Accounting Policies of Organizations Engaged in Foreign Economic Activity

Abstract

The purpose of the study is to develop the concept of the internal regulation “accounting policy” of an organization, taking into account the peculiarities of the legal framework for accounting and controlling export operations. The methodological basis is a dialectical approach to the phenomena and processes of financial and economic operations of organizations engaged in foreign economic activity. To research the problem the following methodological approaches were used: systemic approach, deduction and induction, comparative analysis, specification, formally legal assessment of documentation. The paper discusses the procedure for drawing up accounting policies, taking into account the peculiarities of accounting and tax accounting of export operations and the requirements of the legislative and regulatory framework for foreign economic activity. The emphasis is placed on the forms of the accounting documents applied and the contents of the chart of accounts, in which it is necessary to provide for the accounts of the first, second (subaccounts) and third (subcontos) orders to obtain the detailed information on each export transaction, assets and liabilities. The author proves that when drawing up accounting policies for tax accounting purposes, it is necessary to consider accounting policies of accounting as a whole. The results obtained complement and expand the other economic academics’ scientific base on how to organize accounting of foreign economic activity. The presented model of the regulation “accounting policy” of the organization will be useful in the practical activities of entities carrying out foreign trade operations.