The influence of international financial reporting standards on the development of national accounting and reporting systems of Ukraine

Roieva Olga
PhD in accounting and taxation, associate professor of the department of accounting, taxation, public administration, Kryvyi Rih National University, Kryvyi Rih, Ukraine, E-mail:olha.roieva@knu.edu.ua, ORCID ID: https://orcid.org/0000-0003-2964-8188

Shepeliuk Vira
PhD of Economics, associate professor of the department of accounting, taxation, public administration, Kryvyi Rih National University, Kryvyi Rih, Ukraine, E-mail:shepeliuk@knu.edu.ua, ORCID ID: https://orcid.org/0000-0001-6270-5936

Cite this article:

Roieva O., Shepeliuk V. (2024) The influence of international financial reporting standards on the development of national accounting and reporting systems of Ukraine. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Vplyv mizhnarodnykh standartiv finansovoi zvitnosti na rozvytok natsionalnykh system obliku ta zvitnosti Ukrainy; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 7-8 (320-321), pp. 77-84.

Abstract

In the context of globalization and increasing integration of national economies into global markets, the issue of harmonization of accounting standards is becoming particularly relevant. The implementation of IFRS not only improves the quality of financial reporting and transparency of information for international investors, but also contributes to the development of the national business environment and enhances confidence in Ukrainian companies on the global stage. The purpose of the study is to comprehensively analyze the impact of IFRS on national accounting and reporting systems in Ukraine. In particular, the study covers the historical context of the development of accounting systems in Ukraine before the introduction of international standards, analysis of the legislative and regulatory framework governing the application of IFRS, as well as identification of the main advantages, challenges and problems faced by Ukrainian companies in adapting IFRS. The research methods include analysis of historical sources, legislative and regulatory acts governing the implementation of IFRS in Ukraine, as well as study of scientific papers and literature on this topic. The result of the study is a set of recommendations for improving the adaptation of IFRS, which include the development of comprehensive training programs for enterprises, the creation of an information platform to support the implementation of standards, as well as enhancing cooperation between government bodies and businesses to monitor the effectiveness of the implementation. The practical significance of the study lies in the development of proposals for improving the process of implementing international standards, which will increase the level of transparency and trust in Ukrainian companies from international investors and contribute to the improvement of the investment climate in the country. Prospects for further research are to identify ways to improve the process of implementing IFRS in Ukraine, mainly for small and medium-sized enterprises. It is also necessary to develop government support strategies to simplify this process and increase the effectiveness of the application of international standards in national accounting and reporting systems. Furthermore, further research could be linked to an analysis of the impact of IFRS on other aspects of financial regulation in Ukraine and the prospects for their integration with European standards.

Keywords

accounting globalization; financial transparency, regulatory harmonization; economic integration; financial compliance.

JEL classification: M410; F230; G380; P340; O160; DOI: https://doi.org/10.32680/2409-9260-2024-7-8-320-321-77-84

UD classification: 657:339.7(477)

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