Conceptual and Methodological Orientation of the Harmonization of Accounting and Financial Reporting Systems

The article is devoted to the justification of conceptual orientation of harmonization of accounting and financial reporting systems through the prism of study of accounting models diversity. It is revealed that the international harmonization of accounting systems is possible only on the basis of convergence of theoretical and methodological concepts of continental and Anglo-Saxon accounting models, what corresponds to modern trends of harmonization in virtue of IFRS and GAAP integration. It is proved that the first priority task of harmonization of accounting systems is the harmonization of formats of financial statements and their substantive content, by: 1) unification of the forms of financial statements of different accounting systems and approaches to their construction; 2) creation of common approaches to the assessment and analytical representation of assets and liabilities in the accounting and reporting; 3) establishment of uniform methodological principles of business capital accounting. The fulfillment of these conditions require the revision of the conceptual and methodological bases of accounting and the principles of public accountability of economic entities in accordance with the new model of socio-economic relations, which should equally take into account amounts to both economic, social, and environmental factors of sustainable development of economy and civilization processes.