THE SIGNIFICANCE OF FINANCIAL ACCOUNTING AND REPORTING IN TODAY'S WORLD

In the context of the modern market economy, the importance of accounting (financial) reporting in the management of financial resources has been studied and examined. Financial resource management (management) is the administration of a company’s financial-economic activity using methods that are efficient and based on contemporary standards. This article reviews the multifaceted characteristics of utilizing financial reports in organizing effective operations of a company and in current financial management.