Management of the development of the accounting and tax accounting system for forward and futures contracts
-
Author(s)Vlada KarpovaLink to ORCID Index: http://orcid.org/0000-0003-3712-0391ResearcherID: http://www.researcherid.com/rid/V-2569-2017
,
Tetjana Serikova
,
Viktoriia TyschenkoLink to ORCID Index: http://orcid.org/0000-0001-5924-2061
-
DOIhttp://dx.doi.org/10.21511/dm.17(2).2019.03
-
Article InfoVolume 17 2019, Issue #2, pp. 17-25
- 560 Views
-
194 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
In the modern conditions of economic development management in Ukraine, forward and futures contracts allow for reducing risks of price fluctuations that are necessary for economic entities under growing inflation. The number of concluded deals with futures is constantly decreasing, which is influenced by the lack of legal regulation of the taxation of derivatives transactions in Ukraine. Therefore, the purpose of the study is to determine the directions of development of the tax and accounting system for forward and futures contracts. The subject of the study is the methodical provision of tax and accounting for forward and futures contracts. The theoretical and methodological basis of the research is the position of modern economic theory, legislative, normative and instructional documents on taxation. According to the results of the study, accounting and tax accounting for forward and futures contracts is included in the enterprise accounting system. The management of this system is carried out through the improvement of regulations that regulate at the legislative level the tax and accounting of forward and futures contracts. The authors found that at present, in Ukraine, the procedure for accounting for forward and futures contracts is not clearly regulated at the legal level in Ukraine. The analysis showed that the national accounting provisions (standards) contain insufficient information regarding the disclosure of such transactions in the entity’s accounting records. In order to solve these problems, an original systematization of accounting rules for forward and futures contracts based on international financial reporting standards is proposed. The systematization of regulatory accounting rules can be used in the development of methodological recommendations that regulate the accounting of forward and futures contracts in Ukraine. This will solve the problems that exist at this time in managing the development of accounting and tax accounting for forward and futures contracts.
- Keywords
-
JEL Classification (Paper profile tab)E62, G13, G23, H21, H26, K34, M41
-
References15
-
Tables3
-
Figures4
-
- Figure 1. Динаміка об’єму торгів та угод ф’ючерсами, укладеними на “Українській біржі” за 2014-2018 рр.
- Figure 2. Схема управління системою обліку підприємства, складовою якої є облік форвардних та ф’ючерсних операцій
- Figure 3. Характеристики похідного інструменту за МСФЗ 9
- Figure 4. Схема систематизованого бухгалтерського обліку ф’ючерсних та форвардних контрактів за МСФЗ
-
- Table 1. Характеристика форвардних та ф’ючерсних контрактів
- Table 2. Суб’єкти господарювання, які зобов’язані складати фінансову звітність за МСФЗ
- Table 3. Особливості податкового та бухгалтерського обліку форвардних і ф’ючерсних операцій
-
- Eiiff.com (n.d.). Accounting principles of derivative instruments.
- Karpova, V. V. (2018). Придбання нерухомості за форвардним контрактом: облік у покупця [Prydbannja neruhomosti za forvard¬nym kontraktom: oblik u pokupcja]. Vse pro buhgalterskyj oblik, 50, 32-35.
- KPMG (n.d.). The basics of accounting for derivatives and hedge accounting (7 p.).
- Natsionalnyi bank Ukrainy (2018). Інструкція з бухгалтерського обліку операцій з похідними фінансовими інструментами в банках України [Instruktsiia z bukhhalterskoho obliku operatsii z pokhidnymy finansovymy instrumentamy v bankakh Ukrainy].
- Natsionalnyi bank Ukrainy (2019). Національний банк затвердив нову систему валютного регулювання та оприлюднив дорожню карту валютної лібералізації [Nacionalnyj bank zatverdyv novu systemu valjutnogo reguljuvannja ta opryljudnyv dorozhnju kartu valjut¬noi liberalizacii].
- Suprovych, G. O. (2014). Облік та аудит фінансових деривативів [Oblik ta audyt finansovyh deryvatyviv]. Kyiv: Kyivskyj nacionalnyj ekonomichnyj universytet imeni Vadyma Getmana.
- Verkhovna Rada of Ukraine (2001). Про затвердження Положення (стандарту) бухгалтерського обліку 13 «Фінансові інструменти» [Pro zatverdzhennia Polozhennia (standartu) bukhhalterskoho obliku 13 «Finansovi instrumenty»].
- Verkhovna Rada of Ukraine (2011). Податковий кодекс України [Podatkovyj kodeks Ukrainy].
- Verkhovna Rada of Ukraine (2012). Міжнародний стандарт бухгалтерського обліку 32 (МСБО 32) «Фінансові інструменти: подання» [Mizhnarodnyi standart bukhhalterskoho obliku 32 (MSBO 32) «Finansovi instrumenty: podannia»].
- Verkhovna Rada of Ukraine (2012). Міжнародний стандарт фінансової звітності 9 (МСФЗ 9) [Mizhnarodnyi standart finansovoi zvitnosti 9 (MSFZ 9)].
