Abstract
In many countries International Financial Reporting Standards (IFRS) have become part of the domestic law or common practice. Ukraine has also taken the first steps to the use of IFRS taking into account its national peculiarities. However, problems occur in the adaptation of international standards, which need to be solved. The proposed article is devoted to the research of specific problems arising during the implementation of IFRS in Ukraine. The author substantiates the expediency of implementing International Financial Reporting Standards in Ukraine, studies the prospects of using international standards in the national accounting practices and defines the principle of transformation as a priority. It determines the stages of IFRS implementation in Ukraine and the problems that arise on each of these stages. As a result, the study highlights the shortcomings of the national accounting system’s reform and ways of optimizing the process of IFRS implementation in Ukraine.
Highlights
Intensification of the European integration processes in Ukraine, deepening of international cooperation of the national economic entities, activation of capital movement on financial markets, the need to strengthen the competitiveness of enterprises on the foreign markets cause a necessity to carry out further reforms in the national system of accounting and reporting
The process of harmonization of the system of accounting and financial reporting with the international standards is associated with a number of problems that arise at different stages of implementation, not allowing to properly realize innovative development of the national economy and international investment projects
The methodological basis of the article is made of laws, regulations and methodical recommendations regarding the use of international accounting standards in Ukraine, namely: On Accounting and Financial Reporting in Ukraine (2014), International Financial Reporting Standards (2014), Methodical guidelines for filling financial reporting forms (2013)
Summary
Intensification of the European integration processes in Ukraine, deepening of international cooperation of the national economic entities, activation of capital movement on financial markets, the need to strengthen the competitiveness of enterprises on the foreign markets cause a necessity to carry out further reforms in the national system of accounting and reporting. This objectively requires the implementation of accounting approaches standardized to international requirements. The study of International Financial Reporting Standards (IFRS) and the process of their implementation in Ukraine require the attention of all participants of the national economy who want to attract investments and improve the competitiveness of domestic companies
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