The Prospects for Improvement of the Financial Reporting Forms of Small Enterprises

Анотація

The article is aimed at providing recommendations as to improving the financial statements of small enterprises (SE) as a final element of a simplified accounting system by defining its appropriate composition and structure to meet the informational needs of both external and internal users. In order to improve the quality characteristics of the financial statements of the SE, the author proposes such changes in their structure and composition: a list of the main and additional clauses should be introduced in the forms of financial statements of SE, based on the norms P(S)A 25, NP(S)A 1 and professional judgment of the management of small entrepreneurship entity (SEE); calculations on the issued and received advances should be included in the list of mandatory clauses of the balance form No. 1-m and be reflected separately from other receivables or accounts payable; report on the financial results of the form No. 2-m should be supplemented with the Section II: «Costs of economic elements», as defined by the taxonomy of financial statements; «Money flow statement» should be compiled by direct or indirect method at the request of the MP management as a form of management reporting. Prospects for further research are the development of forms of accounting registers designed to systematize information on the activities of SEE for the preparation of financial statements, taking account of the recommendations on improving its quality characteristics.

Класифікація

Схожі роботи