The current state of accounting of financial expenses
DOI:
https://doi.org/10.35774/visnyk2018.04.156Abstract
he article examines legal acts which regulate the process of collecting information on financial expenses in accounting and financial reporting. It is pointed out that loans bearing interest include: bank loans, issued bills, issued bonds, etc. The economic substance of financial expenses as an item of accounting is highlighted. The types of financial expenses are presented and the procedure for their recognition by different economic entities is disclosed in accordance with the requirements of national accounting standards.
The system of accounting which is used by corporate issuers when the transactions are displayed, due to the accrual of various types of interest on borrowings, is disclosed. The essence and types of both qualifying and non-qualifying assets are considered in accordance with the requirements of Ukrainian Accounting standard 31. Capitalized and non-capitalized expenses are characterized. The procedure of capitalization of financial expenses is presented and the algorithm of distribution of such expenses is described.
It is proved that the costs recognized in the part of the depreciation of the premium, accrued on financial investments, recorded at amortized cost, should be reflected in other activities in subaccount 975, which is proposed to be called «Costs of changes in the value of financial investments».
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