ELECTRONIC MONEY FINANCIAL ACCOUNTING: CURRENT STATE AND DEVELOPMENT OUTLOOK

Abstract

The article considers the current state and development outlook of electronic money systems in Ukraine. In particular, it has been found out that development of the electronic form of money, which is the most modern one, leads to a situation where money loses its physical form and is transformed into an information resource, becomes a virtual reality created with the help of technological devices. The results of an analysis of national and foreign regulatory and legal framework show that national legislation lags behind the fast development of relations in the area of circulation of electronic payment instruments in Ukraine. Entities performing transactions with electronic money (issuer of electronic money, operator, agents, traders and users) may carry them out only according to the rules approved by the National Bank of Ukraine. At the same time, the National Bank of Ukraine has not approved the rules of using electronic money of WebMoney Transfer, Internet. Money, VkrMoney, RBKMoney, Yandex. Money, QJWI, E-gold. Evaluation of the existing methodological approaches to electronic money financial accounting makes it possible to state that, from the financial accounting perspective, subaccount 335 is used to reflect information about electronic money that is deemed recorded, i. e. stored in an electronic payment medium and used by an economic entity in exchange for non-cash resources and only for electronic payments for goods. The article theoretically justifies and develops practical recommendations for improvement of the organization and methods of electronic money financial accounting, in particular, regulation of financial accounting for transactions with their use should be improved. For this purpose, we suggest creating separate account 336 «Electronic money denominated in foreign currencies», which will show information about electronic money in foreign currencies in the financial accounting system; the accounting aspect of electronic money conversion into national and foreign currencies should be regulated as well.