IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) IN UKRAINIAN COMPANIES

Abstract

The article reveals the features of the introduction of international accounting standards in Ukrainian companies. The experience of this process is analyzed, using the example of enterprises preparing reports under IFRS, features of legislative and institutional regulation. The role of IAS is emphasized in the context of the need for deep integration of the Ukrainian economy into world economic relations under martial law. Particular attention is paid to the analysis of the state of the IFRS production process and the factors slowing down these processes. The purpose of the study is to identify the key problems of the introduction of IAS into national accounting practice and to determine the prospects for the development of accounting based on a more complete involvement of the methodology of international standards. In the course of the work, general scientific methods of cognition were used: comparison, generalization, analysis and synthesis, deduction, induction, and systems approach. Data were collected mainly from scientific sources and official information from specialized ministries. The results of the study indicate that the introduction of international financial reporting standards under IFRS in Ukrainian companies is a long-term process that does not stop, but even intensifies under martial law. The introduction of identical IFRS and financial reporting generally recognized in the world community allows national companies to reach a qualitatively new level of management, provide information to interested users, integrate into international business, promote the attraction of foreign investors and other advantages. For the full disclosure of these advantages, problems are noted that need to be solved for the full harmonization of domestic processes for international accounting and reporting. It is determined that integration contributes to improving the quality of management, the organization of organizational issues, including tax and financial accounting, attracting innovations, and increasing the competitiveness of enterprises, including at the international level. The practical significance of the study lies in the development of directions and measures for the implementation of international IFRS standards, which will contribute to improving governance, the trust of stakeholders and reporting users, and strengthening Ukraine’s international positions in the context of martial law.