THE IMPORTANCE OF ACCOUNTING METHODS IN THE PREPARATION OF FINANCIAL STATEMENTS

Abstract

In the context of the globalization of the economy and the digital economy, it is important to move to international financial reporting standards (IFRS). The use of world experience in accounting enables the formation of transparent and reliable information. In this regard, it is necessary to study the experience of compiling financial statements collected in developed countries. Accounting plays an important role in the management system. Enterprise management must have unbiased and complete information about actual costs, product costs, profits, etc., affecting business processes and financial results. Accounting plays an important role in the collection and processing of such information in the enterprise. Today, the requirements for accounting are increasing: it must meet the requirements of international standards, meet the needs of internal and external users of information, and identify reserves for improving performance. Fundamental changes are being made in the organization of accounting, in particular, in the convergence of accounting with world economic practice in our country. This article discusses in detail the methods of accounting. The importance of these methods in the preparation of financial reports is also highlighted.