The article focuses on the evolution stages of the national systems of financial statements of enterprises in the context of transforming their conceptual framework and approaches to information disclosure, and the determinants of forming the integrated financial statements concept. The evolution of institutional environment influences the transformation of conceptual framework, i.e. markets and information flows among their participants, due to developing traditional and opening of new markets of goods and services. This leads to enhanced role of voluntary information disclosure of different groups of users. As a result of increased demand for new information, the State regulator involves in the process of its disclosure, which formulates the requirements to information for a wide groups of users. The system of information disclosure at the corporate sector level includes two basic arrays: formal requirements, which are envisioned by international or national accounting standards, requirements of certain national regulatory authorities or other stakeholders, and the system of voluntary information disclosure to ensure transparency, relevancy (compliance with information needs), completeness and reliability within the chosen conceptual framework and accounting system model. The paper grounds that the existence of several conceptual frameworks for financial statements can lead to both the unperceived misstatements on the part of companies and misunderstanding of the statements by insufficiently informed users. In order to solve this problems, the developed countries actively develop the conceptual framework of integrated (enhanced) financial statements that would include an alternative performance assessment, a step-by-step approach to financial statements simplification through revision of their structure, procedures, manuals for information disclosure, including significant social, environmental and corporate factors and events, as well as the use of innovation data processing technologies. In this regard, the developing countries should take an active part in working out the new conceptual framework of integrated financial statements, which would enable them to increase international competitive advantage in their battle for investors, to accelerate institutional reforms resulting in building up an internal class of qualified users of financial and non-financial information.
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