Економічні науки/7. Облік та аудит

PhD, Associate Professor Bulkot A.V., Master of Science Lastivka M.I.

State Higher Educational Establishment «Kyiv National Economic University named after Vadym Hetman», Ukraine

PECULIARITIES OF ACCOUNTS PAYABLES TO NON-RESIDENTS AT ENTERPRISES, INSTITUTIONS AND ORGANIZATIONS

As a result of economic activity at any enterprise can cause the accounts payable which consists of debt to suppliers for received material assets from them, debts to the budget on tax payments, arrears of wages and insurance, advances to customers for the future shipments and so on. Such debt is a significant part of the liabilities that is why a study of account payable in the current business environment is very important.

An important place among the debts to suppliers allocated the loans to non-residents of Ukraine. This is due to several factors, namely:

Firstly, the volume of foreign trade grows. In terms of increasing the cost of production, the growth in the share of machinery and equipment that have significant terms of manufacturing, exporters and importers are interested in using foreign loans.

Secondly, in the conditions of economic situation of Ukraine funds for doing business for domestic enterprises is not always enough in this connection it is necessary to look for different ways of deficit financing reducing. Sometimes this is succeeded by obtaining deferred of payment, sometimes through the application of various types of offsets, the realization of barter supplies and the use of leasing, promissory notes etcetera.

Thirdly, if the enterprise needs cash, then the best option is to get a loan in any foreign currency which is more stable than the national currency in the financial institution.

Accounts payable to non-residents may occur due to non-payment imported on the customs territory of Ukraine goods. Such debt will be monetary (because involves money transferring). It can also be slightly different situation when from non-resident received in advance payment but product has not been shipped to him. This debt can be called a commodity liability.

Accounts payable for import contracts according to the Regulations (standard) of accounting 21 «Effects of Changes in Foreign Exchange Rates» is recognized as monetary item and recalculated in the result of changes in the exchange rate of the National Bank of Ukraine on the settlement date and the date of the statement of financial position [1].

Accounts payable arising from received advance payment, refers to non-monetary items of statement of financial position. The amount of advance payment in foreign currency is converted into the reporting currency applying the exchange rate on the date of the advance receipt. In the case of partly receiving advance payments from customer in foreign currency and partly shipping to the buyer of non-monetary assets, the income from the sale of assets is recognized at the amount of the advance payments using exchange rates based on the sequence of obtaining advance payments.

Referring to the reflection of accounts payable to non-residents in tax accounting it should be emphasized that in tax accounting loans in foreign currency, as well as the arrears of interest accrued on the loan but not repaid on time, have to be recalculated at the moment of the National Bank of Ukraine exchange rate changing. Arrears of foreign currency loan as well as the arrears of interest should be recalculated at the end of the reporting period, and in the case of partly repayment of the loan or debt interest on the loan with including the result of the conversion in income and expenses. In the case of cancellation of accounts payable to the non-resident product supplier on which the statute of limitations has expired the adjustments of financial results is occurred, which means the following: if the resident does not pay for purchased goods, the amount owed to a non-resident is included in income and taken into account during determining the financial result before tax in accordance with the accounting rules at the moment of accounts payable cancellation.

Settlement of accounts payable to non-residents at the state level is regulated by the Decree of the President of Ukraine dated 27.06.1999, No. 734/99 «On the settlement of the procedure of receiving credits, loans in foreign currency by residents from non-residents and application of penalties for violation of currency legislation»[2].

The Decree established that the agreements which provide the implementation of debt liabilities for the credits and loans in foreign currency by residents to non-residents have to be registered by the National Bank of Ukraine.

If residents receive credits or loans in foreign currency from non-residents without registration of contracts to residents the financial sanctions are applied.

Thus, the calculations in the national currency and in foreign currency between residents and non-residents for the export/import of works, goods and services are carried out only through authorized banks. At the same time, the use of foreign currency on the territory of Ukraine as means of payment requires an individual license of the National Bank of Ukraine. Payments in hryvni between residents and non-residents for the export/import of works, goods and services are carried out without individual licenses of the National Bank of Ukraine.

So, summarizing above arguments, we can conclude that in a difficult economic situation and high credit rates in Ukraine there is very common practice of attracting businesses loans from non-resident - related parties. In this way enterprises receive the necessary funds. Interest rates are usually much lower than the rates in Ukrainian banks and by including accrued interest costs to tax expenses entrepreneurs also reduce their income tax.

Literature:

1. Polozhennya (standartu) bukhhalterskoho obliku 21 « Vplyv zmin valyutnykh kursiv» [Electronic resource] – Access mode: http://zakon4.rada.gov.ua/laws/show/z0515-00/print1154500806233111

2. Pro vrehulyuvannya poryadku oderzhannya rezydentamy kredytiv, pozyk v inozemniy valyuti vid nerezydentiv ta zastosuvannya shtrafnykh sanktsiy za porushennya valyutnoho zakonodavstva Prezydent Ukrayiny; Ukaz vid 27.06.1999 № 734/99 [Electronic resource] – Access mode: http://zakon4.rada.gov.ua/laws/show/734/99.