Publication Details
Abstract
The development and expansion of innovative projects, which are so necessary in this period of development of our national economy, requires the attraction of additional foreign investment. Accordingly, our national financial statements must be prepared in accordance with the requirements of International Financial Reporting Standards (IFRS) and ensure that national companies are more attractive to investors for foreign investors. The article discusses the issues of necessity and expediency of application (IFRS), which is confirmed by the objective need for accurate and understandable financial statements for the investor, as well as the issues of modernizing financial reporting in accordance with the requirements of International Financial Reporting Standards (IFRS).
The article describes the procedure for the transition to international financial accounting standards, the essence of which is to consistently identify differences in accounting according to national and international standards and make appropriate adjustments to national reporting so that it meets the requirements of IFRS. Modernization is a complex, creative process that requires deep knowledge and professional competence of the employees responsible for its implementation.
The article discusses the positive benefits from the introduction of IFRS, as well as the problems that enterprises, audit companies, educational institutions will face, which provide basic professional accounting education in the process of transition to the use of international standards.