Problems of ensuring the reliability and comparability of international financial statements in conditions of creeping (moderate) inflation

Abstract

Subject. The article considers scientific and practical tools to account for external market environment factors, which are used to generate corporate international financial statements. Objectives. The aim is to identify and systematize problems of ensuring the reliability and comparability of data disclosed in international financial statements, when updating their values in a modern market environment, to analyze applicability of currently used tools of measuring inflation for financial reporting. Methods. The methodology rests on the results of comparative analysis of the content of international financial reporting standards and statistical data on quantitative characteristics and methodological approaches to the calculation of inflation indices that are used to generate international financial reporting. Results. To ensure comparability and reliability of financial reporting indicators, it is advisable to establish uniform standards for the formation of applied indices, with the obligatory consideration of industry specifics. To standardize this process in the context of moderate (creeping) inflation, it is reasonable to establish a progressive requirement for the volume of required adjustments in conditions of limited use of tools for fair value measurement. Conclusions. The addressed problems of ensuring comparability and reliability of financial statements are focused on improving the system approach to the use of traditional instruments to measure inflation, reassessing their applicability, and enhancing the efforts of the professional community to bring about their uniformity.