On the Issue of Improving Financial Reporting of Non-Credit Financial Organizations

The objectives, content and features of financial reporting of non-credit financial organizations are considered. Modern conditions of the formation of the financial market and its entities exacerbate the problems of forming high-quality financial reporting, which is interrelated and requires a comprehensive solution. The Bank of Russia's performance of the functions of a mega-financial regulator has actualized the issues of the need to improve the preparation of financial statements and the reflection of brokerage and dealer transactions in accounting using special software and taxonomy. The transition to IFRS obliged professional securities market participants (PSMPs) to submit reports in XBRL format. In the course of the study, based on a systems approach, the authors developed a conceptual model of financial reporting of PSMPs as non-credit financial organizations with the identification of the main subsystems of this process: regulatory, methodological, organizational, personnel and digital support. The characteristics of each component are substantiated by an analysis of the existing practice of specific organizations providing a range of non-credit financial services. Conclusions were made: improving the composition and procedure for submitting financial statements by non-credit financial organizations requires the development of a high-quality digital platform that integrates data arrays for all types of services provided, and also takes into account all regulatory and methodological requirements of the mega-financial regulator.