Importance Considering the importance and significance of the final financial result from ordinary activities and information on its formation process, it is reasonable to address issues of setting up the detailed accounting process, which would generate multifaceted information for various users. Objectives The research outlines methodological recommendations to arrange the multi-level process of detailed accounting for income, expenses and financial results so to obtain information needed to promptly manage the financial result at various levels. Methods Having reviewed what approaches could be used to develop contemporary methodologies and form structured working charts of accounts, we set up the fundamental framework for detailed accounting of income. We also found weaknesses of the existing approaches to detailed accounting and determined information needs of various users, and provided specific recommendations. Results The recommendations provide for five levels of detailed accounting, i.e. business diversification, taxation system, geographical segments, types of activities (projects), and types of products. Conclusions and Relevance The proposed recommendations constitute the methodological basis for developing approaches to accounting of income, expenses and financial results of separate businesses. The multi-level accounting streamlines the preparation of consolidated, financial and management reporting, allows for an operational factor analysis, while external information sources improve monitoring of financial results from various areas. The recommendations help formulate the information and analytical framework for managing the financial result of the entity.
Keywords: income accounting, financial result, detailed accounting, business segment, management
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