№ 3/2016

Fìnansi Ukr. 2016 (3): 55–85

FINANCIAL AND ECONOMIC REGULATION

RIAZANOVA Nadiia ¹, FEDOSOV Viktor ²

¹Kyiv National Economic University named after Vadym Hetman
OrcID ID : https://orcid.org/0000-0003-1419-1189
²SHEE “Kyiv National Economic University named after Vadym Hetman”
OrcID ID : https://orcid.org/0000-0003-1092-4218

Financial accounting as an institutional and infrastructural component of information economy

This article, for the first time in Ukrainian financial science, considers the place and role of financial accounting as an infrastructural component of information economy. It is shown that the role of this component grows as information society develops. The article explores the essence of financial accounting, its distinctive features, segments, institutions engaged in relevant activities, and its importance in the development of Ukraine’s economy. It is noted that the concept of financial accounting is not identical to bookkeeping. Since the subject matter of financial accounting is a set of financial relations, they are viewed as the basis for identification, collection, analytical processing, and the provision of users with necessary information in the form of products and services. Financial accounting is aimed at the analysis and interpretation of information, its presentation in an understandable and user-friendly form; its basic attribute is the provision of open access information. This is a system that is segmented depending on the range and specific features of economic relations whose information aspect is the subject matter of financial accounting and includes its macroeconomic and microeconomic aspects. The social purpose of financial accounting is revealed in the course of accomplishing objective tasks that consist in disclosing information, minimizing uncertainty and gaining new knowledge. Financial accounting products are necessary for the management system, for determining the market position of participants of financial and economic relations, ensuring transparent activities of not only corporations but also central and local authorities, management of financial and economic risks, and sustainable economic development. Also the role of financial accounting in the creation of value added is growing.

Keywords:finance, financial accounting, information economy, information society, information function of finance, financial controlling, institutionalization of finance.

JEL: D80, M41, M48.

RIAZANOVA N. . Financial accounting as an institutional and infrastructural component of information economy / N. . RIAZANOVA, V. . Fedosov // Фінанси України. - 2016. - № 3. - C. 55-85.

Article original in Ukrainian (pp. 55 - 85)

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