DIRECTIONS OF IMPLEMENTATION OF FINANCIAL REPORTING ACCORDING TO INTERNATIONAL STANDARDS

Olha Zavitii, Serhiy Rozdymakha

Abstract


Introduction. The reporting of the enterprise acts as the main source of information support and is compiled by performing special procedures for processing, grouping, calculating data and is formed at the final stage of the accounting process. Financial statements contain information on the results and results of the enterprise for the relevant reporting periods, forms an important basis for making management decisions. Methods. In preparing the article, a systematic research approach was used, which made it possible to assess the state of implementation of international financial reporting standards in domestic practice; the method of theoretical comparison to improve the directions of drawing up financial statements in accordance with international standards; the method of expert assessments - in the development of organizational regulations for the implementation of international financial reporting standards, as well as the method of concretization and formalization - to improve the system of legislative regulation for the preparation and presentation of consolidated financial statements. Results. This article analyzes the legislative regulation, the views of domestic scientists on the essence and features of the preparation and presentation of financial statements in accordance with international standards. The main organizational aspects, principles and norms of preparation of the main forms of consolidated financial statements by domestic enterprises are considered. The directions for improving the process of drawing up and presenting financial statements in accordance with the requirements of Ukrainian legislation and international standards have been determined. Perspectives. In the future, research on the development of the Ukrainian reporting practice of enterprises will consist in streamlining the normative documents governing the procedure for conducting accounting and preparing financial statements in accordance with international standards, in order to avoid contradictions and inconsistencies in accounting and reporting information on the results of activities of enterprises operating in the world market.

Keywords


statements; accounting information; international standards; enterprise management; legislative regulation

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References


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DOI: https://doi.org/10.35774/ibo2020.02.033

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"Scientific Club "SOPHUS"
West Ukrainian National University
Higher Education Institution "Podillia State University"