Matsenko L. Accounting for and Control over Facts of Business Life with Contingent Consequences

Definition of the concept fact of business life with contingent consequences as well as philosophical, economic, legal and accounting approaches to understanding the essence of this concept have been obtained; the list of organizational, production and socio-economic objects of accounting for facts of business life with contingent consequences has been formed as well as distinctions in approaches to their accounting reflection have been grounded. With the purposes of accounting for and control over facts of business life with contingent consequences, the classification of these facts has been suggested. In the practical aspect of accounting: the forms of source documents for accruing and writing off provisions, contingent assets and contingent liabilities as well as the chapter of the Order on accounting policy Facts of business life with contingent consequences have been developed; methodical approaches to evaluation, reflection of facts of business life with contingent consequences on accounts and in reporting have been improved. In the practical aspect of accounting control: recommendations on hierarchy of approval of payment documents have been given, it has been suggested to keep working documents for recording results of check of documents-grounds of reflection of facts of business life with contingent consequences as well as methodical approaches to accounting control over facts with contingent consequences at the stages of their performance have been specified.