Topical issues of IFRS financial reporting: challenges and challenges of the present

Abstract

The transition of Ukrainian enterprises to international standards of financial reporting is a requirement of time, a market system of management and is conditioned by the necessity to fulfill the contractual obligations of Ukraine regarding further integration into the European Union. The application of the norms prescribed by International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) allows for reporting, which will include relevant, understandable and truthful information. The article analyzes problems that accompany the process of introducing IFRS in Ukraine. The complex of measures on possible ways of solving these problems in terms of institutional economic theory has been systematized. The differences between IFRS and Ukrainian accounting standards have been analyzed in terms of general reporting requirements, information structure and disclosure requirements. The ways of eliminating disproportions have been proposed in order to bring the national registration system to the international requirements. The preconditions and necessity of introduction of international standards of financial reporting in the accounting system of Ukraine have been considered. The adaptation of the accounting system to international approaches to the registration of the financial state by economic entities has been investigated, which is an important component of the further integration of the national economic system into the world community.