CURRENT LIABILITIES AND THEIR ACCOUNTING IN THE ATTRACTED CAPITAL MANAGEMENT SYSTEM

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

PDF
Published: Aug 1, 2019
https://doi.org/10.30525/2256-0742/2019-5-3-159-169

  Olena Podolianchuk

http://orcid.org/0000-0003-0234-8943

  Tetiana Plakhtii

http://orcid.org/0000-0002-5379-1577

  Nataliya Gudzenko

http://orcid.org/0000-0002-0978-4257

Abstract

The purpose of the article is to reveal the essence of the attracted capital, to clarify the legal, economic, and legal content of the liabilities, to justify the relationship between the categories of “liabilities”, “arrears”, “calculations” and “liabilities” and “attracted capital”, assess domestic and foreign experience in the classification of liabilities, justify information management of the attracted capital, taking into account the step-by-step accounting process of current liabilities, introduce proposals for the classification of current liabilities with the aim to improve the management of current liabilities as a part of debt capital. Methodology. The methodological basis for the disclosure of the research goal was the scientific advancement of scientists, legislative and regulatory acts on issues of accounting obligations. Results. The study found that, in the conditions of unstable economic development, one of the important tasks of enterprise management is a rational choice of the asset formation sources structure. The article reveals the essence of the term “capital” and it is found out that the basis of the definition is the material-real form. Problems of the contents of attracted and borrowed capital are outlined. The study of legislative documents, which defined the content of the category “liabilities”, was conducted. Legal components of current liabilities characteristic are explored and discussed issues are defined. The legal and economic aspects of liabilities are investigated. As a result of the research, the theoretical substantiation of the essence of the categories “liabilities”, “debt” and “settlements” was conducted. It is proved that all current liabilities are divided into real and potential ones. The order of displaying information about current liabilities at all stages of the accounting process is substantiated. It is confirmed that the basis of the management accounting for the attracted capital is the primary documents, accounting data, and generalized forms of internal and external reporting. Practical implication. The analytical data of the composition and the structure of attracted capital of agricultural enterprises with detailed analysis of structure of current liabilities are presented. It is confirmed that liabilities occupy a significant share in the structure of capital and are a source of economic activity financing of enterprises. It is determined that not all liabilities arising in civil and commercial law are recorded in the accounts. We substantiated the characteristic features of liabilities. It is determined that all liabilities that are the subject of accounting are legal and economical. The opinion on the content of the definition of “commitment” is taken into account with the accounting, economic, and legal constituents. As a result of the study of foreign experience in the classification of current liabilities, the author’s interpretation of the classification of current liabilities is presented. Value/originality. An important objective for the management system is the objective classification of liabilities, their assessment and reliability of accounting. It is proposed to distinguish certain classifications of current liabilities for the purpose of managing borrowed capital in terms of current liabilities.

How to Cite

Podolianchuk, O., Plakhtii, T., & Gudzenko, N. (2019). CURRENT LIABILITIES AND THEIR ACCOUNTING IN THE ATTRACTED CAPITAL MANAGEMENT SYSTEM. Baltic Journal of Economic Studies, 5(3), 159-169. https://doi.org/10.30525/2256-0742/2019-5-3-159-169
Article views: 1442 | PDF Downloads: 755

##plugins.themes.bootstrap3.article.details##

Keywords

attracted capital, indebtedness, settlements, current liabilities, accounting

References

Wasiuzzaman, S. (2015). Working Capital and Profitability in Manufacturing Firms in Malaysia: An Empirical Study, Global Business Review, 16(4), 545–556. Retrieved from: https://doi.org/10.1177/0972150915581098

Akademichnyy tlumachnyy slovnyk [Academic Explanatory Dictionary]. Retrieved from: http://sum.in.ua (accessed 16 July 2018).

