CALCULATIONS IN FOREIGN CURRENCIES FOR IMPORT-EXPORT OPERATIONS: REFLECTION IN ACCOUNTING AND ACCOUNTING POLICY OF SMALL BUSINESS ENTERPRISES

Abstract

The article examines the problems of reflecting in the accounting of small business enterprises payments in foreign currencies for import-export operations. The relevance of the chosen research topic is justified by the fact that more and more domestic small business enterprises are involved in import-export operations of foreign economic activity, which actualizes the issue of reflecting in the accounting of such enterprises payments in foreign currencies. The relevant aspect of forming the accounting policy of small business enterprises deserves special attention in the field of accounting for payments in foreign currencies. The object of the study is the process of accounting for payments in foreign currencies for import-export operations at small business enterprises. The subject of the study is a set of theoretical, methodical and practical aspects of accounting for payments in foreign currencies. In the course of the research, techniques of critical analysis, comparison, modeling and synthesis were used. Based on the results of the conducted research, the normative principles of identification and display in accounting and reporting of accounting objects valued in foreign currency were systematized. Alternative approaches to the display of exchange rate differences by monetary items of the balance sheet on the date of the economic transaction are analyzed – either within its limits or by the entire item. The feasibility of introducing the first of these approaches into the accounting policy of small business enterprises has been proven, which will avoid excessive overstating of income and expenses for «fictitious» amounts and will positively affect the transparency and informativeness of financial reporting. It was determined that a reasonable choice of an accounting policy element meets the fiscal interests of small businesses – income tax payers, because it reduces the risk of transition to a quarterly tax (reporting) period and the risk of mandatory adjustment of the financial result before taxation on the difference. A well-founded proposal for the introduction at the regulatory level of the possibility to summarize the indicators of income and expenses from exchange rate differences in financial reporting, which will improve the level of perception of the relevant indicators of such reporting. The practical value of the obtained results lies in the improvement of the organizational and methodical support for the accounting of calculations in foreign currencies for import-export operations, which will allow in practice to increase the quality level of accounting support of management at small business enterprises.