Учёт. Анализ. Аудит (Dec 2023)

Objectification and verification of financial information

  • A. V. Petukh,
  • V. V. Bashkatov,
  • O. I. Shvyreva

DOI
https://doi.org/10.26794/2408-9303-2023-10-5-22-37
Journal volume & issue
Vol. 10, no. 5
pp. 22 – 37

Abstract

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The term “financial information” is being actively introduced into all spheres of the economy as a key resource for supporting managerial decision-making at the micro and macro levels. However, it happens that this definition is treated ambiguously, haphazardly, which makes it difficult to apply new scientific knowledge in the regulatory and legal field and in practice. The purpose of the study is to identify the concept of “financial information” for its relevant use in rulemaking and science, as well as to determine the verification features of this type of information generated by economic entities in order to ensure reasonable user confidence in its quality. On the basis of comparative legal and abstract-logical methods, analysis of Russian and international accounting and auditing standards and recommendations, as well as best practices of their application, the key features of financial information are identified, including the form of presentation, relevance to users, compliance with the chosen concept, responsibility for the formation and release. The main characteristics of financial information prepared on the basis of the concepts of its reliable presentation, compliance and special purpose are formulated; its key feature is identified — a time criterion that makes the quality of financial information dependent on the order of its receipt (education), the dates of approval and access to it by the user. It is established that one of the main reasons for the high risk of irrelevant use of financial information in time are events after the reporting date. To determine the directions of risk management, the author’s classification of these events has been developed depending on the probability of a negative forecast. Recommendations on maintaining proper qualitative characteristics of financial information by means of control are given. The practical significance of the study is to increase the objectivity of decision-making on the quality of financial information for both direct use and during internal and external control.

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