Підходи до методики дисконтування вартості фінансових інструментів

Abstract

Статтю присвячено підходам до методики дисконтування вартості фінансових інструментів. Значну увагу приділено новаціям у національному законодавстві щодо дисконтування вартості фінансових інструментів. Досліджено підходи до визначення ставки дисконту у дисконтуванні грошових потоків. Окреслено характерні особливості дисконтування вартості фінансових інструментів, які регламентовані в міжнародних стандартах фінансової звітності.

The article is devoted to approaches to the method of discounting the value of financial instruments. Considerable attention is paid to innovations in national legislation regarding the discounting of the value of financial instruments. Approaches to determining the discount rate in cash flow discounting are investigated. The characteristic features of discounting the value of financial instruments, which are regulated in international financial reporting standards, have been identified. Determining the discount rate is the most difficult part of discounting cash flows, as each company calculates it independently. To avoid discounting the debt, it is necessary not to allow the debt to be recognized as long-term. That is, it must be repaid (at least, it must be reflected in the documents) for a period of up to one year. And for this purpose such condition should be specified in contracts. According to the current legislation, collateral differs from the obligation by the degree of certainty regarding: the amount of debt (the usual obligation is characterized by a reliable estimate, and to ensure a settlement, ie accounting estimate of resources to be spent to repay the debt) or its maturity. In addition, what these categories have in common is that the basis for the occurrence of the obligation and the possible formation of collateral is a past event (or events) that led to the fulfillment of the criteria for recognition of such an article. It is necessary to legally eliminate all uncertainties regarding the methodology of substantiation of the effective interest rate, as national and international accounting standards do not have such a justification. We consider it necessary to emphasize that the discount rate is quite difficult to calculate, especially in modern realities, when the law does not define the method of calculating the discount rate. Аpproaches to the method of discounting the value of financial instruments that arise in domestic law and lead to conflicts between taxpayers and tax authorities necessitates the legal regulation of the method of determining the effective interest rate in accordance with international financial reporting standards and national accounting standards.