Financial reporting must meet many criteria to be considered high quality because it is the quality of information that determines the viability of future strategic decisions. The article investigates the essence of the concept of "quality" and "quality of financial information", and defines indicators and criteria of the financial reporting quality. As for the quality of the financial reporting, it is found that the latter is a structured reflection of financial condition and financial results of the entity, therefore, can be regarded as a set of components: quality of the financial information; quality of presentation of the financial information. It was found that the quality of the reporting of financial information is evaluated using a system of indicators that are qualified by the Financial reporting framework as the qualitative characteristics of useful financial information and National Accounting Statement (standard) 1 as the qualitative characteristics of financial reporting. In terms of formalization (presentation within the legislation forms) of the financial information presentation in Ukraine, we can speak of quality only in respect of the notes to the financial statements. It has been established that quality assessment indicators of presenting the financial information in the notes may be: readability of the information, visualization of the representation. Research of the quality requirements for the financial statements (information) of the participating countries of the former Soviet Union has identified many variations, but the most commonly used features are relevance, reliability, comparability and understandability. It is indicated that most post-Soviet countries, including Ukraine, gradually bring its legislation on the regulation of financial statements in conformity with IFRS. But there are still many unresolved differences, chief among which are the qualitative characteristics of the financial statements that should provide the information needs of different user groups.

The article reveals philosophical understanding of the «principle» notion, as well as scientific approaches to the interpretation and differentiation of accounting principles. The structural composition of the principle system has been determined, which made it possible to identify internal determination links, the determining role of the principles-assumptions that serve as the structural «foundation», and the original nature of the principles-requirements that act as «pillars» and provide limiting mechanisms for the principles-assumptions implementation in order to accomplish tasks and achieve the aim of accounting. Based on a definite approach to understanding and differentiating the accounting principles, the «foundation» principles or principles-assumptions are continuity and autonomy that are characterized by long-term permanence with regard to composition and inertia in changing the requests of users of accounting information. Principles-requirements are characterized by volatility in quantity and composition, and those principles are discussed a lot. Since these principles are a limiting framework that ensures the formation of useful accounting information and reporting, scientists are trying to «design» an optimally effective system of principles that are subsequently legitimized at the state and world level. Proceeding from the principles system structure, it is possible to predict the change in the usefulness of accounting information. It has been established that such changes would be manifested in the shift of the usefulness targeting, that is, an increase in the degree of satisfaction of information needs of some users would be effected on account of reducing the satisfaction of others. So, in the long run, it is possible to predict other changes in the principles-requirements, including the return to the cancelled ones, depending on the priority of the users’ interests. As to the principles-assumptions, there are no preconditions for their change or doubts about the relevance of existence for today. Changing these fundamental principles is possible only in the context of changing the accounting paradigm and will cause the unconditional need to build new principles-requirements.

No abstract

No abstract