Identification of Objects of Accounting in Activities of Non-Banking Financial Institutions: Initial Monitoring and Valuation
Dyka O. S., Prokopenko Z. V.

Dyka, Olena S., and Prokopenko, Zhanna V. (2019) “Identification of Objects of Accounting in Activities of Non-Banking Financial Institutions: Initial Monitoring and Valuation.” The Problems of Economy 3:233–239.
https://doi.org/10.32983/2222-0712-2019-3-233-239

Section: Economic statistics. Accounting and Auditing

UDC 657:657.6:336.734

Abstract:
The study deals with the scientific substantiation for identifying objects of accounting in activities of non-banking financial institutions related to initial monitoring and valuation. The attention is focused on the process of identifying objects of accounting in activities of pawnshops, as a non-banking financial institution, with the aim of developing methodological support for the accounting in pawnshops as well as requirements for pawnshops regarding organizational issues (compliance with legislation on financial services; inclusion in the State Register; internal rules or provisions governing the rendering by the pawnshop of financial and related services; compliance of the foundation documents of the pawnshop with the requirements of the law; presence in the full name of the pawnshop of the word “pawnshop”, etc.) as well as personnel issues. In addition, objects of accounting in pawnshops, including general and special objects of accounting, are identified and differentiated. Moreover, it is found that each of the pledged items is individual and has its own characteristics, among which there are: cost of products made of precious metals and stones is calculated on the basis of the current prices approved by the Ministry of Finance of Ukraine in accordance with the fineness and value of jewelry and coins made of precious metals; provision of financial loans against vehicles is in many ways similar to the provision of similar loans by banks; provision of financial loans against securities; provision of financial loans against property and mortgage loans. It is found that the determination of the value of collateral consists of 2 conditional stages: initial examination of the collateral and the calculation of its value. Also, this process is characterized by a high degree of subjectivity. The impact of the valuation of pledged items on their displaying in accounting operations is determined. Furthermore, the need to display pledge transactions by two types of valuations – by the collateral value and by the size of the loan issued – is grounded.

Keywords: pledged item, non-banking financial and credit institutions, valuation, appraised value.

Fig.: 3. Tabl.: 1. Bibl.: 12.

Dyka Olena S. – Candidate of Sciences (Economics), Associate Professor, Department of Economic Security, Public Management and Administration, Zhytomyr State Technological University (103 Chudnivska Str., Zhytomyr, 10005, Ukraine)
Email: dyolena@ukr.net
Prokopenko Zhanna V. – Candidate of Sciences (Economics), Candidate on Doctor Degree, Department of Accounting and Auditing, Zhytomyr State Technological University (103 Chudnivska Str., Zhytomyr, 10005, Ukraine)
Email: tanaspvl@gmail.com

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