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UDC 657

 

A. А. Fatenok-Tkachuk,

Ph.D, lecturer in accounting and auditing,

Eastern European National University named after Lesya Ukrainka, Lutsk

O. B. Hrab,

6 course Student in accounting and auditing,

Eastern European National University named after Lesya Ukrainka, Lutsk

 

THEORETICAL ACCOUNTING SENSE OF THE CONCEPT OF ENSURING THE ECONOMIC STABILITY OF THE ENTERPRISE

 

А. О. Фатенок-Ткачук,

кандидат економічних наук, доцент, викладач кафедри обліку і аудити,

Східноєвропейський національний університет імені Лесі Українки

О. Б. Граб,

студентка 6 курсу спеціальності облік і аудит,

Східноєвропейський національний університет імені Лесі Українки

 

ТЕОРЕТИЧНИЙ АСПЕКТ ОБЛІКОВОГО РОЗУМІННЯ ПОНЯТТЯ ЗАБЕЗПЕЧЕННЯ ЕКОНОМІЧНОЇ СТАБІЛЬНОСТІ ПІДПРИЄМСТВА

 

Frequent changes of the economic situation in the country negatively affect on the financial position of companies. The main causes of violations of economic stability are: financial crises, technological progress, market competition, policy changes, inadequacy and unstable legislation. An important component of the enterprise is accounting. Right account interpretation of economic stability will help the company to provide it in practice. In the article investigated accounting sense of the concept of ensuring the economic stability of the enterprise, defined principles of its ensuring, highlighted the main components of the economic stability of the company and given the description the methods of assessment.

 

Часті зміни економічної ситуації в країні негативно впливають на фінансовий стан підприємств. До основних причин порушення економічної стабільності належать: фінансові кризи, науково-технічний прогрес, конкуренція на ринку, політичні зміни, недосконалість та не стабільність законодавчої бази. Важливою складовою функціонування підприємства є облік. Правильне облікове трактування економічної стабільності  допоможуть підприємству забезпечити її на практиці. У статті досліджено облікове тлумачення поняття економічної стабільності підприємства, визначено принципів його забезпечення, виділено основні складові економічної стабільності підприємства та надано характеристику методик їх оцінки.

 

Keywords: the economic stability, ensuring the stability of the enterprise, economic security, principles of economic stability, finance stability.

 

Ключові слова: економічна стабільність, забезпечення стабільності підприємства, економічна безпека, принципи економічної стабільності, фінансова стабільність.

 

 

In order to ensure the correct formation of the accounting process, it is necessary to consider the essence of the concept of "the economic stability’’ of the enterprise. The treatment of economic stability of the enterprise was considered by the leading domestic scientists, namely: Filimonenko O. S., Mamontova N.A., Korobov M. Ya., Tsal-Tsalko Yu. S., Drury K., Radionova V. M., Fedotov V.A. and others. However, despite significant developments, in terms of the interpretation of the economic stability, the question of accounting interpretation of this concept is not fully disclosed.

In general, the concept of “the economic stability" means consistency, immutability, long-term preservation of the state for a certain time. Therefore, economic stability is a stable state or state of equilibrium of all elements of the economic system over a certain period of time [14].

Several authors-scientists categorize "the economic stability" through the categories of "reliability" and "sustainability" and vice versa. They indicate that the main characteristics of stability are the frequency of manifestation of a certain phenomenon, stability - equilibrium, reliability - error-free. In the complex reliability, stability and stability, as scientists believe, are interdependent categories that are able to ensure the effectiveness of the operation of a particular object [7, p .32-35].

Before considering the accounting interpretation of the economic stability of an enterprise, one should consider this concept in terms of economic theory. Differences in the interpretation of the concept of "the economic stability" by the authors, we will consider in table 1.

 

Table 1.

Interpretation of the concept of " the economic stability"

Scientists

Definition of the concept of "economic stability"

The approach on which the interpretation is based

N. Lyubchenko [5]

Under economic stability consider  the state due to the combination of properties of the most important constituent elements of the entity: manufacture activity, work organization, cash-flow, material and technical base, resource support, personnel and intellectual potentials.

