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VOL. XLVII, 4 SECTIO H 2013
Lviv Polytechnic National University, Department of Accounting and Analysis
IGOR YAREMKO, OLENA TYVONCHUK
Financial reporting in adapting financial systems
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Key words: financial system, financial services market, financial architecture, formalized information, financial reporting
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7KHSRVWXODWHVRIFODVVLFDOHFRQRPLFVVWDWHWKDWWKHGHYHORSPHQWFDSDELOLWLHVRI national economies correlate with the degree of development of the financial system. 8QGRXEWHGO\WKHKLJKOHYHORIWKHILQDQFLDOV\VWHPPXOWLSOLFDWLYHO\IDFLOLWDWHDFFHO-eration of economic growth rate, accumulation of capital assets, increase of social SURGXFWLRQ+RZHYHUDFXWHSUREOHPVRIGLVSURSRUWLRQDWHGHYHORSPHQWRIWKHILQDQFLDO DQGUHDOVHFWRUVRIWKHHFRQRP\DULVHQRZ7KHVHYHULW\RIWKHVHSUREOHPVKDVUHFHLYHG DTXDOLWDWLYHO\QHZOHYHORIWKHRUHWLFDOGLVFXVVLRQVRQWKHDERYHFDQRQLFDOIRXQGDWLRQV of economic theory, has given rise to active scientific-practical dialogue concerning WKH GHWHUPLQDWLRQ RI IHDVLEOH YHFWRUV RI GHYHORSPHQW RI ILQDQFLDO VHUYLFHV PDUNHW and the theory of financial intermediation. %DVHGRQWKHDERYH³WKHFRQVLGHUDWLRQRI HQWLWLHVDQGSURFHVVHVRIILQDQFLDODQGHFRQRPLFFKDUDFWHUDVV\VWHPVLVEHFRPLQJ WKHUXOHRIPRGHUQVFLHQWLILFUHVHDUFK´>/XNDVKHQNR69 2011, p.8].
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The systems of accounting and financial reporting are the only models that give estimation of economic unit capital in a formalized way. However, systems of ac-counting and reporting in the context of the modern standardization do not reflect the FXUUHQWWRWDOLW\RILQWDQJLEOHHFRQRPLFUHVRXUFHZKLFKHFRQRPLFHQWLW\REMHFWLYHO\ SRVVHVVHV 7KH LQDELOLW\ WR UHIOHFW DQG UHSUHVHQW IRU H[WHUQDO XVHUV WKH VLJQLILFDQW DPRXQWRILQWDQJLEOHDVVHWVRIWKHHQWHUSULVHLWLVDFFHQWHGLQSDSHUV> @
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7KHSULRULW\UROHRIWKHILQDQFLDO FRUSRUDWH UHSRUWLQJDVDQLPSRUWDQWIRUPDO PHDQVRIFRPPXQLFDWLRQEHFRPHVDSSDUHQWLQWKHIDFWWKDWLWVPDLQJRDOLVREMHFWLYH representation of economic entity activities on the markets of capital and investment. ,QPRGHUQFRQGLWLRQVLWLVSRVVLEOHWRDWWUDFWWKHDWWHQWLRQRISRWHQWLDOLQYHVWRUVRU FUHGLWRUVRQO\E\WKHLUREMHFWLYHO\LQIRUPLQJWKHPDERXWWKHDYDLODEOHSRWHQWLDO DVVHWV HTXLW\ DQGHIILFLHQF\RILWVIXQFWLRQLQJ UHSRUWLQJLQGLFDWRUVRIDFWLYLWLHVRXWFRPHV That is why researchers and practitioners of various domains of the economy hold WKHYLHZRIWKHQHFHVVLW\IRUDGHTXDWHUHSRUWLQJIRUPDWGHYHORSLQJDV³WKHJOREDO ILQDQFLDOPDUNHWVQHHGDPRUHUHOLDEOHVWUXFWXUHRIWKHFRUSRUDWHUHSRUWLQJ´>:HQG\ McKenzie, 2006, p. 11]. &RQFOXVLRQV 7KHJOREDOILQDQFLDOV\VWHPLVRQWKHYHUJHRISURIRXQGFKDQJHVDQGIXQGDPHQWDO VKLIWV,WFDQEHDUJXHGZLWKDVXIILFLHQWOHYHORIDUJXPHQWDWLRQWKDWLQWKHQHDUIXWXUH WKH ODXQFK RI QHZ WUHQGV DQG WKH IRUPDWLRQ RI D PRGHUQL]HG PRGHO RI WKH JOREDO ILQDQFLDOV\VWHPZLOOWDNHSODFH7KHEDVLFSULQFLSOHVRIILQDQFLDOJOREDOL]DWLRQPRG-HUQL]DWLRQVKRXOGEHWKHGHYHORSPHQWDQGDGRSWLRQRILQWHUQDWLRQDOVKRUWWHUPFDSLWDO movement rules that ensure minimization of losses from targeted speculation. As an important component of these modernizations the development of regulatory instru-ments that will prevent uncontrolled growth and spread of fictitious capital should DOVR EH FRQVLGHUHG 7KH VLJQLILFDQWO\ KLJKHU OHYHO RI UHVSRQVLELOLW\ VKRXOG DOVR EH DSSOLFDEOHLQWKRVHPDUNHWLQVWLWXWLRQVZKLFKXVLQJZHDNO\IRUPDOL]HGLQIRUPDWLRQ analytical models, estimate the total capital expression of modern economic systems.
Financial reporting with audited and formalized indicators on the markets of FDSLWDODQGLQYHVWPHQWQHYHUWKHOHVVVKRXOGEHFXUUHQWO\FRQVLGHUHGDVDFRQVWUDLQ-LQJWRRORIIXUWKHUFDSLWDOYLUWXDOL]DWLRQDQGK\EULGL]DWLRQRIILQDQFLDOLQVWUXPHQWV Despite this, further format of financial reporting development proper to the charac-teristics of post-industrial type companies is needed. The content and purpose of such UHSRUWLQJVKRXOGEHYLHZHGWKURXJKPRUHH[WHQVLRQDOUHSUHVHQWDWLRQRILQIRUPDWLRQ DQG LQWHOOHFWXDO UHVRXUFHV DQG WKH REMHFWLYH YDOXH RI WKH FDSLWDO HIILFLHQF\ RI WKH economic entity according to the criterion of total capital expansion and the level of its reservies and insurance.
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