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Abstract

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INTRODUCTION

Problems of accounting of financial instruments of activity are actual today and find the reflection in works of many domestic and foreign scientists. This is due to the significant role of financial instruments in the formation of profit of the enterprise and the need for its optimization. Analyzing the scientific research of modern scientists, we can conclude that the most urgent problem is the assessment of financial instruments and the formation of the value of financial instruments by their types, to provide the most reliable and necessary information in the reporting of the enterprise

Creasing the role of the financial market in the process of distribution and redistribution of capital of economic entities, expansion of the range of financial instruments for placement of temporarily free cash and, at the same time, still insufficient study of some theoretical and practical issues of accounting of financial instruments caused the relevance and main directions of the thesis. The study of the theoretical aspects of accounting for the costs of activities will determine the economic essence, the problems of accounting for this indicator and develop measures to eliminate them.

The purpose of the work: justification of theoretical, methodological and practical issues of accounting and auditing of financial instruments, identification of shortcomings and contradictions in the accounting of financial instruments, as well as the development of specific recommendations for their improvement.

To achieve this goal in the work it is necessary to solve the following tasks:


    – to study the economic essence of financial instruments of the enterprise;

    – to define the purposes, tasks, features of legal regulation of accounting of financial instruments of the enterprise;

    – to study features of primary, analytical and synthetic accounting of financial instruments in the conditions of the enterprise;

    – develop measures to improve accounting work;

    – reflect the practice of accounting and financial reporting;

    – to analyze the accounting practice of financial instruments and develop recommendations for its improvement;

    – to study labor protection at the enterprise and to develop recommendations aimed at improving labor protection.

    The object of the study is economic operations related to the formation and changes of financial instruments of the enterprise.

    CHAPTER 1. THEORETICAL BASES OF ACCOUNTING OF FINANCIAL INSTRUMENTS

    1.1. The essence and content of financial instruments as an object of accounting

    The formation and development of highly efficient global capital markets determined the introduction into economic circulation of a significant number of economic entities transactions with financial instruments. The growing and increasing processes of globalization and integration of the world economy, which ensure the high stability of capital, have also contributed to this wide spread, directing it to those areas of activity and regions where it can provide maximum returns with minimal risks. Such changes in the world economy have led to the emergence of complex financial schemes, the use of derivatives and hybrid financial instruments. At the same time, traditional forms of attracting and placing funds of organizations have not lost their relevance. In this regard, classification issues,

    The concept of financial instruments is relatively new to domestic theory and practice, and at the same time such definitions as investments, financial investments, securities, financial investments now occupy a certain place in the theory of accounting, so in economic theory, Finance theory and other Sciences. In this regard, the main task of the thesis is, on the one hand, the systematization of existing ideas and concepts, and, on the other hand, identifying the characteristics of financial instruments.

    1.2. Classification of financial instruments

    Financial instruments are a variety of negotiable financial instruments that have a monetary value due to through which transactions are carried out in the financial market. Instruments traded in the financial market, servicing transactions in various markets its types and segments are characterized at the present stage by a large variety. In this regard, classification plays an important role in the study of financial instruments, thanks to which it is possible to distinguish certain characteristics, specific to a particular class of financial instruments[2].

    Classification of financial instruments is necessary for their reliable reflection in accounting, as depending on the economic essence of a particular group of instruments, the purpose of their use in economic turnover, different approaches to accounting valuation should be applied.

    1.3. State of the problem and legal regulation of accounting of financial instruments

    The formation of a civilized market economy in the States determined the change in economic relations, the restructuring of socio-economic institutions. New mechanisms are emerging to ensure the functioning of the economy. Organizations now have the opportunity to direct free financial resources not only to expand their own activities (to make capital investments), but also to invest in other organizations, to provide loans, to conduct joint activities with other organizations and to carry out other types of similar operations. In addition, economic entities independently solve the problems of financing both current and investment activities, choose the means and form of capital raised. The increasing development in the conditions of unstable economic environment receives such direction activities of economic entities as insurance of various risks using derivative instruments[7].

