MALİYYƏ UÇOTU SİSTEMİNDƏKİ ÇATIŞMAZLIQLARIN TƏKMİLLƏŞDİRİLMƏSİ İSTİQAMƏTLƏRİ

Abstract

The financial statements are the final element of the entity's financial statements and contain multidimensional information from the books of accounts. Small amounts of management accounting data are also used in the preparation of financial statements. The purpose of this study is to demonstrate the possibilities of using financial reporting as a source of economic information to support performance management. Financial statements use information obtained from the entity's financial records. Due to proper organization and grouping, the financial information included in the specific components of the financial statements should allow a comprehensive assessment of the entity's property and financial condition and the results obtained. The financial statements must be relevant to the purpose for which they are prepared. The financial accounting system, by its very nature, supports the creation of the information required to establish financial measures. Unnecessary and confusing statements should be avoided and all relevant and important ones should be made public. These statements allow shareholders to learn about the efficiency and effectiveness of management, as well as the company's profitability and financial strength. By analyzing the financial statements, potential shareholders can determine the company's profitability, current status, and future prospects and decide whether to invest in the company. The financial statements may relate to one entity or to more than one entity. For this reason, single and consolidated financial statements can be distinguished. The need for an audit is mainly due to the need for some independent auditing tools to reduce accounting errors, asset misappropriation, and fraud in business and non-commercial organizations. In this regard, the article notes the mistakes and shortcomings in the preparation of financial statements. Ways of proper organization of receivables, inventory, and deferred taxes were investigated. Methods for removing inaccurate financial statements and financial reporting constraints have also been explored. In this regard, changes in the financial statements for profit and loss were considered.