DEFINITION AND PRINCIPLES OF FINANCIAL RESULTS ACCORDING TO INTERNATIONAL STANDARDS

Abstract

This article mentions current issues regarding the transfer of financial results accounting to international standards. Definitions given to financial results by foreign and domestic scientists have been critically studied. In the research work, an improved author's definition of financial results was developed. In the definition provided by the author, it is taken into account that profit or loss occurs as a result of the formation of financial results in accordance with international standards, the comparison of income and expenses based on the principle of compatibility, profit increases private capital, and loss is a factor that decreases private capital. The sequence of implementation of the principles of accrual, realization, compliance and economic benefit is recommended.