Subject The article addresses problems associated with assessment of the quality of financial statements, considers the accounting system as an information business process, and analyzes approaches of researchers to accounting items, which quality should be improved. Objectives The aim of the study is to review the specifics of scientific understanding of financial statements as an information product of the accounting system, which is characterized by a certain level of quality. Methods The study rests on general scientific methods, i.e. analysis, synthesis, systems approach, observation, generalization, detailing, comparison and grouping. We analyze different aspects of functions of the accounting system, and the accounting information as its major product. Results We define financial statements as an accounting information product, distinguish two major ways to improve the quality of financial statements, i.e. content and organization improvement. The paper presents our developed model of interaction of accounting as an information business process and the users of accounting information. Conclusions and Relevance The process of improving the quality of financial statements requires the transition from the lower to the higher level of quality, and necessitates the compliance with the requirements of users, which positively differ from the originally specified requirements. The findings may be useful for scientists, students and teachers in their scientific, training and methodological activity.
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