Фінансова звітність – важливе джерело інформації для прийняття управлінських рішень
Financial reporting as important source of information for taking managerial decisions

Summary/Abstract: Subject of research is financial reporting viewed as the element of accounting and important source of information for takingmanagerial decisions.Aim of research is substantiation of key elements and factors characterizing financial reporting as important source of takingmanagerial decisions and characteristic of its legal and regulatory framework.Work methodology: Work is performed on the results of analyzing modern opinions on the main aspects of defining financialreporting, its components and legal and regulatory framework.Work results: The work substantiates the role of financial reporting in taking managerial decisions; characterizes the legal andregulatory framework concerning the methodology of preparation and disclosure of financial reporting; analyzes modern approachesto the interpretation of the concept «financial reporting». The work shows that financial reporting as the source of information fortaking managerial decisions cooperates with managerial functions.Branch of result application: One of the main peculiarities of reporting campaign for the 1st quarter of 2013 is preparation offinancial reporting in accordance with the new form. National Accounting Regulation (standard) №1 «General Requirements toFinancial Reporting» was introduced on March 19, 2013. But this standard in some provisions does not comply with both the locallegislation in the sphere of accounting regulation and the international standards. Therefore, for the time being there is the necessityfor the Ministry of Finance of Ukraine to introduce changes into the Law of Ukraine «On Accounting and Financial Reporting inUkraine» and AR(S), what is probably to take place in the nearest future.Conclusions: Financial reporting is viewed as the instrument for objective and correct assessment of financial and propertycondition, results of activities and cash flows of the company. Financial reporting shall provide complete, unbiased and trueinformation on current conditions and results of company operations and be reliable source of analytical conclusions on furtherdevelopment and determination of economic potential of the company.

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