The research of domestic and foreign normative and legal regulation of risk accounting
Journal Title: Соціально-економічні проблеми і держава - Year 2015, Vol 13, Issue 2
Abstract
The basic approaches to normative and legal regulation of risk accounting in Ukraine and abroad are investigated in the article. While studying the national legal framework it is established that the definition of the notion «risk» is only available in the Tax Code of Ukraine, where the risk is associated with the probability of non-payment of taxes by taxpayers. Domestic accounting regulations (standards) are studied, but interpretation of the notion «risk» is not detected. The presence of information about the various types of risks, particularly in the accounting regulation (standard) 13 «Financial instruments» (currency risk, interest rate risk, credit risk, price risk, market risk, cash flow risk and liquidity risk), are found. In the other accounting regulations (standards) risk is defined as the accompanying element of economic entities operations. It is defined that the basic approaches on recording of risks indicators in accounting and their effects are not disclosed in domestic accounting normative acts. In International Financial Reporting Standards and in International Accounting Standards, based on which domestic accounting regulations (standards) were developed, identical information about the risks is disclosed.
Authors and Affiliations
Tetyana Korolyuk
Keywords
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