Financial reporting is a set of accounting indicators reflected in the form of specific tables that show the movement of assets, liabilities and financial position of the enterprise for the accounting period. Financial reporting is a unified system of data on financial position of the enterprise, financial results of its activities and changes of its financial position and is prepared based on the accounting data.
Preparation and submission of reports and also standard documents of accounting (financial) reporting are governed by the Law of Ukraine “On accounting and financial reporting in Ukraine”.
In the market economy environment, financial reporting plays very important role, because it stands as one of the main sources of information for many groups of its users. Accounting content and structure in the recent years have undergone significant changes. The reporting approached in its parameters to international standards, but the process of its improvement both on the domestic and international levels has permanent character.