    1.4. Objectives of improving the accounting of financial instruments and the formation of accounting policies

    One of the main reasons for the global financial crisis, which is currently experiencing the economy, called unreasonable increase and incorrect development of the market of financial instruments. Most investors, due to incorrect valuation, poor risk detection when using financial instruments, did not have true information about the real financial condition of the invested companies.

    in the domestic economy, financial instruments are used very poorly and to strengthen their use in the context of development the current policy of our Government is aimed at the stock market. In addition, it should be noted that the issues of accounting and reports are under-reported[9].

    Financial instruments-are one of the most complex objects of accounting. Accounting for financial instruments and the procedure for their reflection the financial statements are defined by many international financial reporting standards (IFRS, hereinafter referred to as standards). Of these, there are three main,determining the order of their accounting and presentation of information about them in the financial statements.

    CHAPTER 2. ORGANIZATION OF ACCOUNTING AND AUDIT OF EXPENSES IN THE CONDITIONS OF THE STATE ENTERPRISE "SNEZHNYANSKY PLANT OF CHEMICAL ENGINEERING"

    2.1. Structure of the accounting object with respect to financial instruments

    In accounting, financial instruments should be considered in the context of the following structure.

    1. Simple financial instruments
    2. Equity financial instruments
    3. Debt financial instruments
    4. Derivative financial instruments (derivatives)

    2.2. Primary accounting of financial instruments

    All economic operations carried out by an economic entity shall be executed by primary documents in accordance with the legally established procedure. For the purposes of accounting, business transactions must be constantly documented (registered) either at the time of Commission or immediately after their completion. From this it follows that the basis for acceptance to the accounting of business transactions are the primary documents. The primary document is the document in which the fact of economic operation is fixed. The primary document must be drawn up during the economic operation, and if this is not possible, then immediately after its completion[10].

    2.3. Analytical accounting of financial instruments

    Analytical accounting allows you to detail and concretize information on individual objects of accounting with subsequent consolidation on synthetic accounts [28]. The order of formation of analytical information is determined by the accounting policy of the enterprise and fixed The order on the accounting policy in the form of a working chart of accounts.

    2.4. Synthetic accounting of financial instruments

    The working plan of accounts of accounting of assets, capital, liabilities and economic operations of SE "snezhnyanskkhimmash" is established special accounts and sub-accounts containing information on the organization of accounting of financial instruments in the enterprise.

    2.5. Analysis of accounting practice of financial instruments and development of recommendations for its improvement

    The problems in the methodology of accounting for financial instruments are explained by the contradictory tasks that have to be solved in the development of standards.


    1.IFRS requirements for financial instruments are very complex, but on the other hand, practice shows that the this information, even if all requirements are met, is insufficient.

    2.In international practice, there are two main definitions of fair value in accordance with IFRS: according to IFRS 3 [29] "business Combinations", fair value is the amount for which an asset can be exchanged or a liability settled in a transaction between knowledgeable, willing and independent parties; in accordance with IFRS 13, fair value Measurement [30] fair value is the price that would have been received on the sale of an asset or paid on the transfer of a liability in a normal transaction between market participants on the valuation date. From the presented definitions it follows that in international practice there is no an unambiguous understanding of fair value. This causes certain difficulties in accounting for financial instruments.

    În the one hand, the use of fair value in the valuation of financial instruments is more appropriate and useful for decision-making economic decisions by users of financial statements compared to the original cost. But the availability of different options techniques its definition in the absence of an open market makes this indicator very unreliable.

    Incorrect valuation of financial instruments may result in an incorrect management decision, then incorrect recognition of profits and losses, income from the ownership and use of a financial instrument, the uncertainty of the methodology for calculating the discounted and amortized cost.


    3.The universal classification does not correspond to the company's financial instrument management policy. Misclassification leads to inaccurate display of information in the financial statements, in the accounting of profits and losses, income from owning a financial instrument, a complication of accounting for a large number of financial instruments.

    it can be concluded that the requirements specified in IFRS 7 "Financial instruments: disclosure" are not reflected in the provisions of IFRS 9 "Financial instruments". For reliable disclosure of information in IFRS 9 "Financial instruments" it is necessary:

    1. define the requirements that hedged items must meet;
    2. identify items used in hedging;
    3. give definitions of fair value hedging, cash flows, net investments in foreign companies;
    4. register hedge accounting;
    5. to specify the definition of amortized cost;
    6. determine the conditions under which impairment of an asset is recognised;
    7. develop a method for accounting for impairment of financial assets measured at amortised cost.

