DERIVATIVE INSTRUMENTS – ALTERNATIVES TO COVER THE FOREIGN EXCHANGE RATE IN THE CASE OF IMPORT-EXPORT OPERATIONS - ACCOUNTING APPROACH FOR ROMANIA

The present dynamics of the economic environment imply the existence of permanent exchange between the world states’ economies. This fact is benefic for and desired by all the participants on the international economic transactions market, but it may also imply some risks. Thus, they must have the capacity, in the current conditions of financial evolutions and involutions, to protect themselves against the risk generated by foreign currency fluctuations in the case of international business. In this paper, our attention is focused on the possibilities of diminishing the foreign currency risk of the import-export operations, through usage of derivative instruments. We singularized the research for two components of the derivative instruments: futures and options. We added an accounting approach to the theoretical approach singularized for Romania. In order to be relevant, our study was build in parallel, by highlighting the effects of the foreign currency fluctuations in both the cases of using and not using derivative instruments. The research findings will demonstrate and sustain the fact that usage of derivative instruments is an admissible way to cover the risk generated by foreign currency fluctuations in the case of import-export operations.