CONCEPT OF BUSINESS ACCOUNTING AND INTEGRATED REPORTING.

The concept of accounting for the facts of economic life that currently dominates in accounting cannot be considered hopelessly outdated. At least, the model of accounting and accounting (financial) reporting built on this concept provides information to most stakeholders about external verifiable indicators that characterize the financial position of an organization. However, it should be recognized that the concept of accounting for the facts of economic life no longer meets the needs of the modern market economy, since it does not allow to assess the quality and stability of financial indicators. There is no element of foresight in this concept, that is, information about what facts of economic life are expected in the future. The market approach shifts the focus of accounting from the information needs of owners to a wider circle of stakeholders, which requires the presentation of such information about value creation processes, on the basis of which it would be possible to optimally distribute capital among all participants in market relations and reflect the effects of a combination of external and internal factors, providing or negatively affecting the sustainable development of the organization. The formation and development of a new concept - the International Concept of Integrated Reporting (IIRC) in the development of accounting as an economic science, can be described as information support for a business model on the processes of creating value in the short, medium and long term. IIRC is based on a new, truly, promising and progressive approach - taking into account the transformation of various types of capital in the process of creating value over time. Therefore, today, with the involvement of a wide range of specialists, the accounting community faces a fundamental task - using integrated thinking (knowledge and skills of intellectual capital), to develop a model of accounting (business accounting and integrated reporting) in order to provide information to financial capital providers and other stakeholders reflecting threshold values of indicators characterizing the sustainable development of the business model of creating value over time, taking into account the risks associated with efficient use of various types of capital, within which the business model creates value. [ABSTRACT FROM AUTHOR]