Functional

O. Sologub [12]

It defines economic stability as a balanced state of the economic, financial and social resources of the enterprise, as well as their interrelations within the production and distribution system, which provides stable conditions for its reproduction, including the presence of internal and external adverse effects that is achieved with the help of implementation of a specialized complex of diverse financial, economic and organizational measures with the algorithm of the corresponding actions.

Functional

V. Yachmenova [18],

Economic stability is a resultant characteristic, and its indicator is the level of economic stability.

Characterized as an object

N.O. Shpak, M.I. Romanishin [10]

Consider the economic stability of the enterprise from the angle of its ability in the conditions of manifestation of destabilization factors of the business environment to effectively carry out production and economic activity, to form a qualitative strategic potential, to maintain a predetermined level of competitiveness and efficiency in the long run with economic benefits and financial independence for the enterprise.

Functional

A.V. Peretyatko [8]

Economic stability of the enterprise is a balanced state of economic indicators in a certain interval of time and within the value of the indicator, which crossed that may imbalance the economic activity of the enterprise.

Systemic

Sumina V.A. [13]

Economic stability (equilibrium) is the state of the economic system, which must be balanced.Development of which is carried out on the basis of balancing two different factors (for example: supply and demand, costs and income). The equilibrium may be unstable - short-term, and stable - lasting. Also under the state of stability is the ability of the economic system, which has been exposed to a negative deviation beyond its permissible value, to return to a state of equilibrium at the expense of its own resources, loans, redevelopment of production, etc.

Systemic

Filipenko A.С. [15]

It considers sustainable development in two aspects: broadly understood as long-term economic development (as a basis for satisfying human needs), based on certain conditions and norms, and in a more limited sense, sustainable development means the creation of public goods for many generations and observance of the decisive preconditions for its implementation.

Characterized as an object

* Note: developed on the basis of sources [10,5,13,12,18,8,15]

 

After analyzing Table 1 it can be argued that the concept of “ the economic stability is considered in three directions, or as a separate characteristic of the object, as an element of the system, or as a tool for the emergence of one of the management functions.

Scientists interpret the concept of "the economic stability", in terms of accounting, different from economic (Table 2).

 

Table 2.

Accounting interpretation of the concept  " the economic stability"

Author

Accounting interpretation of "the economic stability"

Filimonenkov O. S. [1 4.c.304]

The state of the enterprise, when the volume of its assets and assets is sufficient for repayment of liabilities, that is, the enterprise is solvent.

Mamontova N.A. [3. c.7]

The state of the enterprise, which provides stable financial activity, constant excess of income over expenses, free circulation of money, effective management of financial resources, continuous process of production and sale of products, expansion and renewal of production

Korobov M.I. [15 .c.354]

Correspondence of the parameters of the company's activities and the allocation of its financial resources criteria of the positive characteristics of the financial state

Tsal-Tsalko Yu.S. [17c 315]

State of assets and liabilities of the enterprise, which guarantees permanent solvency

Drury K. [2c.113]

The assessment of financial stability of an enterprise is determined by its financial independence. It relates to the overall financial structure of the enterprise, the degree of its dependence on creditors and investors

Rodionova V. M., Fedotova V. A. [9c.13]

The state of the enterprise, financial resources, their distribution and use, which provides enterprise development on the basis of growth of profit and capital while maintaining solvency and creditworthiness in a permissible level of risk

* Note: developed based sources [14.p.304 ; 3. P.7; 15.p. 354; 17p 315; 2 p.113; 9p.13]

 

Based on Table 2, the accounting interpretation of the economic stability of the enterprise is the state of the enterprise, when the income exceeds the costs, which ensure the solvency of the enterprise to repay their obligations.

In order to achieve and maintain the integrity of the enterprise system, it is necessary to apply a comprehensive strategy for ensuring the economic stability of the enterprise, which will adapt to probable economic changes and ensure the continuity of the enterprise. Its main criterias are clear understanding of resource constraints, the presence of responsible persons, clarity of its wording and accessibility, the flexibility to respond to changes in the market environment, the systemicity and approachability of the goals.

