The current state and development of economic processes determines the procedure for the formation of financial results and their use. Owners and investors need actual indicators of the final financial result of the organization and its use in the reporting period. In turn, national accounting and reporting standards should be adequate to these conditions. However, the current accounting practice, which does not reflect the actual performance indicators of entrepreneurial activity, cannot be considered justified. The article examines aspects of the formation of financial results and their use in conjunction with the development of economic processes and national standards of accounting and reporting. It is proposed to form the structure of the profit and loss statement of business entities in accordance with the presented methodological approaches