Accounting of Financial Costs in the Company: Scientific and Practical Aspect

The article is devoted to explanation of the features of financial cost accounting. The financial cost accounting problematic issues are outlined which appear in case one loan is used for financing of several company goals. Financial cost capitalization procedure in domestic companies is discussed in accordance with the National Accounting Standard 31 ‘Financial costs’. Analysis and systematization of IFRS 23 ‘Borrowing costs’ requirements for financial cost capitalization procedure were made. The features of financial cost accounting are shown on practical examples. The methods are grounded for calculation of borrowing cost amount. Pro and contra arguments are given concerning financial cost capitalization. The approaches are proposed to improvement of financial cost accounting methods, which would allow the management to obtain true information about the sources of cost formation in the company. The scientific and practical aspects of financial cost accounting discussed in the article would help the accountants to orientate themselves in problematic situations which may arise during borrowing cost capitalization.