EUROPEAN INTERPRETATION OF FINANCIAL REPORTING IN THE CONTEXT OF IMPROVING ITS QUALITY FOR ENSURING THE ECONOMIC SECURITY OF THE ENTERPRISE

The article examines the peculiarities of ensuring the company's economic security measures based on the formation of a single informative base in the form of the enterprise financial statements, which should contain not only financial, but also non-financial indicators to improve its quality. It is proven that the changing external environment, internal economic, organizational, and informational fluctuations require from management personnel of companies to develop not only market strategic goals and tactical ways of achieving them, but also to form economic security. The latter is currently impossible without high-quality, reliable, correctly calculated reporting indicators (factors), which should contain information not only about the financial stability of the enterprise, but also the level of its social, labor, intellectual and environmental safety. The final concept of the importance and informativeness of reporting, which would be a perfect guarantee of the economic security of enterprises, has not been formed to date. Because of this, the article argues the expediency of interpreting non-financial indicators of the business entity's activity in its financial reporting. Analysis and monitoring of the use of non-financial values of enterprises economic sustainability was carried out on the basis of European companies experience. This made it possible to form a number of mechanisms and proposals, as well as a scheme for identifying the content of the conceptual basis for determining the quality of financial reporting, directions for analyzing the quality of reporting in the context of the integration of non-financial information, as well as a universal model for improving the quality of financial reporting that will contribute to the implementation of the main functions of such reporting: communications with stakeholders and meeting their requests. The proposed model will make it possible to compare the results of the reporting period with the company's planned development strategy, reveal non-financial information flows, increase its relevance, ensure the implementation of internal control and, accordingly, bring the quality of reporting to a higher level. Such «new» reporting will allow management staff to work out measures to ensure a high level of economic security and financial stability for their business entity.