Current Issues of Accounting and Evaluation of Financial Instruments in Accordance with International Financial Reporting Standards
The analysis of the current International Financial Reporting Standards resulted in the fact that current issues of their application for the evaluation of financial instruments in accounting have been identified. The authors provided the classification of financial instruments to organize the accounting of derivative financial instruments. The authors considered the advantages and disadvantages of using fair value measurements when accounting for financial instruments. The improvement of the methods of accounting for financial instruments and reporting them is one of the development orientations for the infrastructure of a market economy. In this case, it is necessary to solve some issues including weak legislative and normative regulation of operations with fixed-term contracts, and especially their accounting; development of methods for valuing assets; improving their management accounting.The use of the provisions of IFRS will contribute to overcoming global financial crises. The standards introduce a substantially reformed model of hedge accounting, which aligns the accounting procedure with risk management activities, which will allow companies to improve the reflection of these activities in their financial statements.