Dövize dayalı türev ürünler ile riskten korunma muhasebesi ve BİST 100 şirketlerinde bir araştırma
Abstract
Hızlı gelişen ulusal ve uluslararası piyasalarda rekabete dayalı serbest piyasanın önem kazanmasıyla birlikte artan finansal riskleri ortadan kaldırmak veya azaltmak amacıyla, yeni finansal araçlar ve piyasalar geliştirilmiştir. En dikkat çekeni, son yıllarda yaygın olarak kullanılır hale gelen türev ürün piyasalarıdır. Şüphesiz ki, Türkiye'de finansal riskler içerisindeki en önemlisi, döviz kurlarındaki dalgalanmaların ortaya çıkardığı kur riskidir. Dövizli alacakları ve borçları olan işletmeler, karşı karşıya kaldıkları kur riskini azaltmak veya ortadan kaldırmak amacıyla, dövize dayalı türev ürünleri kullanmaya başlamışlardır. Bu çalışmada; risk, risk yönetimi, döviz kuru riski, türev ürünler, TMS/TFRS çerçevesinde riskten korunma muhasebesi, dövize dayalı türev ürünlerin kullanılması, kayıtlara alınması ve raporlanması incelenmiştir. Dövize dayalı türev ürünlerin muhasebeleştirilmesiyle ilgili örneklere yer verilmiş ve işleyişleri anlatılmıştır. BIST 100'de işlem gören şirketler içerisinde yer alan bankalar hariç diğer şirketlerin 2015 dönemi finansal tabloları incelenmiş; türev ürün kullanımları, döviz pozisyonları, kur riskinin şirketler üzerindeki etkisi ve kur riski karşısındaki tutumları araştırılmıştır. Bu şirketlerin; yaklaşık üçte ikisinin türev ürün kullandığı, neredeyse tamamının kur riskine maruz kaldığı, firma içi ve firma dışı korunma yöntemleriyle kur riskinden korunmaya çalıştıkları, fakat, döviz kurlarındaki değişimin kâr/zarar üzerindeki etkilerini önleme konusunda yetersiz kaldıkları gözlemlenmiştir. Sonuç olarak, dövize dayalı türev ürünler ile riskten korunma muhasebesi genel çerçevede değerlendirilmiş, kur riskinin ve risk yönetiminin önemi vurgulanmıştır. Anahtar Kelimeler: Riskten Korunma, Forward, Futures, Opsiyon, Swap
New financial instruments and markets have been developed with the aim of eliminating or reducing the emerging financial risks with the increasing importance of the free market based competitions in fast developing national and international markets. The most notable is the derivative market, which has become widely used in recent years. Undoubtedly, the most important financial risk in Turkey is the currency risk arising from fluctuations in exchange rates. Enterprises with foreign currency receivables and payables have started to use derivatives aimed to reduce or to eliminate currency risk they are facing. In this study; risk, risk management, exchange rate risk, derivative instruments, hedge accounting under TAS/TFRS, using, accounting and reporting of derivative instruments based on foreign currency are examined. Examples of accounting of derivative instruments based on foreign currency are given and their operations explained. Financial statements of fiscal year 2015 of the companies other than the banks included in the companies traded on ISE are analyzed and using of derivative instruments, foreign exchange positions, the effect of exchange rate risk on companies and their approach towards exchange rate risk are examined. It has been observed that about two-thirds of these companies try to hedge against exchange rate risk using intercompany and off-balance-sheet hedging methods; almost all of them are exposed to exchange rate risk, however they are inadequate to prevent the effects of exchange rate changes on profit/loss. As a result, hedge accounting with derivative instruments based on foreign currency is evaluated in general framework, emphasizing the importance of exchange risk and risk management. Keywords: Hedging, Forward, Futures, Option, Swap
New financial instruments and markets have been developed with the aim of eliminating or reducing the emerging financial risks with the increasing importance of the free market based competitions in fast developing national and international markets. The most notable is the derivative market, which has become widely used in recent years. Undoubtedly, the most important financial risk in Turkey is the currency risk arising from fluctuations in exchange rates. Enterprises with foreign currency receivables and payables have started to use derivatives aimed to reduce or to eliminate currency risk they are facing. In this study; risk, risk management, exchange rate risk, derivative instruments, hedge accounting under TAS/TFRS, using, accounting and reporting of derivative instruments based on foreign currency are examined. Examples of accounting of derivative instruments based on foreign currency are given and their operations explained. Financial statements of fiscal year 2015 of the companies other than the banks included in the companies traded on ISE are analyzed and using of derivative instruments, foreign exchange positions, the effect of exchange rate risk on companies and their approach towards exchange rate risk are examined. It has been observed that about two-thirds of these companies try to hedge against exchange rate risk using intercompany and off-balance-sheet hedging methods; almost all of them are exposed to exchange rate risk, however they are inadequate to prevent the effects of exchange rate changes on profit/loss. As a result, hedge accounting with derivative instruments based on foreign currency is evaluated in general framework, emphasizing the importance of exchange risk and risk management. Keywords: Hedging, Forward, Futures, Option, Swap
Description
Keywords
İşletme, Borsa İstanbul, Döviz kuru, Forward, Muhasebe, Business Administration, İstanbul Stock Exchange, Opsiyon, Exchange rate, Risk yönetimi, Forward, Accounting, Riskten korunma, Option, Risk management, Swap, Protection from risk, Vadeli işlem piyasaları, Swap, Futures markets, Vadeli işlem sözleşmeleri, Future contracts