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International Accounting
 

Developing financial statements in conditions of changed user requirements

Vol. 17, Iss. 38, OCTOBER 2014

Available online: 31 October 2014

Subject Heading: Foreign experience

JEL Classification: 

Pages: 52-63

Koryagin M.V. Lviv Academy of Commerce, Lviv, Ukraine
maxuza@rambler.ru

Importance Due to global economy development, the importance of meeting the needs of internal and external users of financial statements for accounting information has recently increased.
     Objectives The purpose of this paper is to develop an author's classification of main trends in financial statements development to reflect changed requirements of users (internal and external) to accounting information.
     Methods The basis of the research is a system approach that describes the positioning of financial statements in the system of economic sciences. In this scientific paper, I used a system-and- structural method to analyze the existing and possible trends in financial statements development, which enabled to classify them by a number of criteria.
     Results The study proves the need to research the current state of the system of financial statements and to identify trends in its development, as well as to substantiate the vectors of further improvement of corporate reporting framework. I studied the existing approaches to the analysis of financial statements development trends. During the study, I have developed an author's classification of trends in financial statements development to reflect changes in user requirements to accounting information.
     Conclusions and Relevance I conclude that today the system of financial statements is in the state of reforming and continuous improvement. I have identified financial statements development trends and proved that the transformation processes taking place in the economy and in the information support of business activity of enterprises have a significant impact on the development of corporate accounting system, and particularly on financial statements.

Keywords: trends, development, financial statements, reporting, non-financial statements, integrated statements

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