ACCOUNTING ASPECTS OF TRANSACTIONS UNDER LEASING AGREEMENTS

Abstract

The scientific research examines the transactions under lease agreements, analyzes their nature and highlights their specific features. On this basis, a definition has been formulated for them, which clearly outlines their commitment to the lease agreement concluded between the contractors. Their main characteristics are also reflected, directly reflecting on the organization and implementation of the reporting process in non-financial enterprises.

In order to achieve in-depth research, the possibilities for classification of leasing contracts have been studied, distinguishing their accounting classification from that for tax and legal purposes. On this basis, it is concluded that the accounting and tax effects of asset lease agreements are different and should be considered separately. It has also been established that, from a substantive point of view, the accounting concept of 'operating lease' corresponds to the concept of 'lease' in law, and that the accounting concept of 'finance lease' corresponds to the legal concepts of 'operating lease' and 'finance lease'. The thesis is also argued that the correct definition of leasing transactions and the precise classification of leasing contracts is an important condition for their lawful, true and fair accounting.