Organizational aspects of formation and submission of financial reporting in iXBRL format

Abstract

Methods. The methodological basis of the study was the methods of analysis and synthesis – for the actualization of the main problems of the formation and submission of financial statements by business entities in the iXBRL format, the development of measures for the organization and conduct of internal audits of the generation of financial statements; historical and logical – when establishing the theoretical and normative foundations of the formation of financial statements; general and specific – when clarifying the components of the accounting policy of a business entity that prepares reports according to IFRS; systems approach – for the development of a step-by-step algorithm for the formation and submission of financial statements in the iXBRL format. Results. The article summarizes the theoretical and normative approaches to financial statement formation according to international standards for the effective exchange of financial information between different users. The components of the accounting policy of the business entity that prepares the reporting under IFRS have been formed. The composition of the financial reporting package of the business entity in the format of modern, flexible iXBRL technology has been determined. A step-by-step algorithm for forming and submitting financial statements in the iXBRL format prepared according to the IFRS process is proposed. There is outlined the direction of harmonization of the procedure for generating financial reports in the iXBRL format through the development of digital competencies of the accounting staff of the economic entity. Novelty. There are summarized the theoretical-normative and organizational foundations of the formation and submission of financial statements by business entities in the iXBRL format according to IFRS in the conditions of the European integration of the Ukrainian economy and the implementation of European legislation. Practical value. The study results are of an applied nature, as they allow obtaining an up-todate approach to the formation and submission of financial statements by business entities in the iXBRL format, which opens up modern opportunities for the effective exchange of financial information between different users.