Development of the accounting policy section related to the accounting of accounts receivable and accounts payable

Abstract

Purpose: the article reveals the aspect of business subject associated with the need to create a special section in the accounting policy organization. This section is dedicated to recording the information on receivables and payables, both for accounting purposes and for tax purposes. Discussion: in order to study this issue the author proposes to make adjustments to accounting policies that help to prescribe in detail the evaluation procedure, the revaluation of debt, provision for doubtful debts, the need of adjustments for the use terms. Results: the author proposed a framework for determining seeded accounting policies of the entity and illustrated its testing on the example of company «Chernozemye», LLC. Using the template will not only provide information about the amount of bad and doubtful debts, but also plan their potential value for the next reporting period, reduce commercial risks and thus the probability of bankruptcy for the business entity.