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Accounting for Expenses and Income of Extraordinary Events
Kucherenko T. Y., Mykhailovyna S. O., Olyadnichuk N. V.

Kucherenko, Tamara Ye., Mykhailovyna, Svitlana O., and Olyadnichuk, Nataliya V. (2024) “Accounting for Expenses and Income of Extraordinary Events.” Business Inform 9:328–334.
https://doi.org/10.32983/2222-4459-2024-9-328-334

Section: Accounting and Auditing

Article is written in Ukrainian
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UDC 657.6

Abstract:
The article substantiates the accounting support of income and expenses of extraordinary events and the separation from them of those that arose as a result of extraordinary events. The relevance of the study is due to the importance of accounting for expenses and income in the context of modern economic and regulatory changes, especially in the context of emergencies that have a significant impact on the financial results of enterprises. The authors analyze and systematize the approaches of domestic scholars to the definition and recognition of the concept of «extraordinary events» in the accounting and reporting system available in the legislation of Ukraine and scientific literature. International Financial Reporting Standards (IFRS) and national regulations (NP(S)A) regulating the accounting of such events are analyzed separately. It is found that there is a contradiction between international standards for the reflection of extraordinary events in financial statements, in particular between IAS 1, which prohibits separate reflection of extraordinary income and expenses, and IAS 34, which obliges the disclosure of atypical income and expenses. The study also points out the need to separate the influence of subjective and objective factors that can lead to the occurrence of extraordinary events. The aim, features of the formation and structure of the accounting information system are determined. The criteria for recognition of extraordinary events in accounting and reporting and the main features of the environment for determining the status of an ordinary or extraordinary event (transaction) are substantiated. The authors’ own vision of the classification of extraordinary events is proposed, taking into account the branch of the economy, the geographical location of the business entity and the nature and degree of State regulation. The practical significance of the article lies in the proposals for the classification of extraordinary income and expenses by types of activity: operational, investment, financial, which is important for making managerial decisions along with correct reflection in accounting and reporting. The article will be useful for accountants, auditors, but also for scientists engaged in research in the field of accounting and financial accounting.

Keywords: accounting, expenses, income, extraordinary events, reporting, classification.

Fig.: 2. Tabl.: 1. Bibl.: 22.

Kucherenko Tamara Ye. – Doctor of Sciences (Economics), Professor, Professor, Department of Accounting and Taxation, Uman National University of Horticulture (1 Instytutska Str., Uman, Cherkasy region, 20305, Ukraine)
Email: [email protected]
Mykhailovyna Svitlana O. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting and Taxation, Uman National University of Horticulture (1 Instytutska Str., Uman, Cherkasy region, 20305, Ukraine)
Email: [email protected]
Olyadnichuk Nataliya V. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting and Taxation, Uman National University of Horticulture (1 Instytutska Str., Uman, Cherkasy region, 20305, Ukraine)
Email: [email protected]

List of references in article

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