- Verkhovna Rada of Ukraine (2012). Міжнародний стандарт фінансової звітності 7 (МСФЗ 7) «Фінансові інструменти: розкриття інформації» [Mizhnarodnyi standart finansovoi zvitnosti 7 (MSFZ 7) «Finansovi instrumenty: rozkryttia informatsii»].
- Verkhovna Rada of Ukraine (2013). Міжнародний стандарт бухгалтерського обліку 39 «Фінансові інструменти: визнання та оцінка» [Mizhnarodnyi standart bukhhalterskoho obliku 39 «Finansovi instrumenty: vyznannia ta otsinka»].
- Verkhovna Rada of Ukraine (2018). Про бухгалтерський облік та фінансову звітність в Україні [Pro buhgalterskyj oblik ta finansovu zvitnist v Ukraini].
- WallStreetMojo (n.d.). Embedded derivatives. Examples. Accounting. IFRS.
- Zdrenyk, V. S., & Jaroshhuk, O. V. (2011). Бухгалтерський облік і контроль операцій з похідними фінансовими інструментами: організація та методика [Bukhhalterskyi oblik i kontrol operatsii z pokhidnymy finansovymy instrumentamy: orhanizatsiia ta metodyka] (272 p.). Ternopil: Krok.
-
The role of accounting in sustainable development
Inna Makarenko 
,
Alex Plastun
doi: http://dx.doi.org/10.21511/afc.01(2).2017.01
Accounting and Financial Control Volume 1, 2017 Issue #2 pp. 4-12 Views: 7823 Downloads: 4774 TO CITEIdeology of Sustainable Development and Sustainable Development Goals influence the transformation of business processes in the companies. Professional accountants are important part of this transformation. In this paper the role of accounting in Sustainable Development Goals achievement is discussed. Different approaches to structuring the role of professional accountants in Sustainable Development are investigated. Among them are types of roles that perform accountants, their professional functions, skills and competencies in the corporate environment. As the result a holistic vision of the role of accounting in sustainable development in the new economic conditions is provided.
-
Impact of tax fairness and tax knowledge on tax compliance behavior of listed manufacturing companies in Nigeria
Olufemi Oladipo ,
Tony Nwanji ,
Damilola Eluyela ,
Bitrus Godo ,
Adekunle Adegboyegun
doi: http://dx.doi.org/10.21511/ppm.20(1).2022.04
Problems and Perspectives in Management Volume 20, 2022 Issue #1 pp. 41-48 Views: 2091 Downloads: 1051 TO CITE АНОТАЦІЯTax compliance is a major contemporary debate surrounding corporate taxation in the business world. The tax avoidance issue, which remains an ethical problem for companies, has been a general concern in developed and developing countries alike. The main problem of this study is a non-tax compliance behavior of the corporate organization taxpayers in Nigeria. This study examined the influence of tax fairness on the tax compliance behavior of listed manufacturing companies in Nigeria. The paper adopted a survey research method, and four hundred (400) copies of the questionnaire were administered to the selected manufacturing companies of both consumer and industrial goods sectors. The Laffer Curve Theory underpinned this study and Correlation Analysis, Analysis of Variance (ANOVA), and Multiple Regression Analysis were also employed. The study found that there is a significant level of tax compliance among the listed manufacturing companies in Nigeria. The study also shows that the corporate taxpayer’s perception of fairness of –2.765 (0.006) has a significant impact on corporate taxpayers’ willingness to pay taxes and tax knowledge of 4.601 (0.000) significantly influenced tax compliance. Based on tax knowledge, the study recommends that tax authorities must improve the knowledge of taxpayers and tax collection agents through programs, initiatives, and training on tax awareness.
-
Logistics costs accounting: challenges for identification in Ukrainian accounting practice
Yulia Serpeninova ,
Inna Makarenko ,
Anna Linska
doi: http://dx.doi.org/10.21511/afc.02(1).2018.05
Accounting and Financial Control Volume 2, 2018-2019 Issue #1 pp. 47-53 Views: 1892 Downloads: 881 TO CITE АНОТАЦІЯDevelopment of an effective logistics infrastructure for companies contributes to ensuring their effective work, directly affects financial performance and requires the establishment of a management and accounting system for logistics costs. Classifying and registering logistics costs becomes more important in this regard. At this stage of Ukrainian accounting practice, there are challenges for logistics costs accounting such as their identification and registration. Methodological basis of study among different logistics concepts (concept of general logistics costs, concept of reengineering business processes in logistics, concept of an integrated logistics strategy, concept of supply chain management) was total logistics costs concept or the concept of full value as well as process-oriented approach. In the work, the generalization and formalization of existing approaches to the logistics costs accounting was made. Feasibility of using a process-oriented approach among other approaches (absorption costing, direct costing target costing, kaizen costing, etc.) were substantiated. The algorithm of identification and registration of logistics costs for Ukrainian enterprises was proposed. It is based on such inclusion in the relevant economic process (supply, production, sales and administration of logistics processes) and the use of a new consolidated account 29 “Logistics costs”. This authors’ approach to solving the problem of identification and registration of logistics costs for accounting purposes allows to optimize and increase the informativeness of accounting logistics costs reflection in Ukrainian accounting practice.
