Problems of Accounting Interpretation of the Results of Financial Activity

The concept of financial activity is often identified with the concept of financing. Financial activities as the object of accounting (activities that lead to changes in the size and composition of equity and debt capitals) are influenced by environmental factors that the enterprise cannot control. These difficulties affecting the organization of financial accounting of income and expenses, cash flow from financial activities and determine the financial result. The article is devoted to the problems of financial activities, resulting in three accounting subsystems: bookkeeping, tax and management accounting. The conditions of the interpretation of income and expenses from financial activities in financial and tax accounting are being disclosed. Revealed inconsistencies of provisions of national standards and recommendations on accounting and taxation of the financial activity operations that create differences in the formation of indicators of financial and tax reports. The list of financial activity transactions is given, interpretation of which caused controversy in accounting. The suggestions on harmonization of methodological provisions of bookkeeping and tax accounting are provided.