Kinzerska N. Accounting and control of foreign economic activity of enterprises under conditions of increasing risks

The dissertation is devoted to solving a scientific problem of developing theoretical, methodical and organizational foundations for accounting and control of foreign economic activity of enterprises under conditions of increasing risks. The dissertation highlights current trends in the development of accounting of foreign economic activity in the context of international integration. Determining and assessing the impact of these trends, made it possible to scientifically substantiate the directions of further development of accounting for foreign economic activity in terms of increased risks and unstable functioning of the economic environment. The detailed identification and study of the components of foreign economic activity as accounting objects under instability of the external environment exposed the way to specify the range of forms of foreign economic activity that take into consideration new types of foreign economic operations and accounting objects of foreign economic activity. The critical analysis of the state and trends of foreign economic activity of enterprises, provided the basis for improving the classification of risks of foreign economic activity for accounting purposes by developing features of classification (by level of forecasting; by degree of recurrence; by sources; by impact on activity; by impact on enterprise reporting indicators; by the impact on the results of foreign economic activity, the consequences of foreign economic transactions) and the identification of relevant types of risks. By analyzing the current practice of accounting for foreign economic activity of enterprises and establishing its main shortcomings, the proposals for improving the elements of accounting policy of foreign economic activity of enterprises in methodological and technical aspects in terms of risk have been suggested. The methodological support for the system of risk-oriented accounting of foreign economic activity has been supplemented and improved by identifying its key elements, developing documentary support for identifying and assessing risks of foreign economic activity, forming methodological support of accounting for foreign economic transactions in terms of increased risks. Recommendations have been proposed for improving the management system of foreign economic activity of enterprises by supplementing the elements of the Management Report to enhance disclosure of foreign economic activity risks, amending Annex 3 «List of additional items of financial statements» National Accounting Regulations (Standards) (NR(S)AU) 1 «General requirements for financial reporting» in reflecting foreign economic activity in terms of associated risks and developing internal management accounting forms. The organizational support of internal control of foreign economic activity of enterprises under conditions of increasing risks according to the COSO concept has been expanded, namely in selecting elements and main stages, in providing documentary support for organizing internal control has been developed. Thus an effective combination and streamlining of controlling functions in the sphere of foreign economic activity has been ensured with these proposals. The methodical support of internal control of foreign economic activity of enterprises has been developed. In particular, its components and stages of its implementation have been singled out, typical accounting violations and omissions in the sphere of foreign economic activity under the influence of risk factors have been systematized, which facilitates the minimization of the negative impact of risks in foreign economic activity. The methodological bases for estimating the efficiency of internal control of foreign economic activity of the enterprises under risk-oriented management by realizing its monitoring have been developed. A comprehensive substantiation of theoretical and methodological provisions of the system of monitoring internal control of foreign economic activity of the enterprise by clarifying the content of the concept of “monitoring of control measures”, highlighting its main elements and stages, which will facilitate proper and prompt assessment of the effectiveness of internal control of foreign economic activity has been realized.