In the course of commercial activity there are various relationships between entrepreneurs. Their consequence may be a debt obligation. It indicates involvement borrowed money into circulation. Next, we consider in more detail what constitutes a debt obligation. 
Legal aspect
According to Art. 307, paragraph 1 of the Civil Code, an obligation is a civil relationship, according to which one person must perform certain actions in favor of another or refrain from them. In the first case, it can be the execution of work, transfer of property, payment of money, and so on. Within the framework of this legal relationship, the creditor may demand the fulfillment of the obligation assigned to the debtor.
general characteristics
Contractual obligations may arise as a result of actions of persons not prescribed by law. However, at the same time, they should not contradict the rules of law if, as a result of them, conditions arise that are regulated by the general rules and norms of the Civil Code.
Classification
Within one-way deal a debt obligation can arise only in relation to a person who has entered into a contract. This provision is established in Art. 155 GK. In particular, this may be an act in someone's interests without an order. Obligations may arise from the adoption of acts by public authorities. These include, for example, the administrative provisions of state bodies and local government structures. A debt obligation may also be based on the fact of damage to other persons or unjust enrichment at the expense of them. These circumstances may arise as a result of actions by both legal entities and citizens, as well as public authorities, including in the event that they adopt local or other acts that contradict legislation and other standards. 
Legal circumstances-events may also serve as a basis. In accordance with Art. 307, Clause 2 of the Civil Code, obligations arise only from facts directly prescribed by law. This classification is of great practical importance. Some of the obligations are determined by the will of the parties or by the discretionary norms of the Civil Code, while others are formed mainly on the basis of peremptory prescriptions.
Accounting
Information about those obligations that an organization has should be reflected in the liability balance sheet (form No. 1) and in the appendix (form No. 5). However, neither in the Federal Law regulating the accounting procedure, nor in the corresponding provision there is an interpretation of this indicator. In this regard, the most appropriate is the appeal to IFRS (international standards). In accordance with them, liabilities are classified as an element that relates directly to the assessment of a company's financial status.
They also act as part of the liability arising from previous events, the payment of which is expected due to the disposal of resources. In addition, obligations are the result of direct events or other transactions. All of the above allows us to conclude that, in contrast to the civil law point of view, according to which the considered element of legal relations acts as a condition for performing or not performing actions, the accounting approach characterizes them as consequences of one or another behavior, as a result of which there is a need to retire resources. According to this provision, as liabilities of the organization should be considered:
- Debt obligations (loans and borrowings, debt and more).
- Own funds that are not included in capital (deferred income, reserve for future expenses and so on).
Obligations that the buyer has to the seller must be recognized, taking into account the date of direct acquisition of the product or the transfer of ownership, but not at the time the supply contract comes into force.
Types of Debt Obligations
The following categories are used in financial statements:
- Short and long term.
- Expired and urgent.
- Unsecured and secured.
Accounting rules require that debt repayment be reasonable.
Fixing Features
Most of the debt obligations should be reflected in the statements in the amounts that arise from the reporting records of the organization and are recognized by it as correct. The exceptions are settlements with the budget and banks. They must be coordinated with the relevant structures. Debt obligations are included in the amount of the principal debt. An exception in this case are loan and credit funds. They are recorded together with the amount reflecting interest on debt obligations. 
A loan can be attracted by issuing a bill or issuing a bond. In this case, liabilities may be recognized taking into account interest due on debt. Funds purchased in foreign currency are revalued at the exchange rate. They are reflected in rubles.
Requirements
The financial statements indicate the absence of conditions for recognition of income in the provision of services, performance of work and sale of products. These include:
- The enterprise has the right to receive income arising from a specific agreement or otherwise confirmed.
- The ability to determine the amount of profit.
- Confidence that as a result of a specific operation, the economic benefit of the organization will be increased.
- Transfer of ownership, disposal, use or ownership of goods to the buyer from the enterprise, acceptance by the customer of the result of the work, the fact of the provision of the service.
- The ability to determine expenses that have already been or will be incurred in accordance with the operation.
If with respect to cash or other assets that the organization received as payment, at least one of the above conditions is not met, this is reflected in the financial statements. Along with this, the term of debt obligations is indicated. After it expires, the funds are debited in accordance with the data of the inventory, written justification and order (order) of the enterprise management with reference to non-operating income. 
Debt obligations of the Russian Federation
There are three forms for their expression. They are enshrined in Art. 2 Federal Law governing state debt obligations. These forms are as follows:
- Loans received by the Government.
- Loans made by issuing securities on a government behalf.
- Other forms guaranteed by authority.
More specifically, government debt obligations are defined in the Budget Code. In particular, it provides the following forms:
- Agreements and agreements concluded on behalf of Russia with credit companies, foreign countries and international financial organizations in their favor.
- Government securities issued on behalf of the Russian Federation.
- A guarantee agreement, a guarantee to ensure the fulfillment of conditions by third parties.
- Renewal of obligations of third parties in public debt.
- Contracts and agreements, including international ones, on restructuring and extension of conditions.
Similarly, debt obligations of a region or municipality may be expressed. However, for the Moscow Region, the last of the given forms (international agreements and treaties) is an exception.At the same time, the obligations of municipalities, unlike state ones, can be expressed in the form of renewal of debts of legal entities into municipal ones, in accordance with regulatory acts of local authorities. The provisions on the methods of circulation of securities are enshrined in Art. 4 of the corresponding Federal Law.
The specifics of the Budget Code
After its introduction in 2000, the debt obligations of Russia correspond to those forms that are given in Art. 98. In particular, the use of Government loans is due to insufficient budget funds. Before the Federal Law regulating the issue of Russia's domestic public debt was adopted, a direct indication of the possibility of covering the deficit by introducing borrowed resources was contained in the RSFSR Law, which regulated the basis of the budget structure and process in the country.
But the subsequently adopted above-mentioned Federal Law on public debt first resolved this issue comprehensively. At the same time, it should be recalled that until April 26, 1995 - the moment the new version of the Law "On the Central Bank of Russia" was adopted - loans were provided to the Government directly by the Central Bank. This organization used both its own funds and deductions from other commercial banking and credit institutions as resources. These payments, in turn, accounted for part of the amounts of funds raised from legal entities and citizens in accordance with the standards for transferring to the Central Bank for storage, as well as free (temporary) deposits of the population at Sberbank branches in the amounts specified in annual agreements.
