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ИД «Финансы и кредит»






International Accounting

Contractual obligations as an element of transaction costs of the exchange deal

Vol. 24, Iss. 3, MARCH 2021

Received: 25 February 2021

Received in revised form: 2 March 2021

Accepted: 4 March 2021

Available online: 15 March 2021


JEL Classification: M40, М41

Pages: 252–270


Viktor S. PLOTNIKOV Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation


Saule S. KANAPINOVA Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation


Subject. This article discusses the issues relating to the reflection of contractual obligations in the accounting system as an economic category of transaction costs.
Objectives. The article aims to describe a market-based approach to defining contractual obligations as transaction costs of the organization and the specifics of their separate reflection in the accounting system. It also aims to define the content of the organization's obligations in terms of the rights of claim for economic resources to reduce the gap between accounting theory and institutional theory.
Methods. For the study, we used the theory of institutional economics, the Conceptual Framework for Financial Reporting that help expand the scope of accounting by incorporating market relations reflecting the obligations to provide exchange transactions.
Results. The article defines and proves the importance of the obligations of the exchange transaction parties to reflect them in the accounting system, and that transaction costs expressed by obligations determine the future rights of the market agents. The economic content of the exchange transaction parties' contractual obligations is significantly different from the accounting understanding of receivables and payables. The article proposes to separate the transaction costs determined by the exchange transaction parties' obligations, subsequently capitalizing and reflecting them in financial (integrated) reporting in the structure of client (reputational) capital.
Conclusions. It is necessary and possible to develop the accounting theory by incorporating new economic phenomena, such as the contractual obligations of the exchange transaction parties. This approach will help change the retrospective view of understanding accounting information to some extent.

Keywords: contractual obligations, transaction costs, contractual relations, liabilities


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ISSN 2311-9381 (Online)
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Vol. 24, Iss. 3
March 2021