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Abstract

Content

Introduction

In modern economic conditions, the effective functioning of the enterprise of any organizational and legal form, regardless of the activities is a prerequisite for its existence. The purpose of any production is to make a profit and increase profitability. Achieving this goal depends on a very large number of factors and is associated with the overall organization of production, the use of high technology, financial capabilities, as well as the technical equipment of the enterprise.

Production and economic activity of the enterprise is provided at the expense of use of material, labor and financial resources, and also at the expense of fixed assets.

Many, especially newly created, organizations often do not have the financial ability (money) to purchase buildings, structures, machines, equipment, vehicles. Temporary difficulties can be overcome at the expense of leasing relations, that is, the transfer and receipt of fixed assets for rent (property lease).

1. Theme urgency

In modern conditions in the state there is a slowdown in monetary turnover, and therefore, enterprises do not have enough funds for the purchase of fixed assets. This creates the conditions for the spread of leasing operations. One of the problems in accounting for lease transactions is that little attention is paid to the development of a method of accounting that takes into account existing features. In the domestic accounting system, fixed assets that are leased are recorded together with their own, which are used in the main activity.

Lease relations have been known for a long time, primarily in agriculture. But in today's world leasing has a completely different economic meaning than before. If before it served as a means of exploitation of tenants, led the economy along an extensive path of development, now leasing on the contrary increases the degree of economic freedom, gives both small businesses and large enterprises a chance of success, intensifies the development of the economy.

The pace of development of enterprises directly depends on a qualitatively new level of productive forces, such as the need to update the production apparatus, replace worn-out and obsolete fixed assets, the introduction of new technologies. In this regard, there is a need to attract financial resources for the development of production. In practice, it is advisable for business entities to use alternative opportunities to attract financial resources. Taking into account the needs of the market, we will consider leasing as an alternative to such financing.

2. Goal and tasks of the research

The purpose of the work is to identify contradictions in the accounting of leasing operations, development of specific recommendations for their settlement and improvement of accounting and audit of leasing operations.

Achieving this goal has necessitated the following tasks:

  1. To summarize the theoretical aspects of lease accounting.
  2. Explore the conceptual framework and environment for standardization of lease accounting.
  3. Identify problematic aspects of accounting policy and the formation of the tax base of the lease.
  4. Reveal the organization of accounting of leasing in the conditions of the enterprise.
  5. Consider the theoretical and regulatory aspects of the organization of the lease audit.
  6. Develop a plan and program of lease audit at the enterprise.
  7. Develop recommendations for improving the organizational and methodological provisions of accounting and lease audit.

Research object is financial and economic activity of enterprises.

Research subject is theoretical and methodological aspects of lease accounting.

3. Overview of research and development

For enterprises in the accounting and preparation of modern financial statements according to national standards methodological basis is R(S)A 14 Lease, but during the transition to international standards as a methodological basis should be used IAS 17 Lease, and therefore the definition of differences in the application of standards is primarily of practical importance.

Analysis of recent researches and publications shows that the issue identify features of accounting according to national and international standards in various times worked as domestic scientists-economists

Today among scientists the statement concerning need of overcoming of discrepancy of separate provisions which are put in R(S)A dominates and which conceptually differ from requirements of IAS, that is there is an urgent need to optimize R(S)A under IAS, and further and to refuse their application.

Despite the relevance of the subject, the level of its research and study, deep structural changes in the economic mechanism of the state require continuous improvement of the methodology and methodology of accounting for the harmonization of the financial position of the enterprise.

4. Methodological basis of accounting for lease operations

Currently, the Donetsk people's Republic does not have its own National accounting regulations and legislative acts, so accounting is conducted on the basis of Ukrainian accounting Regulations (standards).

The lease accounting is regulated by R(S)A 14 Lease. Also to the legal documents that regulate leasing operations, we can include the Regulation (standard) of accounting 32 Investment property, as lease is part of the financial and economic relations that affect the flow of investment.

The international lease accounting regulation is the international financial reporting standard (IAS) 17 Lease.

5. The essence and content of the lease as an object of accounting

According to R(S)A 14 [9], a lease is an agreement under which a lessee acquires the right to use a non – current asset for a fee within a period agreed with the lessor.

Leases are divided into financial and operating leases, as shown in picture 1, these types of leases have different impacts in accounting.

