ACCOUNTING ASPECTS OF INTERNATIONAL TRADE TRANSACTIONS FOR PROCESSING OF FOREIGN MATERIALS

Abstract

The scientific research examines international trade transactions related to the processing of foreign materials (toll), based on their purpose - to create a finished product or semi-finished product with customer materials, for which to receive adequate remuneration for the service. In this regard, the characteristics of the mentioned international trade transactions have been studied, their peculiarities have been revealed and a definition for them has been formulated, that is suitable for the needs of their accounting treatment. In addition, it was determined that international trade transactions for processing of foreign materials (toll) have similar features in their way of implementation with re-export transactions. Therefore, for the purposes of the study, it is accepted to call them also transactions for hidden re-export.

In order to achieve a greater depth of the study, the options used in the national practice for accounting of foreign trade transactions for processing of foreign materials (toll) have been studied. Their advantages and disadvantages have been revealed and on this basis a model for their accounting has been developed and argued. The proposed model for accounting of foreign trade transactions for processing of foreign materials (toll) in a real environment has been tested, and conclusions have been made about its practical applicability in several directions:

First. The model for accounting of foreign trade transactions for processing of foreign materials (toll) is developed on the basis of the current legal requirements in the country.

Second. It is methodologically sound and logically structured in accordance with the applicable accounting tools.

Third. It is used in practice and can be used in various types of non-financial enterprises - micro, small, medium and large.

Without claiming to be comprehensive and exhaustive, the aim of this research is to draw the attention of the scientific community to current unresolved issues concerning international trade transactions for processing of foreign materials (toll) and their accounting treatment with a view to their timely and effective resolution.