PROBLEMS AND PROSPECTS OF IMPROVING FINANCIAL ACCOUNTING IN UKRAINE

Abstract

The article emphasizes that today requires a comprehensive approach to changing the financial accounting system and reflecting information about a company's assets in financial statements, as well as introducing economic performance indicators in reporting. It points out that changes in the country's economic and political development indicate the need to harmonize financial reporting with international standards. The challenges arising from armed aggression highlight the need to improve the accounting system to ensure adherence to its main principles when reflecting accounting and economic indicators in financial, statistical, or tax reporting. The feasibility of changing approaches to the preparation and publication of financial statements has been considered, since currently they only record data on already completed business transactions and provide information about the company's financial condition in the past. Therefore, the reporting system needs to be adapted to modern requirements for timeliness and the existing needs of information users by reducing the time frame for its publication. The need to separately show in financial statements the value of assets that were destroyed or damaged due to hostilities, lost as a result of occupation, or temporarily taken under mobilization orders has been proven. Emphasis was placed on the need to reflect operations for writing off the value of such assets in accounting and reporting, their evaluation, creating reserve funds for covering losses, and improving the processes of recording such events to increase accuracy and compliance with the principles of financial accounting. Research has shown that a comprehensive approach to changes should be based not only on introducing additional individual information lines in financial reporting, but also on reflecting them in accounting registers, as well as gradually bringing financial reporting in line with a single harmonized document that meets European requirements and is understandable both for internal users and potential external investors.