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Article

ПРОЗРАЧНОСТЬ КАК ФИНАНСОВАЯ КАТЕГОРИЯ

Аудиторские ведомости. 2017. № 8. С. 88-101.

The concept of transparency is one of key concepts in the modern researches and practices in economy, policy, sustainable development, resource allocation, corporate management, etc. Ensuring of transparency in society in general, and in the financial markets, in particular, is one of significant functions of many social and economic institutes, including institutes of accounting and finance. The purpose of this paper is to analyze the concept of transparency in finance and accounting. Institutional approach is applied in this research. The subjects of the analysis are practices of accounting, audit, disclosure of financial information and assessment of assets. The basic method of a research is critical discourse analysis. We consider the approaches to transparency determination, tools and mechanisms of its implementation in the financial sphere, the benefits and problems associated with practices of financial transparency. It is shown that the main mechanisms of transparency on financial markets are disclosure and publication of information about economic actors in public space, and the tools of financial transparency are financial accounting, financial reporting and audit. The main advantages of transparency are marked; they are the reduction of uncertainty in society and markets, the decrease  of financial losses risks and a possibility of remote control. The problem aspects of excessive transparency are possible panic during the crisis periods and the support of procyclicality of the financial markets. The role of fair value assessment during the financial crisis of 2007-2009 is discussed. It is shown that fair value is not the reason of crisis, but its accelerator. In the conclusion the question of whether it is necessary to support the increase of transparency in the financial markets is discussed.