Improvement Of Information About Accounts Receivable In Current Assets In The Balance Sheet Based On International Standards

Abstract

One of the most important financial assets in the total assets of enterprises is accounts receivable. The term accounts receivable refers to all legal entities or individuals arising in enterprises, also represents the amounts of debt related to the receipt of sales and other transactions from the separate divisions of the enterprise. Accounts receivable - types, the content of each type, the date of occurrence, the collection period, the order of payment and the specified discounts or penalties in this regard, a complex account with aspects such as the paying counterparty and its financial status, acceleration of the turnover of accounts receivable, and their reflection in the financial statement. and is the object of analysis. Implementation of such a complex task requires chronological, complex and systematic management of accounts receivable.

Accounts receivable in the enterprise as a financial asset gives the right to receive funds from debtor entities for a specific transaction. Therefore, this type of financial assets is considered as the basis for exercising the right to attract to the enterprise timely funds arising from transactions related to the entity.

Accounts receivable information provided in the current assets section of the balance sheet is one of the main sources for partners to study and assess the financial condition of the enterprise.

The latest changes in the national economy, i.e. the acceleration of the entry of enterprises to foreign markets, the entry of foreign partners into our country, create the need to implement financial reporting information based on internationally accepted standards or practices. This opinion also applies to accounts receivable in the full sense - current account and the order of their reflection in the balance sheet. There are a number of problems in this object, the optimal solution of which is considered as one of the urgent issues waiting to be solved in the national financial accounting and reporting system. One of the important activities in this regard is to separate accounts receivable related to current assets into trade and non-trade descriptions and take into account other specific aspects and reflect them in the balance sheet.