Trends in accounting policy improvement due to the evolution of reporting paradigms
( Pp. 138-144)

Task. The reporting of economic entities is in a state of constant evolution and improvement, which is due to the constantly changing conditions of the internal and external environment of functioning and the changing information requests of users of reporting. The development of new reporting models and the evolution of reporting paradigms are a kind of response to a number of problems that have accumulated in the traditional financial reporting model. The objective of the study is to show that accounting policy, being the basic regulation of accounting and reporting, should change and expand its boundaries in order to comply with the trends in improving the reporting of economic entities and to ensure the development of economic entities through the proper elaboration of their aspects. Model. The article examines the existing reporting models and trends in their development and improvement, which determine the directions of development and improvement of accounting policies. The financial reporting of an economic entity traditionally includes accounting, management and tax reporting. In the case of the practice of conducting joint activities, consolidated statements are formed. The trend in the development of reporting is the emergence of new reporting paradigms - reporting in the field of sustainable development and integrated reporting. It is necessary to develop a clear reporting methodology of a new level; accordingly, the boundaries of the traditional accounting policy are expanding. Summary. The conclusion is made about the need to expand the boundaries of accounting policies in the context of expanding the boundaries of reporting Traditionally, accounting policy in the process of its formation and disclosure covers two areas of issues. Firstly, these are issues related to the accounting process (organizational and technical aspect of accounting policies), and secondly, these are issues related to the impact of accounting policies on financial results and the formation of final financial statements (methodological aspect of accounting policies). In connection with the development of new reporting models and the deepening of the corporatism of the existing reporting model, the urgency is expanding the boundaries of accounting policy by highlighting its new aspects: contractual, managerial and tax. Practical importance. The relevance of the elaboration and application of accounting policies, the boundaries and economic meaning of which are expanding due to the expansion of the reporting boundaries, have been substantiated. The reporting boundaries expand to the boundaries of the business of an economic entity. Accordingly, the accounting policy should cover the integral reproduction process of an economic entity, expanding its boundaries from the methodology of organizing and regulating a purely accounting process to the level of methodological guidance for building business processes of an economic entity, taking into account the accompanying business risks in the process of creating value by this business. Originality. As a result of the study, it was concluded that the accounting policy should regulate not only the issues of operating, financial and investment activities, but also regulate relations with departments and stakeholders, going beyond the standardized regulations for organizing the accounting process and reporting. Expanding its boundaries, accounting policy, in fact, becomes an instrument of corporate governance.

Rumyantseva V.M., (2021), TRENDS IN ACCOUNTING POLICY IMPROVEMENT DUE TO THE EVOLUTION OF REPORTING PARADIGMS. Economic Problems and Legal Practice, 2 => 138-144.

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Evolution, paradigm, reporting, accounting policy, corporate governance.