PREREQUISITES FOR ESTABLISHMENT OF FINANCIAL ACCOUNTING

Abstract

The article is devoted to the research and generalization of the existing developments regarding the development and formation of financial accounting in the world. Attention is focused on the fact that the consideration of substantiated financial information is quite important, and is due to the presence of a significant number of challenges facing enterprises in modern economic conditions. Their minimization significantly depends on the reliability of the information that is taken into account in the decision-making process. The hierarchical component was considered and it was determined that financial accounting plays a significant role in ensuring the effective development of enterprises. The multiplicity of approaches and definitions regarding the interpretation of the essence of financial accounting is highlighted and its detailing is carried out. The main goal is to study the essence of the category "financial accounting" and the prerequisites for its formation in the world. In the research process, general scientific methods of scientific knowledge are used. In particular, scientific research methods are used: dialectics, abstract logic, analysis and synthesis. During the research, it was determined that the importance of financial accounting has increased significantly in recent years. This trend is due to the growing role of information and its availability for consumers. It is substantiated that the formulation of financial accounting definitions is important for the development of the economy and society as a whole. It directly affects the development and implementation of the company's financial strategy, which will contribute to the achievement of the general goals of the company's activities. The development of financial accounting and information technologies are interconnected and interdependent processes. Information technology makes financial services more accessible, faster and more efficient. They help manage risks, provide quick access to financial information and allow automation of many processes. Thus, information technologies play a key role in the development of the financial sector.