Interpretation of the "Financial Reporting" Definition

Tetyana Storozhuk () and Larysa Blyshchyk
Additional contact information
Tetyana Storozhuk: University of the State Fiscal Service of Ukraine, Irpin, Ukraine
Larysa Blyshchyk: University of the State Fiscal Service of Ukraine, Irpin, Ukraine

Oblik i finansi, 2019, issue 4, 54-62

Abstract: The unified terminology allows to eliminate the ambiguity of the interpretation of the same concepts, facilitates the use of definitions in the learning process, helps to simplify the relationship between different participants and partners of economic activities. The purpose of the article is to deepen the content of the term "financial reporting" based on the analysis and systematization of the definitions proposed by various researchers and national regulatory documents and IFRS. Interpretations of the "financial reporting", which are contained in the legislative and regulatory documents of Ukraine were analyzed. The main differences in the interpretation of financial reporting by national and international accounting standards were identified. It was determined that in the legislative and regulatory documents of Ukraine the interpretation of financial reporting is based on the composition of reporting forms. The interpretation according to international standards is based on the purpose of preparing financial statements and its purpose. The approaches of domestic and foreign scientists to the interpretation of the concept of "financial reporting" were systematized. The limited presentation of financial reporting by representatives of the first approach was proved, according to which financial reporting is a set of forms or a set of generalized indicators, because this approach does not disclose reporting as an element of the accounting method. Attention is drawn to the inexpediency of interpreting a term based on the role and importance of financial reporting because the reporting is a multifaceted concept. Based on the results of the study it was proved, that the "Financial reporting" and "General-purpose financial statements" are not identical concepts. The arguments presented in the article indicate the need for further standardization of accounting in terms of the application of a unified terminological apparatus.

Keywords: unification of accounting; financial reporting; general-purpose financial statements; national accounting standards; IFRS (search for similar items in EconPapers)
JEL-codes: M48 (search for similar items in EconPapers)
Date: 2019
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.afj.org.ua/pdf/699-do-pitannya-terminol ... nansova-zvitnist.pdf (application/pdf)
http://www.afj.org.ua/en/article/699/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:iaf:journl:y:2019:i:4:p:54-62

Access Statistics for this article

Oblik i finansi is currently edited by Valeriy Zhuk

More articles in Oblik i finansi from Institute of Accounting and Finance Contact information at EDIRC.
Bibliographic data for series maintained by Serhiy Ostapchuk ().