Disclosure of Off-Balance Sheet Accounting Data in the Enterprise's Financial Statements

Off-balance sheet accounting data plays an important role in the management of the enterprise and should be disclosed in the reporting, because the transactions recorded on off-balance sheet accounts may in the future cause changes in the balance sheet assets, liabilities, income, expenses and financial results of the enterprise. The purpose of the article is to summarize the theoretical and methodical bases of the disclosure of off-balance sheet accounting data in the financial statements of the enterprise and to develop recommendations for their improvement to form the quality information support of the management system of business entities. The critical analysis of the theory and practice of disclosure the off-balance sheet items in the financial statements has made it possible to determine problematic aspects and outline directions for their improvement in accordance with the information needs of external and internal users. The improvement of the financial statements of the enterprise, namely Notes to the annual financial statements, was proposed by introducing the section "Information about off-balance sheet items". In this section the data about the availability and movement of off-balance sheet items will be disclose in the context of classification groups: values that not owned, but temporarily owned, operated, or stored; conditional rights and obligations of the enterprise; objects of operational control. Authors recommend disclose the value of intangible, long-term biological and other non-current assets that are leased out under operating leases in the notes to the annual financial statements. In addition, the depreciation should be disclosed in the context of depreciation of property, plant and equipment, non-current assets, non-current assets. It will ensure the clarity and accessibility of the reporting information and will help to increase the confidence of potential investors and partners to enterprise.