RELIABILITY OF FINANCIAL REPORTING

The relevance of ensuring the reliability of reporting is emphasized. Attention is drawn to the fact that, as a result of its alleged radical reformation, it was not possible to get rid of the imperfection of financial reporting during the transition to market relations. The importance of scientific substantiation of financial reporting forms in accordance with the methodological narratives of the accounting classics is emphasized, the ignoring of which caused the practice of forming reporting indicators to remain unchanged for almost a century, which unwittingly contradict the requirements for reliability of both the Law "On Accounting and Financial Reporting in Ukraine" and the National Law (C)BO 1 "General requirements for financial reporting", thus obscuring the real financial condition of enterprises as a result of veiling the amount of equity capital, which, according to the statement of the theorist and practitioner of accounting of the last century P. Tsiompa, often demonstrates in relation to this, in fact, the most important indicator, that recognized by the classics as the cornerstone of the accounting system, "national economic nonsense." The lack of attention of domestic scientists to the outlined issues is noted, and this is confirmed by the lack of scientific substantiation of the content of financial reporting, since publications related to it are mostly limited to a descriptive statement of the approved reporting forms, and not to an understanding of their methodological imperfections. As a result, most of the works of scientists refer to educational literature, and articles in scientific journals, especially monographs on the study of the problems of such reporting, are few and far between. Moreover, it is time to find specifics in them. It is pointed out that the indicators that made it possible to clearly determine the efficiency of the use of financial resources of enterprises due to the presence in the Balance Sheets of No. 1 of the seventies-eighties of the XX century. not only actual data on the presence of certain assets, but also their visual comparison with standards. Attention is focused on the fact that the reliability of financial reporting from the point of view of economic efficiency and protection against raiding of enterprises is of great importance both for their owners and state authorities, because it is a guarantee of balanced regulation of economic development based on the analytical interpretation of real indicators. It is emphasized that, first of all, it is necessary to get rid of harmful methods of veiling their capital. After all, revaluation of assets is a dubious measure from a practical point of view, which only allows to virtually smooth out the alarming financial condition of enterprises at the expense of an imaginary increase in their value, because in reality the usefulness of overvalued objects does not increase one iota.