Current liabilities and provision of enterprises of Ukraine by types of economic activity: State Statistics Service. Retrieved from: http://www.ukrstat.gov.ua

Mykhaylyshyn, N. P. (2012). Sutnist zobovyazan ta yikh klasyfikatsiya: ekonomichnyy ta pravovyy aspekty [The essence of the commitments and their classification: economic and legal aspects]. Economics: realities of time, 2(3), 130–135.

Ala’a Adden Abuhommous (2017). "Partial adjustment toward target accounts payable ratio", International Journal of Islamic and Middle Eastern Finance and Management, 10(4), 484–502. Retrieved from: https://doi.org/10.1108/IMEFM-01-2017-0019

Jiri Chod (2017). Agency Cost of Debt: A Case for Supplier Financing Foundations and Trends(R) in Technology, Information and Operations Management, 10(3-4), 220–236. Retrieved from: ttp://dx.doi.org/10.1561/0200000061

Katarzyna, Ś. (2015). Risk in providing accounting services in the context of new regulations regarding liability insurance (OC) in Poland. Journal of Finance & Accounting, 4(1), 173–185. Retrieved from: http://dx.doi.org/10.12775/CJFA.2015.012

Zelenina, O. O. (2012). Accounting and analysis of the formation and use of borrowed capital. Extended abstract of candidate`s thesis: 08.00.04. Zhitomir State Technological University. (in Ukrainian)

Natsionalne polozhennya (standart) bukhhalterskoho obliku 1 "Zahalni vymohy do finansovoyi zvitnosti": Nakaz Ministerstva Finansiv Ukrayiny vid 25.01.2012. № 52 [National Accounting Standard (Standard) 1 “General Requirements for Financial Statements”: Order of the Ministry of Finance of Ukraine dated January 25, 2012 No. 52]. Retrieved from: http://zakon2.rada.gov.ua/laws/show/z0336-13 (in Ukrainian)

Hospodarskyy kodeks Ukrayiny: Zakon Ukrayiny vid 16.01.2003. № 436–IV [Economic Code of Ukraine. Law of Ukraine dated January 16, 2003, No. 436–IV]. Retrieved from: http://zakon2.rada.gov.ua/laws/show/436-15 (in Ukrainian)

Tsyvilnyy kodeks Ukrayiny: Zakon Ukrayiny vid 16 sichnya 2003. № 435-IV [Civil Code of Ukraine. Law of Ukraine dated January 16, 2003 No. 435-IV]. Retrieved from: http://zakon.rada.gov.ua (in Ukrainian)

Mizhnarodnyy standart bukhhalterskoho obliku 37 "Zabezpechennya, umovni zobovyazannya ta umovni aktyvy" [International Accounting Standard 37 "Provisions, Contingent Liabilities and Contingent Assets"]. Retrieved from: http://zakon3.rada.gov.ua/laws/show/929_051 (in Ukrainian)

Richard, B., McGeachin, A. (2013). Why is there inconsistency in accounting for liabilities in IFRS? An analysis of recognition, measurement, estimation and conservatism. Accounting and Business Research, 43(6), 579–604. Retrieved from: https://doi.org/10.1080/00014788.2013.834811

Chornenka, O. B. (2017). Analiz naukovykh pidkhodiv shchodo sutnosti kredytorskoyi zaborhovanosti ta yiyi klasyfikatsiyi [Analysis of scientific approaches to the nature of accounts payable and its classification]. Proceedings, 2(55), 207–217.

Potryvayeva, N. V., Parakonna, A. A. (2016). Zobovyazannya i rozrakhunky: ekonomichna ta yurydychna sutnist katehoriy [Commitments and calculations: the economic and legal nature of the categories]. Hlobalni ta natsionalni problemy ekonomiky, 14, 997–1000. Retrieved from: http://global-national.in.ua/archive/14-2016/200.pdf (accessed 10 July 2018).

Petruk, O. M. (2012). Oblikove vidobrazhennya dohovirnykh zobovyazan pry pererobtsi davalnytskoyi syrovyny [Accounting reflection of contractual obligations in the processing of tolling raw materials]. Efektyvna ekonomika. Retrieved from: http://www.economy.nayka.com.ua/?op=1&z=1102 (accessed 1 October 2018).

