IMPROVEMENT OF ACCOUNTING INFORMATION ON RENTAL TRANSACTIONS TAKING INTO ACCOUNT THE REQUIREMENTS OF INTERNATIONAL STANDARDS

Abstract

The article is devoted to determining the features of accounting for lease transactions according to national and international standards, identifying problematic aspects and developing recommendations to ensure the information needs of users of financial statements regarding the lease transactions of the enterprise. In the process of research, the difference between operating and financial leases was analyzed, the criteria for capitalization of leases defined by international financial reporting standards were described. The features of using IFRS 16 «Leases» were studied. The features of reflecting business transactions related to the recognition of assets and liabilities under finance leases and periodic accruals of financing costs and income for the lessee and the lessor were considered. The advantages of using IFRS 16 were identified, which requires the lessee to reflect the asset leased in the form of the right of use and the associated lease liability under a long-term agreement, which, in turn, will lead to the need to develop new methods of analyzing financial statements. Changes in financial reporting regarding the reflection of leased objects will allow investors and creditors to understand what resources are involved in the activities of enterprises and the size of financing sources, estimated at the present value of lease payments. Due to the increase in lease obligations, the financial indicators used in the analysis of the activities of business entities will change. Thus, external users will be able to assess the real financial position and performance of enterprises in which they are interested. Changing the structure of financial reporting will lead to the creation of new approaches to analyzing various aspects of the economic condition of enterprises, which will allow managers to make important strategic decisions in conditions of reduced uncertainty. Changes in financial reporting require corresponding changes in the system of accounting for lease transactions itself with the separation of the necessary information in analytical accounting. The developed proposals for the formation of information on analytical accounting accounts will improve the process of forming financial reporting indicators.