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Financial Statements of a Company as an Information Base for Decision-Making in a Transforming Economy

Author

Listed:
  • E.A. Osadchy
  • E.M. Akhmetshin
  • E.F. Amirova
  • T.N. Bochkareva
  • Yu.Yu. Gazizyanova
  • A.V. Yumashev

Abstract

In connection with the development of transforming the economy, the need for forecasting and analyzing the consequences of managerial decisions becomes more pressing. To substantiate and evaluate such decisions, a tool for prospective analysis of financial statements of companies is used. In recent years, the content and structure of a company's financial statements have undergone significant changes. With the development of economic relations, the principles of organization and methodology of accounting and reporting are also dynamically changing. The issues of reforming financial statements of a company are constantly discussed at international congresses of accountants and other professional forums.The purpose of the study is to improve the concept of preparing financial statements of a company as an information base for taking decisions in a transforming economy.As a result of the research, the economic essence of company's financial statements is substantiated from the point of view of an integrated approach; the importance of financial statements of an organization for effective management is determined; the main financial and non-financial indicators are systematized; it is proposed to introduce a mandatory requirement for disclosure of non-financial indicators in the corporate reporting system; proposals have been elaborated to improve the methods for analyzing financial statements as a tool for managing a company.

Suggested Citation

  • E.A. Osadchy & E.M. Akhmetshin & E.F. Amirova & T.N. Bochkareva & Yu.Yu. Gazizyanova & A.V. Yumashev, 2018. "Financial Statements of a Company as an Information Base for Decision-Making in a Transforming Economy," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 339-350.
    • Handle: RePEc:ers:journl:v:xxi:y:2018:i:2:p:339-350
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    References listed on IDEAS

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    1. Jean-François Casta & Olivier Ramond, 2016. "Financial Reporting and Fair Value: Where Do We Stand?," Post-Print hal-01819628, HAL.
    2. Ian Fraser & Heather Tarbert & Kai Hong Tee, 2009. "Do the financial statements of intangible-intensive companies hold less information content for investors?," Applied Financial Economics, Taylor & Francis Journals, vol. 19(17), pages 1433-1438.
    3. M. Hanias & P. Curtis & E. Thalassinos, 2012. "Time Series Prediction with Neural Networks for the Athens Stock Exchange Indicator," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 23-32.
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    Cited by:

    1. E.M. Akhmetshin & N.A. Prodanova & S.S. Shevchenko & I.P. Ratnikova & Y.Y. Gazizyanova & O.N. Zherelina, 2018. "Current Issues of Corporate Integrated Reporting Development in Russia," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 3), pages 142-153.
    2. E.M. Akhmetshin & N.A. Prodanova & L.B. Trofimova & P.S. Probin & O.G. Grigorieva & V.V. Smirnova, 2018. "Institutional Analysis of the Regulatory and Legal Framework for Financial Reporting Control in Russia," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 3), pages 130-141.
    3. Ireneusz Górowski & Bartosz Kurek & Marek Szarucki, 2022. "The Impact of a New Accounting Standard on Assets, Liabilities and Leverage of Companies: Evidence from Energy Industry," Energies, MDPI, vol. 15(4), pages 1-15, February.
    4. Hedy Rumambi & Revleen Kaparang & Jerry Lintong & Joseph Tangon, 2019. "The Building Blocks to Construct Financial Statement of Micro, Small, and Medium Enterprises (MSMEs) of Rice Farmers Groups," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 9(4), pages 1-9, October.
    5. O.Y. Voronkova & А.M. Zadimidcenko & L.V. Goloshchapova & A.G. Polyakova & S.G. Kamolov & E.M. Akhmetshin, 2018. "Economic and Mathematical Modeling of Regional Industrial Processes," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 268-279.
    6. Agnieszka Kuś & Agnieszka Kuś, 2023. "Photovoltaic Companies on the Warsaw Stock Exchange—Another Speculative Bubble or a Sign of the Times?," Energies, MDPI, vol. 16(2), pages 1-21, January.
    7. E.M. Akhmetshin & N.A. Prodanova & L.B. Trofimova & S.G. Kamolov & K.Z. Trapaidze & A.V. Pavlyuk, 2018. "Institutional Methodology of the Formation of the Public Sector Reporting Concept in Accordance with IPSAS," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 3), pages 154-165.
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    10. A.K. Zhukova & A.L. Zhukov, 2018. "Materiality in Audit of Financial Reporting Party Conducting Accounting of Joint Activity," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 109-118.

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