ADMINISTRATIVE AND LEGAL GUIDELINES FOR STANDARDIZATION OF FINANCIAL REPORTING OF ENTERPRISES AS SOCIO-ECONOMIC SYSTEMS

Abstract

This article aims to present an approach for determining the most effective administrative and legal guidelines for the standardization of financial reporting in modern open socio-economic systems. It emphasizes the current state of financial reporting of these open socio-economic systems at the time of analysis and the application of the proposed approach. As the most common form of open socio-economic systems today, enterprises are taken as the basis. The method of multi-criteria decision analysis (MCDA), which encompasses various approaches to decision-making based on multiple criteria, including hierarchical analysis, was applied. In addition to its comprehensiveness, the method of pairwise comparison, which involves the use of two elements for comparison, was also applied. Experts were involved in the assessment and determination of the administrative and legal guidelines. As a result, an approach to forming key administrative and legal guidelines for the standardization of financial reporting was developed, which, unlike other similar approaches, aims to take into account external environmental factors and the changes they bring in order to try to adjust financial reporting standardization policies in complex development conditions. The practical value is revealed in the possibility of application by state bodies and structures involved in the development and establishment of financial reporting standards in Ukraine.