The functions of financial reporting and their role in the business development

The article studies the functions of financial statements in order to understand their role in business development, describes their features from the perspective of interested users. The author discusses the models of financial reporting in the domestic and international practice; notes the value of the matrix structure for management and planning, the choice of accounting (financial accounting) method and the need to study the new features of financial reporting and valuation of the methods of its presentation according to the International Financial Reporting Standards.