Author: Aleksey Yu. Popov, Cand. Sc. (Econ.), Associate Prof. of Accounting & Auditing Dept.; Stanislav V. Makovskiy, consultant

Abstract: The article analyses terminological framework used in legal acts for defining objects of technological and natural losses and specifies contradictions in the content of corresponding terms and definitions.

The authors suggest terms that the most comprehensively characterize the objects which during production and economic activities are lost because of technological and natural losses.

The paper considers possible implications of the presently applied terms and definitions which determine the composition of the objects that are subjected to the said phenomena in the process of fulfilling the regulatory requirements in the relevant part.

The article validates the necessity to eliminate existing contradictions by bringing the list of the objects subjected to technological and natural losses stipulated by legal regulations in line with their actual composition or by introducing the definitions proposed by the authors into the regulation.

Key words: inventories; material assets; technological losses; natural losses.