Using of Some Concepts of Financial Management in the Evaluation of Objects of Financial Accounting

Abstract

The concept of the time value of money and the effective interest rate are systemically important in the framework of financial management. In this regard, it is strange that the provisions of these theories are still minimally used within the framework of the information support system for the management decision-making process — financial accounting. The article discusses the main areas in which discounting and value accumulation procedures are currently used in financial accounting, calculations based on the effective interest rate are used. The content of Russian and International accounting and financial reporting standards, which regulate the relevant issues, is analyzed. The conclusion is substantiated that using of existing developments in the framework of financial management in financial accounting is clearly not enough. Suggestions are made on potential directions for the implementation of relevant practices in financial accounting. A hypothesis is put forward about the need to use universal methods for evaluating objects of financial accounting based on the concept of the time value of money. A methodology for such evaluation is proposed.