Prospects of Using Information Technologies in the Transformation of National Financial Reporting

Abstract

This article covers the prospects of applying information technologies in the transformation of national financial reporting, their role and significance, achieving time and labor efficiency in the preparation of financial reports using software products, preventing errors when working with large volumes of data, and completing tasks faster and with higher quality using programs based on information technologies rather than traditional methods. Additionally, the article addresses issues such as creating opportunities for global access to data through the implementation of databases and cloud technologies. Additionally, the article mentions that the creation, presentation, interpretation, and transmission of a company's financial reports using digital technologies become much more efficient and faster. It is also mentioned that the integrity and reliability of a company’s financial reports are enhanced through software created with digital technologies. Additionally, these technologies allow for faster report generation and provide users with wide-ranging opportunities to access the reports from anywhere and make decisions. Additionally, the article discusses issues such as transforming the company’s accounting system based on international financial reporting standards and thereby entering the global market with accurate and reliable information. It is specifically emphasized that the application of international financial reporting standards in the preparation of financial reports, studying their importance and necessity, and researching their theoretical and methodological aspects, provide a priority in attracting users of these financial reports, mainly investors. Additionally, the article highlights that the presentation of transparent and fully disclosed information sets serves as a reliable source.