The Main Conditions for the Recognition of Estimated Liabilities as an Accounting Object
The main purpose of the study is to substantiate the author’s view of the main problems related to the terms of recognizing estimated liabilities in the accounting system, as well as with the consequences that may arise when the liabilities are estimated incorrectly. The objectives of the study are: to establish the conditions for recognizing the liabilities and applying them in their estimation. The main hypothesis of the study is that in order to recognize estimated liabilities as an object of accounting, a necessary condition is the inevitability that an organization has a certain duty, which appeared as a result of its economic activity in the past, which cannot be avoided. That is, the organization needs to make sure there are no alternatives to settle the liabilities as a result of its future actions and in the presence of negative consequences when evading obligations. The result of the study is the confirmation of the fact that certain conditions are necessary for the recognition of obligations as valuation and that the transition to a new method for valuation of the accounting object - "Estimated liabilities" - is aimed at increasing the reliability and timeliness of the financial statements of organizations. At the same time, the question remains whether the fair value is possible for a given accounting object.