THE LEASE TRANSACTIONS WITH THE LESSEE: PECULIARITIES OF ACCOUNTING REGULATIONS AND KEY AUDIT PROCEDURES

Abstract

The scientific work is devoted to the study of the organization of accounting for lease transactions at the lessee, based on the analysis of the requirements of international financial reporting standards and national accounting regulations (standards). The purpose of this study is to analyze the regulatory framework for accounting for lease transactions, which will provide substantiation of the theoretical, methodological and organizational provisions of accounting, and specify audit procedures in the process of auditing financial and operating leases at the lessee. The information base of the research consists of regulatory documents, scientific works of domestic scientists, practitioners, and the authors’ own scientific developments. According to the results of the study, it is proved that an important role in the process of organizing the accounting of lease transactions is played by regulatory regulation, since it defines the rules and laws according to which enterprises must provide accounting summarization of lease transactions. This helps to avoid misunderstandings and conflicts between the parties to the lease, forms the basis for the stability of financial statements and allows for effective control over the financial performance of the entity. The scientific work summarizes the features of financial leases, specifies the features of accounting for financial and operating leases. The methodology for disclosing information on financial and operating leases by the lessee in the notes to the financial statements is detailed. It is argued that accounting in accordance with IFRS is more complicated than UAS. IFRS are actively integrated into the accounting practices of both international and domestic enterprises. However, accounting under national standards in Ukraine does not lose its relevance, although in the future, for a significant number of enterprises, the process of transition to accounting (including lease transactions) in accordance with IFRS will be inevitable. The authors have identified audit procedures that should be performed in the process of auditing lease transactions at a lessee, which are the real embodiment of the application of appropriate methods and techniques, a certain sequence of which forms the audit methodology.