Financial Risk Management Accounting

Tetyana Kaminska () and Olena Kolesnikova
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Tetyana Kaminska: National University of Life and Environmental Sciences of Ukraine
Olena Kolesnikova: National University of Life and Environmental Sciences of Ukraine

Oblik i finansi, 2014, issue 1, 20-25

Abstract: Active market economy involves various risks for market players. A particular place due to the specifics and significance within the risk classification system belongs to financial risks. In legislative instruments the issue of risks is considered superficially. Accounting Regulation does not contain any provisions on risks accounting and those of their consequences, as well as any clarification on providing relevant information to managers at different levels and other stakeholders. However, risk management is one of the key components of effective functioning of enterprises and organizations. The article provides the research into the mechanisms of risks identification using accounting tools and information systems for its management. The main factors of risks occurrence probability have been highlighted. The level of information disclosure on reserves in to balance liabilities at companies of foreign countries and Ukraine has been analyzed. Basic techniques of risk management have been found. Particular attention has been drawn to self-insurance, namely to reserve capital development and accounting.

Keywords: accounting; financial risk; self-insurance; reserve capital; risk management (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2014
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