In theory, there are no persistent principles for achieving economic stability of an enterprise. Khoma I.B. refers to the principles of economic stability of the enterprise: rational cost management (by minimizing costs and maximizing financial results); profitability (by maximizing profits and profitability); financial sustainability (by achieving absolute stability); balanced financing (by monitoring the efficiency of investments and the use of internal or external financing); optimization of the production structure (by managing the factors of supply and sales; optimizing the location of raw materials and markets); commodity policy (by adhering to the proper level of quality and competitiveness of products, optimal pricing policy); rational inventory management and effective financial planning [16].

Then, Levkovets N.P., the principle of integrity, timeliness, continuity, legality, planning, efficiency, effectiveness of interaction between its elements, optimal ratio of publicity and confidentiality, competence of the management is attributed to the principles of economic stability of the enterprise [4].

The main components of economic stability of the enterprise include: financial-economic, production-technological, social and component corporate and social responsibility.In order to develop an effective approach to assessing the level of economic stability of the company, its typology was improved by the author [11] (Fig. 1).

 

Fig. 1 Typology of economic stability of the enterprise

Note: source [11].

 

In determining the economic stability of the enterprise, it should be borne in mind that stability is also ensured through sustainability, in particular, financial and economic. Therefore, we believe that there is a close relationship between the categories of economic stability, financial stability and financial and economic stability, which allows to analyze the economic stability of enterprises through the prism of the above categories.

Financial stability should be understood as the ability of an enterprise to maintain its absolute or normal financial stability with a controlling financial equilibrium and, at the same time, the ability to sustain economic growth with the consideration of the most significant external factors.

The main features of financial stability of the enterprise are financial stability, profitability, solvency, creditworthiness, liquidity and business activity. They are the basis for the analysis and evaluation of the financial condition of the company when making the necessary management decisions regarding its strengthening.

Blanc I. A. to the main components of financial stability include: the financial balance of the enterprise; resource sustainability of the enterprise; potential stability of the enterprise; financial stability of the enterprise [1].

The approach to determining financial stability of an enterprise is based on the principle of integration of the following indicators:  

1) the coefficient of sustainable economic growth  (KSS max), which reflects the possible growth rate of activities that will maintain the financial equilibrium of the enterprise;  

2) a generalized indicator of financial sustainability of the enterprise (Fu> 0):

 

                                                   (1)

 

Fu = -1:

 

,                                                   (2)

 

where Cd - coefficient of long-term borrowing; Cz - coefficient of debt / equity ratio; Cr - coefficient of real value of property; Cp - coefficient of the constant asset; Co - coefficient of coverage of material working assets by own current assets;

1 - indicators of the reporting period; 0 - indicators of the base period;

3) the coefficient of financial equilibrium, defined as the ratio of the possible volume of own financial resources created by the enterprise, and the necessary amount of consumption of its own financial resources.

Nowdays, in domestic scientific works, several methods are presented, which can be successfully used to assess the level of economic stability. Mostly, they are based on an integrated approach to determining economic stability. In particular, the level of its individual components is calculated: financial stability, economic security, marketing stability, social stability. Accordingly, such an assessment requires a significant amount of information, which makes this process much longer. To reduce the time, we propose to use the technique of Dmitrieva I. A.

The basis of the methodology is the balancing of the components of economic stability, in particular on the basis of assessing financial stability, social policy, economic security and marketing measures, which are summarized in the formula of the integral index of economic stability, Icc (2):

 

                 

 

where Cf - generalized assessment of financial performance of the enterprise; Cc - general assessment of social policy at the enterprise; Cm - generalized estimation of marketing policy at the enterprise; Ceb - a generalized indicator of the economic security of the enterprise.

After the analysis, to ensure financial stability of the enterprise, it is necessary to properly formulate the responsibilities of each department.The directions and concrete actions assigned to the relevant departments are given in tab. 3.

 

Table 3.

Distribution of responsibilities of the accounting units of the enterprise to ensure the financial stability of its activities

Directions of action

Specific measures

The department (service), which must implement these measures

Improvement of liquidity of the enterprise

Restoration of liquidity of assets; optimization of enterprise credit policy;

reduction of the share of borrowed funds in the enterprise's liabilities, increase of the security of own circulating assets;

optimization of the coefficients of autonomy and financial dependence.

