RISK-ORIENTED APPROACH IN ACCOUNTING: THEORETICAL PRINCIPLES AND PRACTICAL APPLICATION

Abstract

In today's conditions of globalization and economic instability, companies face numerous risks that can significantly affect the reliability of financial reporting and the effectiveness of business decisions. Traditional accounting methods are not always able to adequately reflect these risks and manage them, which emphasizes the need to implement approaches based on risk assessment as a tool for improving the quality of accounting information. The risk-based approach to accounting involves the systematic identification, assessment and management of risks that may affect the formation and presentation of financial information. Such an approach not only increases the reliability of financial reporting, but also allows you to optimize the use of resources for conducting control procedures, reduce the likelihood of fraud and increase the effectiveness of overall corporate governance. The article considers the theoretical and practical aspects of implementing a risk-based approach in accounting systems. The essence and classification of accounting risks are considered and the methodological foundations of their assessment and management are analyzed. There is a demonstrated need to integrate a risk-based approach into the process of forming a company's accounting policy. A comprehensive model for implementing a risk-based approach into accounting systems is proposed, taking into account international standards and the characteristics of the national economic environment. To achieve the goal, several tasks were solved. We will clarify the essence and basic principles of the risk-based approach in accounting. The place of the risk-based approach in the internal control system of the enterprise is determined. Analyze the main stages of implementing a risk-based approach in accounting practice. We studied the impact of the risk-based approach on the quality of accounting information. We considered practical aspects of applying risk-based approaches to various areas of accounting. Despite a significant number of scientific studies on risk management, the issue of implementing risk-based approaches in accounting has not yet been fully resolved and requires further research. Particular attention should be paid to the methodological aspects of integrating a risk-based approach into the accounting policy of the enterprise and the development of specific tools for its implementation in practice.