Dobrolyubov N.A.National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation nikolasik102@rambler.ru ORCID id: not available
Subject. The article discusses the way financial instruments are accounted for, and related issues. Objectives. We outline our recommendations to address problems concerning the financial instruments accounting technique. Methods. The study involves a critical analysis, synthesis, comparison, observation, analogies. Results. We prove the inadequacy of the regulatory framework for accounting for financial instruments of the Russian non-credit institutions. As discussed in the scientific literature on accounting for financial instruments, advisable methodological approaches were found to vary significantly. We justify our recommendations on addressing challenging issues of accounting for non-derivative and derivative financial instruments and provide our suggestions on accounting for financial assets qualified as cash equivalents, advice on separate accounting and recognition of financial liabilities, recognition of financial derivatives in accounts. Conclusions and Relevance. Currently, Russia's regulations govern only some issues of accounting for financial instruments. There are plenty of accounting aspects concerning derivative and non-derivative financial instruments that remain unregulated. As proposed in the scientific literature on accounting for financial instruments, methodological approaches significantly differ. International standards do not exhaustively govern complicated issues of accounting for financial instruments. Thus, research on accounting for financial instruments should continue. It is important to promote the regulatory framework for financial instruments accounting as long as a set of the Russian accounting standards are revised. The findings are of applied and theoretical nature for financial accounting.
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