Subject. This article examines the institutional foundations of the categories of Accounting and Financial Accounting. Objectives. The article aims to determine the prospects for the development of accounting as a sphere of professional and scientific activities, and find justifications for separating these two concepts. Methods. For the study, I used induction and deduction, analysis and synthesis, modeling, comparison, extrapolation, as well as comprehensive and functional-and-targeted approaches to identify the proper generic features of the concepts under study. Results. The article finds that the understanding of accounting is based on its essence and purpose as a type of economic accounting, and that the applicable contents of accounting statements and financial statements are different. The development of concepts by replacing accounting with financial accounting is wrong, since their goals are different. Conclusions and Relevance. It is necessary to distinguish between the types of accounting, otherwise real data will be replaced by estimates, which ultimately will not contribute to the reliability of accounting and reporting for assessing the true state of affairs in the organization. The results of the study of the subject and functional area of accounting, presented in the article, are useful for continuing the discussion on the semantic content of certain types of accounting.
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