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International Accounting
 

Evolution of financial reporting under the influence of digitalization

Vol. 25, Iss. 2, FEBRUARY 2022

Received: 20 January 2022

Received in revised form: 1 February 2022

Accepted: 7 February 2022

Available online: 15 February 2022

Subject Heading: FINANCIAL ACCOUNTING

JEL Classification: М41

Pages: 180–197

https://doi.org/10.24891/ia.25.2.180

Lidiya I. KULIKOVA Kazan (Volga Region) Federal University (KFU), Kazan, Republic of Tatarstan, Russian Federation
777phd@rambler.ru

https://orcid.org/0000-0001-7277-9971

Rinaz Z. MUKHAMETZYANOV Kazan (Volga Region) Federal University (KFU), Kazan, Republic of Tatarstan, Russian Federation
rinaz-mukhametzyanov@rambler.ru

https://orcid.org/0000-0001-9879-335X

Subject. This article explores the historical aspects of the formation of financial reporting, its formation at the present stage and development in the context of digitalization of the economy based on the use of modern information technologies.
Objectives. The article aims to study the evolution and current trends in the development of financial accounting and reporting, identify and solve the problems of presentation and disclosure of information in reporting by economic entities, and identify new areas for improving the format of reports.
Methods. For the study, we used observation, comparison, generalization, and interpretation.
Results. Based on the study of promising areas for the development of financial accounting and reporting related to the emergence of new technologies and digital services, the article offers a 3D model of financial reporting. It is an updated version of the XBRL report format, with additional detailing of information and the application of source accounting documents confirming each accounting event.
Conclusions and Relevance. Currently, the digitalization of the economy, the reform of the accounting and reporting system, the change in user requests have an impact on the structure and content of the financial reporting system. The article substantiates the position that it is advisable to apply a 3D model of financial statements, which can help present information about the activities of an economic entity in a more detailed and visual form.

Keywords: financial reporting, digitalization, XBRL report, 3D model

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