017

PDF  Article PDF Version

Received: 21 February 2017

Received in revised form: 6 March 2017

Accepted: 10 April 2017

Available online: 29 May 2017


JEL Classification: M40, M42

Pages: 563-578

Plotnikova O.V. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation

Bezhan M.V. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation

Moskaleva V.A. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation

Subject The article considers issues related to generation of accounting information on the use of financial instruments in lease transactions.
Objectives The purpose of the study is to reveal the possibility of use of financial instruments in lease transactions, providing for a reflection of changes in market conditions in the financial results of the lessor and the lessee.
Methods One of significant achievements of the positive theory of accounting is the understanding that all agreements are concluded under market economy conditions. Therefore, the theory of contracts and the relevant concept of relative property rights redefine the system of lease relations.
Results We propose two models to account for financial instruments in lease transactions, i.e. a model for option accounting in finance lease and a model for forward contract accounting in operating lease. The latter model is developed in addition to requirements of IFRS 16 Leases that consider using only options.
Conclusions The offered models for financial instruments accounting enable to record accounting processes of lease relationship in the structure of financial market participants' relationships, which is one of conditions of market relations development.

Keywords: operating lease, finance lease, option, forward contract, right-of-use asset


  1. Burenin A.N. Rynok tsennykh bumag i proizvodnykh finansovykh instrumentov [The securities market and the derivative market]. Moscow, NTO im. S.I. Vavilova Publ., 2011, 394 p.
  2. Keynes J.M. Traktat o denezhnoi reforme [Tract on Monetary Reform]. Moscow, Ekonomika Publ., 1925, 543 p.
  3. Kiselev M.V. Rossiiskii rynok derivativov: funktsionirovanie i regulirovanie [The Russian derivative market: Operation and regulation]. Saratov, SSEI Publ., 2009, 210 p.
  4. Coase R. Firma, rynok, pravo [The Firm, the Market, the Law]. Moscow, Novoe Izd. Publ., 2007, 224 p.
  5. Mahler H. Proizvodnye finansovye instrumenty: pribyli i ubytki [Derivate/Optionen: von hohem Gewinn und totalem Verlust]. Moscow, INFRA-M Publ., 1996, 160 p.
  6. Hull J.K. Optsiony, f'yuchersy i drugie proizvodnye finansovye instrumenty [Options, Futures, and Other Derivatives]. Moscow, Vil'yams Publ., 2008, 1051 p.
  7. Endovitskii D.A. et al. Proizvodnye instrumenty: uchet i otchetnost': monografiya [Derivative financial instruments: Accounting and reporting: a monograph]. Voronezh, Voronezh State University Publ., 2013, 183 p.
  8. Ivanova E.V. Derivativy. Forvard, f'yuchers, optsion, svop. Ekonomiko-pravovaya kvalifikatsiya [Derivatives. Forwards, futures, options, swaps. Economic and legal qualification]. Moscow, Os'-89 Publ., 2007, 304 p.
  9. Finansovye instrumenty [Financial instruments]. Moscow, Eksmo Publ., 2010, 864 p.
  10. Yarygina I.Z. Sovremennye proizvodnye finansovye instrumenty: monografiya [Modern financial derivatives: a monograph]. Moscow, Financial Academy Publ., 2010, 76 p.
  11. Alekseeva G.I. [Hedge accounting]. Bankovskoe delo = Banking, 2012, no. 5, pp. 45–50. (In Russ.)
  12. Vilkova T.B. [The role of derivatives in the global financial markets]. Finansovyi vestnik: finansy, nalogi. strakhovanie, bukhgalterskii uchet = Financial Bulletin: Finance, Taxes, Insurance, Accounting, 2010, no. 10, pp. 23–30. (In Russ.)
  13. Plotnikov V.S., Plotnikova O.V. Uchet finansovykh instrumentov kak faktor obespecheniya dostovernosti informatsii o funktsionirovanii kompanii na rynke: monografiya [Accounting for financial instruments as a factor of reliability of information about company's operations in the market: a monograph]. Moscow, Finansy i Kredit Publ., 2013, 252 p.
  14. Plotnikov V.S., Plotnikova O.V. [On development of conceptual basis of accounting]. Auditor, 2014, no. 9, pp. 52–61. (In Russ.)
  15. Black A. Voprosy stoimosti. Ovladeite noveishimi priemami upravleniya, investirovaniya i regulirovaniya, osnovannymi na stoimosti kompanii [Questions of Value: Master the Latest Developments in Value-based Management, Investment and Regulation]. Moscow, ZAO Olimp-Biznes Publ., 2009, 400 p.
  16. Furubotn E., Richter R. Instituty i ekonomicheskaya teoriya: dostizheniya novoi institutsional'noi ekonomicheskoi teorii [Institutions and Economic Theory: The Contribution of the New Institutional Economics]. St. Petersburg, Saint-Petersburg State University Publ., 2005, 701 p.
  17. Plotnikov V.S., Plotnikova O.V. [Definition of derivative financial instruments for accounting recognition]. Vektor nauki Tol'yattinskogo gosudarstvennogo universiteta = Science Vector of Togliatti State University, 2012, no. 2, pp. 179–182. (In Russ.)

View all articles of issue


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

Journal current issue

Vol. 21, Iss. 10
October 2018