Issues of improving accounting and statements in joint activity

Currently, it is observed that large capital-intensive projects in various sectors of the economy, especially in the oil and gas industry, have high risks and complexity. Transnational companies also admit that they have difficulties in achieving the implementation of their current projects within the specified time and budget. Against the background of such complexity and global challenges, in order to further strengthen the investment portfolio in global markets, to diversify risks and opportunities the tendencies of merger and integration between companies are also strengthening. In this regard, joint activities, including joint ventures, operate in many areas of industry today. Joint ventures are considered as one of the optimal solutions for ensuring development and sustainable activity in the current economic conditions. Despite such a high level of tendencies in joint activities, their objectives can be different depending on the industry and various projects being implemented. Therefore, it is necessary to carry out serious analyzes and identify needs and problems in those areas in order to effectively manage joint activities and thereby reduce risks. Namely joint ventures in the oil and gas industry are one of the clear examples of the development of joint activities. Here, counterparties can get a number of advantages, such as expanding the scale of operations, operating in foreign markets, resource allocation, diversification of risks, as well as using the other party's different capabilities. In this case, the integrity and transparency of accounting and accountability in joint activity is the main issue in focus. It is important to ensure the mutual interests of the parties, to fulfill the obligations correctly, and to improve the accounting activity in order to achieve economic efficiency.