Polozhennya (standart) bukhhalterskoho obliku 11 "Zobovyazannya ": Nakaz Ministerstva finansiv Ukrayiny vid 31.01.2000 r. № 20. [Regulation (standard) of accounting 11 "Liabilities ". Act of the Ministry of Finance of Ukraine dated January 31, 2000 No. 20]. Retrieved from http://zakon3.rada.gov.ua/laws/show/z0085-00

Myronova, Yu. Yu., Batsman, Yu. M., Yatsenko, V. V. (2016). Pidkhody shchodo sutnosti, klasyfikatsiyi ta otsinky potochnykh zobovyazan u systemi bukhhalterskoho obliku pidpryyemstva [Approaches to the essence, classification and assessment of current liabilities in the enterprise accounting system]. Herald of ONU named after І. І. Mechnikov, 21(5), 201–205.

Chyzhevska, L. V., Zelenina, O. O. (2011). Pozychkovyy kapital yak intehrovanyy obyekt bukhhalterskoho obliku [Loan capital as an integrated object of accounting]. Bulletin of Economic Science of Ukraine, 1, 164–169.

Dombrovska, N. R. (2014). Debitorska ta kredytorska zaborhovanosti: problemy klasyfikatsiyi [Accounts Receivable and Accounts Payable: Classification Problems]. Innovative economy, 1(50), 182–187.

Plan rakhunkiv bukhhalterskoho obliku aktyviv, kapitalu, zobovyazan i hospodarskykh operatsiy pidpryyemstv i orhanizatsiy: Nakaz Ministerstva finansiv Ukrayiny vid 30.11.99 r. № 291 [Plan of accounting of assets, capital, liabilities and business operations of enterprises and organizations. Order of the Ministry of Finance of Ukraine dated November 30, 99, No. 291]. Retrieved from: http://zakon2.rada.gov.ua/laws/show/z1557-11 (in Ukrainian)

Polozhennya (standart) bukhhalterskoho obliku 13 "Finansovi instrument": Nakaz Ministerstva finansiv Ukrayiny vid 30.11.2001 r. № 559 [Regulation (Standard) of Accounting 13 "Financial Instruments": Order of the Ministry of Finance of Ukraine dated November 30, 2001 No. 559]. Retrieved from: http://zakon2.rada.gov.ua/laws/show/z1050-01 (in Ukrainian)

Hanusych, V. O., Loya, M. I. (2015). Vdoskonalennya obliku potochnykh zobovyazan [Improvement in accounting of current liabilities]. Scientific herald of Uzhgorod University, 1(45), 238–241.

Needles, B., Andersen, H., Caldwell, D. (1994). Printsipy bukhgalterskogo ucheta [Principles of accounting]. (Y. Sokolova, Trans). Moscow: Finance and Statistics. (in Russian)

Travinska, S. I. Klasyfikatsiya potochnykh zobovyazan v zakonodavstvi ta bukhhalterskomu obliku [Classification of current liabilities in legislation and accounting]. Retrieved from: http://zbirnuk.bukuniver.edu.ua/issue_articles/31.pdf (accessed 10 July 2018).

Rasenko, V. M. (2012). Osoblyvosti klasyfikatsiyi zobovyazan pidpryyemstv [Features of the classification of obligations of enterprises]. Bulletin of social and economic research, 2(45), 163–170.

Hevlych, L. L., Katranzhy, L. I. (2017). Osoblyvosti pidkhodiv do vyznachennya sutnosti "potochni zobovyazannya" ta yikh klasyfikatsiyi [Peculiarities of approaches to the definition of the essence of “current liabilities” and their classification]. Finance, accounting, banks, 1, 70–78.

Issue
Vol. 5 No. 3 (2019): Baltic Journal of Economic Studies