International Accounting Norms and How They Affect the Accounting System of Ukraine

Анотація

The active integration of International Financial Reporting Standards (IFRS) has the potential to optimize economic development by creating new opportunities to increase transparency and confidence in financial statements, optimize the investment climate and credit security, and develop effective management decisions. The purpose of the article is to analyze the specifics of IFRS in the current economic environment and the impact of their implementation on accounting processes in Ukraine. The study examines the main advantages of applying IFRS in accounting practice, analyzes the specifics of IFRS implementation in accounting processes in Ukraine. The article highlights the key benefits of IFRS integration, in particular, intensification of credit and financial support for business, minimization of investment risks, simplification of the process of financial global standardization, and opportunities to enter international markets. The author identifies the main challenges of the IFRS integration process in Ukrainian realities, in particular, the increased resource intensity of the process during the adaptation period, the difficulty of establishing effective communication and interaction between stakeholders, the need for effective monitoring, the lack of qualified personnel, and the increased risks of wartime. It is substantiated that the integration of IFRS requires active assistance in the educational sphere and an upgrade of regulatory and legal support. Recommendations are formulated that can contribute to the successful implementation of IFRS in Ukraine. The article proves that the adaptation of accounting in Ukraine to IFRS will help to improve management and investment planning processes, contributing to greater economic stability, and will also increase the competitiveness of business in the international market.

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