ECONOMIC SUBSTANCE OF THE CATEGORY "FINANCIAL ASSETS"

Abstract

To determine the economic essence of the categories of "financial assets" the article presents the results of research of the International Financial Reporting Standard (IFRS) 9 "Financial Instruments", Regulations (Standard) of accounting in Ukraine 13 "Financial Instruments", Ukrainian regulatory and scientific literature. While the research it was established that there is an inconsistency between the regulatory documentation and scientific literature in determining the essence of financial assets. Absence of clear interrelation of financial assets with financial instruments and financial investments significantly affects the quality of formation of information on financial assets in the financial statements and its interpretation by users of financial statements. In this connection, the issue of definition of economic essence of financial assets, determination of the degree of their interrelation with financial instruments and financial investments is not only theoretical in nature but also useful from the practical point of view.