Importance The article points out four phases corporate reporting passed in the process of its development, i.e. from slave owning entities up to the present days. Objectives The research figures out how the market development phases influenced needs of financial reporting users in information, and outlines financial reporting steps. Methods Using methods of analysis, synthesis, grouping and comparison, I overview and systematize various scientific stances on corporate financial reporting. Results There is a need in the financial standing information so to find proper ways of developing and addressing tactical issues of business entities. The market development required explaining the current processes. That is why each market phase implies a relevant economic theory, protracted historical period that clarify factors of wealth and indicate preferable reporting items for reflecting these factors. Conclusions and Relevance I articulated steps in the corporate financial reporting methodology and identified how they related with social needs in reporting data. I prove the need to timely form financial statements as part of the value concept. The findings may be applied for scientific, educational and methodological purposes.
Keywords: value, profit, balance, strategics
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