ON THE ISSUE OF THE ESSENCE OF ACCOUNTING (FINANCIAL) REPORTING AND PROSPECTS FOR ITS DIGITALIZATION

Abstract

The article explores the issues of regulatory justification for the preparation of accounting statements and its future development in the process of digitalization. For example, the definitions and mission of accounting statements, the levels of its legal regulation are indicated. Modifications of the acquisition of accounting (financial) statements in relation to the scale of the activities carried out were disclosed, in addition, innovations in the formation and digitalization of accounting statements were analyzed. The innovations regarding the transition to IFRS are also touched upon. The author focuses on the fact that the specification of obligations regarding accounting and reporting in Russian organizations is shown in a number of Accounting Regulations presented at the second level of regulatory regulation of accounting practice. The article traces their basic ideas and rules, on this basis, attention was drawn to several fundamental elements, also disclosed in this study. It is noted that the types of accounting statements are divided according to their composition, purpose and the data used in it, on which the classification of the statements is based.

The author formulates the conclusions in the final part of the article that in the modern world it is unacceptable to imagine the preparation of accounting statements without digitalization techniques. Achieving transparency of accounting financial statements is now becoming a fundamental issue for achieving a stable financial position of the company.