Management of the development of the accounting and tax accounting system for forward and futures contracts

Ideology 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.

Development 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.

While the most important financial and accounting issues of early-stage enterprises with fast growth potential (startups) are widely covered in practice-oriented literature, academic studies do not deal with this subject. In the author’s opinion, this subject should receive more attention in academic writing, as inappropriate financial management can make it more difficult for startups to raise capital at a later stage of operation and, thus, to grow further. This paper is based on a sample of financial and tax due diligences of Hungarian startups. The authors intended to present some of the issues identified and relevant also to startups operating outside Hungary. The sample shows that due to a loss making operation in the early years, this type of companies can quickly use up their equity and, therefore, they need continuous ownership (equity) financing. The sample demonstrates that debt financing is not a viable option for this group of companies, the only option for them is venture capital financing. The authors confirmed the positive relation between startups and R&D&I. In their opinion, compliance with the rules and the optimization permitted by the rules themselves is highly significant for startups to manage their high upfront losses and to attain their general aim to raise investment capital. The financial and tax due diligences at startups allowed to identify several inappropriate practices due to complicated accounting and tax laws.