    In order to improve the accounting of financial instruments in the enterprise, it would be rational to combine the classifications available in the scientific literature financial instruments in General. Then this classification will reflect the division of financial instruments by the most significant common features. Each of the groups of financial instruments, in turn, will be able to be classified according to specific characteristics reflecting the peculiarities of their issuance, circulation and redemption.

    Introduction of IFRS 9 "Financial instruments", affected such provisions as initial recognition, derecognition, initial and subsequent assessment, classification, but several problematic issues remained unresolved.

    2.6 Audit of financial instruments

    Audit-verification of accounting data and financial statements of a business entity for the purpose of expressing an independent opinion auditor on its reliability in all material aspects and compliance with the requirements of the laws of Ukraine, regulations (standards) of accounting or other rules (internal regulations of business entities) according to the requirements of users.

    the audit Process is regulated by the Law of Ukraine "on audit of financial statements and audit activities" [31].

    CHAPTER 3. OCCUPATIONAL SAFETY

    3.1. Importance and legislative and regulatory regulation of labor protection at the enterprise

    One of the main and most important state tasks is to protect the life and health of citizens in the process of their work, creation of safe and harmless working conditions. Transition of society to wide use of market relations, emergence of various forms they require the development of new methodological approaches to the construction of a modern model of management conditions, safety and security at the national, regional and industrial levels, accessible to various economic structures and forms of ownership. In a society with a socially oriented economy of the country, labor protection should be one of the most important tasks of social and economic policy state, each enterprise and organization[32].

    3.2. Factors affecting occupational safety in the enterprise

    For the Donetsk people's Republic, the development and use of modern methods of assessment and management of occupational risks in metallurgical industries are of particular importance, taking into account the significant contribution of the industry to socio-economic development and quality of life in the region. Professional risk management system is a complex of organizational, legal, financial and economic, technological and medical measures aimed at reducing occupational risks and ensuring safe, healthy and decent work.

    the

    3.3. Measures aimed at improving the organization of labor protection

    The ompany is constantly working to improve the culture of safety, the formation of a conscious attitude of employees to the issues safety, identification of hazard sources and adjustment of hazardous activities and conditions, taking a leading role in this process to managers at all levels, studying and applying the best practices in the field of occupational safety and health securities.

    Conclusions

    In the thesis was investigated such indicator of accounting as financial instruments of activity. In accordance with the objectives of the thesis, certain tasks were solved.

    According to the results obtained in the work, it can be concluded that the problem of accounting financial instruments activities are not fully understood. There are many bottlenecks that should be given special attention.

    According to the tasks:

    The essence and content of financial instruments activities. Financial instrument — any contract, on which there is a simultaneous increase in the financial assets of one enterprise and the financial liabilities of another.

    Classification approaches on normative documents, industry instructions in relation to financial instruments are Studied.

    The goals and objectives of the features of legal regulation of accounting of financial instruments are Defined. Branch normative documents are considered in detail.

    The organization of primary, analytical and synthetic accounting of expenses of activity is Studied. For the organization of primary accounting at the enterprise own forms of primary documents are applied. They cover the full cost accounting process in the enterprise. For analytical accounting, the enterprise has developed summary statements that allow you to see the generalized information from the primary documents. At disclosure of the organization of the synthetic account it is found out that for the account of expenses of activity accounts are used 14, 35, 36, 40, 50, 52, 60, 63 from the chart of accounts and also provides standard correspondence on accounting of financial instruments activities in the enterprise.

    Accounting practices are Reflected. The journal of registration of economic operations, chess and turnover balance sheets was compiled. On their basis the reporting of the enterprise was made.

    Based on the results of the analysis of practice, the company was recommended to improve the accounting of financial instruments

    Audit of financial instruments of the enterprise is Studied. The goals and objectives of the audit were identified. The stages of audit are considered in detail, information about the working documents and the results of the audit is disclosed.

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