Concept of accounting for transaction costs: problems and prospects

Abstract

Research in the field of institutional economics has proved the importance of transaction costs in economic governance. However, it is quite difficult to obtain reliable data about the a of the enterprise transaction costs because transaction costs are not reflected in the accounting as a separate item. The aim of this article is to explain the rationale of the concepts of accounting for transaction costs on the separate synthetic account and on the basis of analytical accounting data with the help of modern information systems. To achieve this goal, the authors reviewed existing approaches to the classification of transaction costs for the purpose of registration. The study analysed research works on the assessment of transaction costs’ proportion in the economies of selected countries and Ukraine. The authors estimated transaction costs of the investigated agricultural enterprises according to accounting data. The study reviewed research approaches to obtain the data about the transaction costs’ accounting in companies. As a result of the research, the authors developed the methods of the transaction costs’ accounting on the separate synthetic account and by the help of analytical data of ERP systems. Also, the authors proposed the classification of transaction costs, adapted for the opening of analytical accounts for accounting.