INTERNAL CONTROL OVER THE WAY LONG-TERM LIABILITIES ARE REFLECTED IN BOOKKEEPING AND MANAGEMENT ACCOUNTING

Abstract

Currently, at the legislative level, the issue of internal control in general and in terms of long-term commitments in the private sector is not settled, therefore, research in this direction is relevant and urgent. The purpose of the article is to investigate the peculiarities of internal control of the procedure of reflection of long-term obligations in bookkeeping and management accounting and to present the sequence of control and verification activities of internal control subjects. The study is based on the use of general scientific methods: systematic, logical, analysis, induction, deduction, as well as using the methods of theoretical generalization, classification and grouping. Analyzed the legal and economic content of the concept of "liabilities" and proposed an additional classification attribute "as reflected in the Balance Sheet (Statement of financial position)" in the classification of liabilities, which will allow to obtain more accurate and qualitative information. Presented the author's vision of the goals and objectives of internal control of long-term liabilities and grouped sources of information for its implementation. There are given specific control and verification actions of the subject of internal control of long-term liabilities at each stage of verification of the procedure of data reflection in bookkeeping and management accounting and generalization of information about: debts of the enterprise on loans received from banks that are not current liabilities (debts that are not repayable during the operating cycle of the enterprise or within twelve months from the balance sheet date); debts of the enterprise on liabilities with borrowed funds (except bank loans) on which interest is accrued; the amount of income tax payable in future periods due to the temporary difference between the accounting and tax evaluation bases; debts on issued long-term bills and distributed bonds; long-term lease liabilities; other long-term liabilities in national and foreign currencies, etc. The practical value of the results of the study consists in the possibility of using them to verify the correctness of the implementation and reflection in the bookkeeping and management accounting of long-term liabilities for settlements with creditors by any subjects of internal control.