Financial Department

Arranging settlements

Arrangement of the system of calculations of the enterprise with creditors, suppliers of materials, equipment, buyers, personnel;

control of the order of settlements with fiscal authorities

Financial department, accounting department

Optimization of production processes

Reduction of the share of receivables in the assets of the enterprise, improvement of the system of production accounting; optimization of the production planning system; reducing the share of production costs per unit of production, increasing the share of profit from sales of products in the company's revenues

 

Financial Department, Planning and Economic Department

Note: source [12]

 

Harmonization of all divisions of the enterprise will help to ensure a high level of economic security of the enterprise.

Conclusions: The concept of economic stability is considered in three directions, or as a separate characteristic of the object, as an element of the system or as a tool for the emergence of one of the management functions. In order to ensure the economic stability of an enterprise, it is necessary to apply an appropriate set of principles that will adapt this enterprise to frequent economic changes and ensure its continued operation. The assessment of the level of economic stability can be determined by several methods based on an integrated approach to the definition of economic stability, namely, the level of its separate components is calculated: financial stability, economic security, marketing stability, social stability. To save time, we propose to use the methodology Dmitrieva I. A. Proper distribution of duties of accounting units of the enterprise will contribute to ensuring a high level of economic security of the enterprise.

 

References.

1. Blank, I.A. (1999), Fundamentals of financial management,Nika-Center, Kyiv, Ukraine.

2. Druri, K.(2005), Production and management accounting, UNITI, Moscow, Russia.

3. Korobov, M.Ya.(2000), Financial and economic analysis of enterprises, Knowledge, Kyiv, Ukraine.

4. Levkovets, N. (2008), Principles of providing economic safety of enterprises, Project management, system analysis and logistics, Ukraine.

5. Lyubchenko, N.L. (2010), Mechanism for ensuring economic stability of industrial enterprises: author's abstract. dis ... Candidate econ Sciences: special08.00.04 «Economics and management of enterprises» (by types of economic activity).

6. Mamontova, N.A.(2001), Financial stability of enterprises of joint-stock enterprises and methods of its provision (for example, enterprises of the food industry): [author's abstract.Dis ... can. Ekon.npuk] Kyiv, Ukraine.

7. Panteleev, V.P. and Haljava, S.P. (1996), “Financial stability of a commercial bank: problems of regulation”, Kyiv, Ukraine.

8. Peretyatko, A.V.(2011), “Research of the essence of the concept of economic stability of an industrial enterprise” [Online] vol.1, available at: www.nbuv.gov.ua/portal/soc_gum/Suek/2011_3/Peret.pdf .

9. Rodionova, V.M. and Fedotov, M. A. (2009), Financial stability of the enterprise in the conditions of inflation Perspective, Moscow, Russia.

10. Romanishin, M.I. and  Shpak, N.O. (2009),  Economic stability of the enterprise: essence and its components, Lviv, Ukraine.

11. Romanishin, M. I., (2012), Ensuring economic stability of enterprises: author's abstract. Lviv, Ukraine.

12. Sologub, O. M. (2012), Ensuring economic stability of the enterprise: author's abstract. Economy and management of enterprises (by types of economic activity), Kiev, Ukraine.

13. Sumin, V.A. (2001), The stability of the enterprise management system in the conditions of its economic securityMaterials of the international scientific and practical conference, Donetsk, Ukraine.

14. Filimenko, O.S. (2002), Finances of enterprises: Tutorial Nika-Center, Kyiv, Ukraine.

15. Filippenko, A. S. (2002), Civilization dimensions of economic development, Knowledge of Ukraine Kyiv, Ukraine.

16. Khoma, I.B.(2008), Formation of a system-complex approach in assessing the level of economic security of an enterprise // Bulletin of the National University "Lvivska Polytechnika": "Management and entrepreneurship in Ukraine: stages of formation and development problems", vol.611, Lviv, Ukraine.

17. Tsal-Tsalko, Yu.S.(2002), Financial Reporting of the Enterprise and its Analysis: Teaching. Kyiv, Ukraine.

18. Yachmenova, V.M. (2012), “Economic stability: the essence and forms of expression EconomicsManagement Entrepreneurship. Vol. 2 24 (ІІ) pp. 94-99.

 

Стаття надійшла до редакції 19.12.2017 р.

 

 

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