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Accounting for financial instruments in lease transactions

Plotnikova O.V. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation ( vcplotnikov@yandex.ru )

Bezhan M.V. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation ( mm180883@mail.ru )

Moskaleva V.A. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation ( vlada0601@mail.ru )

Journal: International Accounting, #10, 2017

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.


Financial capital: Accounting procedures and the comments

Plotnikov V.S. Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation ( vcplotnikov@yandex.ru )

Plotnikova O.V. Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation ( vcplotnikov@yandex.ru )

Bezhan M.V. Plekhanov Russian University of Economics, Sevastopol Branch, Sevastopol, Russian Federation ( mm180883@mail.ru )

Journal: International Accounting, #8, 2018

Subject This article develops the theoretical basis and conceptual principles of the business accounting model, which form a common system of guidelines for recognition and reflection of elements of the value of financial capital in integrated reporting.
Objectives The article aims to prove the expediency of using the concept of maintaining financial capital when it gets transformed into other types of capital.
Methods The research methodology is based on the economic theories of positive and normative economies using the methods of observation, abstraction, deduction and induction, and statistical analysis of economic phenomena.
Results The article proposes to consider financial assets like cash, equity instruments of another enterprise, and contractual law stipulated by the contract, as the elements of financial capital. They determine its value stock. Goodwill is part of the cost of long-term financial instruments rather than an intangible asset. The receivables reflect the monetized part of the value stock of the financial capital.
Relevance The significance of the research is confirmed by the resulted accounting procedures of consistent reflection in the business accounting model of operations on the formation of the stock value of financial capital and the determination of specific techniques.


Conceptual framework for consolidated financial statements

Plotnikov V.S. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation ( vcplotnikov@yandex.ru )

Plotnikova O.V. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation ( vcplotnikov@yandex.ru )

Bezhan M.V. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation ( mm180883@mail.ru )

Mel'nikov V.I. Sevastopol Branch of Plekhanov Russian University of Economics, Sevastopol, Russian Federation ( melnikov4-67@mail.ru )

Journal: International Accounting, #39, 2015

Subject The paper attempts to clarify qualitative characteristics of consolidated financial statements and specific methods and techniques of the system of consolidated accounts, which are applied for preparation of consolidated financial statements, based on consideration of the IASB's Conceptual Framework for Preparation and Presentation of Financial Statements.
     Objectives The study aims to clarify qualitative characteristics of the Conceptual Framework, prove the insufficiency of the traditional method of property separation in the balance sheet of the enterprise, and put forward the concept of consolidated accounting and reporting that significantly expands the scope of accounting and captures the performance results of the consolidated group of companies as a whole.
     Methods The methodological substantiation of consolidated financial statements rests on three concepts, i.e. the economic theory of property rights, conceptual framework for financial statements, and the concept of accounting simulation.
     Results The study revised qualitative characteristics of consolidated financial statements, namely, relevance, materiality, fair representation, comparability, verifiability, timeliness, and understandability. It proved the need to separate a special area in the accounting system, i.e. consolidated financial accounts, which provides for consistent generation of consolidated financial statements.
     Conclusions The new and very important area in accounting is the development of the conceptual framework for consolidated financial statements. It enables to specify their qualitative characteristics, define the evolution of modeling in the system of consolidated financial accounting and new tasks in the accounts of new holding structures.


Financial Capital: Accounting Procedures and Respective Comments

Plotnikov V.S. Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation ( vcplotnikov@yandex.ru )

Plotnikova O.V. Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation ( vcplotnikov@yandex.ru )

Bezhan M.V. Plekhanov Russian University of Economics (PRUE), Sevastopol Branch, Sevastopol, Russian Federation ( mm180883@mail.ru )

Journal: Digest Finance, #3, 2018

Importance In this research, we formulate a body of theoretical and conceptual principles for the business accounting model, which would make the general set of benchmarks to recognize and carry items of financial capital stocks in integrated reporting.
Objectives It is reasonable to use the concept for maintaining the financial capital during its conversion into other types of capital. This provision of the business accounting model is based on specific accounting procedures for recognizing the creation of the financial capital value and its conversion and accompanied with respective comments.
Methods The methodology rests on general theories of positive and normative economics and general methods of observation, abstraction, deduction and induction, statistical and fact analysis of economic phenomena.
Results As a result of the research, we qualify financial assets, cash, equity instruments of the other entity and contractual rights as items of financial capital. They mainly determine its value. Goodwill is a part of the value of long-term financial instruments, rather than an intangible asset. Changes in its value signify the impairment of other assets, investee’s assets. Accounts receivables shows the monetized portion of the financial capital value.
Conclusions and Relevance To illustrate the result of the research, we perform accounting procedures by consecutively recognizing entries for forming the financial capital stock in the business accounting model and determining specific techniques – monetization of financial capital metrics and capitalization of cash which form and change the value of certain items of financial capital.


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