Conceptual framework for reporting: The impact of changes on the theory and methodology of accounting and reporting

Abstract

Subject. This article examines the impact of significant changes in the Conceptual Framework for Reporting on the theory and methodology of accounting and reporting. Objectives. The article aims to analyze the changes in the Conceptual Framework for Reporting caused by the modern conditions of the market economy, and determine the possibility and necessity of their reflection in the theory and methodology of accounting and reporting. Methods. For the study, we used the methods of comparative and structural analyses within the framework of the systems and logical approaches. Results. The article proves the need to introduce such indicators as contractual obligations that provide information on changes in market conditions into the accounting methodology, develop and introduce a system of consolidated accounting and reporting in the field of financial accounting, and disclose the content of the business accounting system for the formation of integrated reporting. Conclusions. Contractual obligations, by virtue of their objectivity, should find their place in the structure of accounting and reporting, the development of a consolidated accounting system will help reflect internal relationships in a group of enterprises, as well as the activities of a consolidated group of organizations as a whole, business accounting, as a separate type of accounting, helps ensure the procedure for the formation of integrated reporting.