Improving the assessment of financial and management reporting elements

Abstract

The purpose of the research is to discuss current issues and to unify financial and managerial accounting as a single unit of accounting and application in practice. In the process of the research, the following methods were used: system approach, observation, comparison, grouping and modeling. The research materials are used in the practical activities of financial and economic services of LLP "Hitten Tobacco Kazakhstan" in particular, a set of methodological techniques for preparing financial statements.

The scientific novelty of the research consists in working out conceptual approaches to the formation of financial statements, practical development of organizational and methodological provisions relating to the reporting organizations. The study obtained the following most important scientific results are submitted for protection: a model for formation of financial and management reporting in the entities acting in a specific industry analyzed the organization; updated classification of elements of information in financial statements in accordance with the developed   concept;   an   algorithm   for  testing  economic  operations  in accounting for compliance with the concept; an algorithm for managers ' actions to reflect income and expenses in accounting; a method for comparative analysis of parameters of elements of information in financial statements converged to IFRS in accordance with the proposed model.

The theoretical significance of the research is to expand the information boundaries of financial statements. The practical significance is that the developed set of methodological solutions for the preparation of financial statements will ensure their verifiability and comparability and will serve as a basis for the preparation of reports of economic entities.