FINANCIAL REPORTING IN THE SYSTEM FOR EVALUATING THE LEVEL AND STATE OF ECONOMIC SECURITY OF BUSINESS

The article examines the conceptual content and purpose of financial reporting for the purposes of assessing the level and state of economic security. It is hypothesized that, taking into account the urgent need for Ukraine to integrate into the European business environment, and on an equal basis with other EU member states, the study of the practice of using financial reporting indicators becomes one of the significant factors in ensuring the economic security of business. It is substantiated that understanding the principles of the functioning of the system of international financial reporting standards acquires special importance in the conditions of ensuring economic security, because an indispensable condition for equal cooperation with foreign partners is the ability to understand the reporting that they present, and in turn to prepare reporting in the format accepted in international practice; all foreign financial institutions are already providing loans to domestic economic entities only upon submission of reports compiled taking into account international standards, which have been gaining more and more recognition in recent years. It was determined that obtaining an objective assessment of the state of economic security of an economic entity is ensured by the consistent application of all provisions of IFRS, the formation of reporting data in accordance with IFRS ensures the receipt of relevant, reliable, comparable and understandable information by both external and internal users. Forming reporting data in accordance with IFRS ensures that both external and internal users receive relevant, reliable, comparable and understandable information. Together with the correctly conducted additional disclosure in the notes, financial statements prepared taking into account the requirements of IFRS allow the management of the business entity to understand the essence of the operations carried out by the company, events that occurred during its activities and their impact on the level of protection of financial, material, information and intellectual resources. Models of accounting systems of various countries were studied, and their suitability and completeness were analyzed for the purpose of assessing the level and state of economic security. It was concluded that the application of international standards increases the transparency of financial information about market participants and the objective assessment of the level of their economic security.