The concept of accounting for contractual obligations: Searching for accounting development areas

Subject. This article discusses the possibility of including a system of changes in market relations and their impact on the financial results of the organization's activities in the field of accounting and economic analysis. Objectives. The article aims to determine the possibility and necessity of forming information in the field of accounting containing a prognostic function, which can be achieved by including a new concept in the structure of accounting, namely the concept of accounting for contractual obligations, and prove the necessity and objectivity of information when including in the field of accounting its new objects, i.e. contractual law and contractual obligation. Methods. For the study, we used academic economics in the field of accounting, namely the economic theory of ownership of an economic resource, the theory of contractual relationships, and the theory of contractual obligations. Results. The article presents a proof of compliance of the concept of accounting for contractual obligations with the International Conceptual Framework for Financial Reporting (2018), which defines an economic resource as a right to an asset that has the potential to create economic benefits in the future, and a contractual obligation corresponding to this right, namely to transfer an economic resource. Conclusions and Relevance. Contractual obligations, by virtue of their objectivity, must find their place in the structure of accounting, since information about them is formed on the market. The systematic reflection of contractual obligations expands the scope of accounting to include market relations in it. The concept of accounting for contractual obligations makes it possible to reduce the gap between academic economic science and accounting theory.