Basic aspects of accounting and reporting of financial instruments

This article reveals the main aspects and problems of accounting and financial reporting on financial instruments. The article discusses the main regulations in this area based on international financial and reporting standards and Russian accounting standards, makes distinctions between these standards, and also reveals the main requirements for their use. In modern economic relations, financial instruments are beginning to take an increasingly important role; the scope of their application extends to both commercial and non-profit organizations. The term «financial instruments» means a financial document that can be presented in the form of securities, monetary obligations, an option, futures and other types of monetary documents, the transfer or sale of which involves the receipt of funds.