Classification of leasing according to R(S)A 14

Picture 1 – Classification of leasing according to R(S)A 14
(animation: 7 fps, 300 kbps)

Financial lease is a lease that provides for the transfer to the lessee of all risks and benefits associated with the right to use and own the asset. Leasing is considered financial if there is at least one of the following features:

Operating (current) lease. It means any lease, except financial. In operating (current) leases, the risks and rewards of ownership of the asset remain with the lessor, so the leased assets are treated as depreciable property and the resulting rent is included in the income for the duration of the lease. Current lease implies temporary ownership of the property by the lessee.

Leasing as an economic category is manifested through the contractual nature of the relationship between the tenant and the tenant.

Under the lease agreement (property lease), the lessee is obliged to provide the lessee with the property for a fee for temporary possession and use or for temporary use. Fruits, products and income received by the lessee as a result of the use of the leased property, in accordance with the agreement is his property.

The lease agreement shall specify the data allowing to establish definitely the property to be transferred to the lessee as the object of lease. In the absence of these data in the contract, the condition of the object to be leased is not considered to be agreed by the parties, and such a contract is not considered to be concluded [8].

Rent is a sum of money or other property that the lessee is obliged to pay to the lessor for the use and possession or use of the property. The main functions are shown in picture 2.

The functions of the rent

Picture 2 – The functions of the rent

The rent includes:

The amount of rent is allowed to be revised ahead of schedule at the request of one of the parties in cases of changes in centrally set prices and tariffs and in other cases, regulated by legislative acts. The leased property remains the property of the lessor, and the produced products, income, material and other values, improvements made to the leased property, not provided for in the lease agreement, are the property of the lessee.

The lessee has the right to partially or fully purchase the leased property, if restrictions or prohibitions are not provided by legislative acts. A buyback is an act of buying and selling state-owned enterprises into collective or individual ownership. The purchase is made by the lessee to the lessor of all the rent due to him from the value of the property handed over for the full depreciation period and reimbursement of lease payments from the residual value of the property, the lease of which according to the contract is terminated until the end of the full depreciation period. Sources of redemption can be any funds available from the lease company [8].

When the transfer of property in financial leasing the cost and obligations associated with the lease are recognised in the balance sheet of the lessee. This is due to the fact that although the legal property remains the property of the lessor, in fact all the risks and benefits of its use are transferred to the lessee for the period constituting the majority of the economic life of the lease object.

Accepted for operating lease fixed assets and intangible assets are credited to the off-balance sheet account 01 Leased non-current assets at the balance (residual) and original cost of the lessor, which is specified in the operating lease [9].

This account takes into account assets in the form of fixed assets, intangible assets and other non-current assets that are received by the enterprise on the basis of operating lease agreements (leasing) and are recorded on the balance sheet of the lessor.

The lease term is determined by the contract, but the lease of enterprises, buildings, structures is usually long-term – more than five years. Changing the terms of the lease, its termination and termination are possible with the agreement of the parties. At the request of one of the parties, the contract may be terminated by a decision of state arbitration or court, and in cases of violation of the terms of the contract by the other party.

Objects of lease can be as integral property complexes or their structural divisions, and separate individually certain property which, in turn, is divided into real estate (buildings, constructions, rooms) and movable or other separate individually certain property (cars, the equipment, etc.).

The essential terms of the lease agreement are: the object of lease (composition and value of the property, taking into account its indexation); the term for which the lease agreement is concluded; the rent, taking into account its indexation; the procedure for using depreciation charges; restoration of the leased property and the conditions for its return or redemption [8].

The basis of the lease relationship between the company and the tenants is the conclusion of the lease agreement. Thus, the original document determining the economic and legal side of the lease is a contract, which reflects: the composition and value of the leased property; the amount of rent; lease terms; distribution of obligations of the parties to restore and repair the leased property; the lessor's obligation to provide the lessee with the property in accordance with the terms of the contract; the procedure for payment of rent and return of property to the lessor in the condition stipulated by the contract.

Conclusion

In a market economy, lease operations are entering a qualitatively new level. Many firms resort to leasing purposefully, considering it as an alternative to buying equipment with long service lives. Some distribution is beginning to receive leasing operations, which are business activities, as a rule, specialized organizations and consists in the acquisition of the specified potential tenant equipment for the purpose of its subsequent lease.

Without reducing the importance of scientific developments of leading domestic scientists and economists, we note that the legislative changes have not yet found sufficient elaboration in their work. This makes it necessary to deepen and expand research in the direction of highlighting the features of accounting not only by national but also by international standards.

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