HISTORICAL ASPECTS OF THE IMPLEMENTATION OF IFRS IN THE WORLD AND IN UKRAINE

Abstract

The article examines the formation and introduction of international financial reporting standards into the international accounting system in a historical context. The main stages of their formation and improvement during the half-century period of their operation are defined. The work establishes the reasons for the creation of a unified international accounting legislation, which were the growth of the volume of international trade and investments, the globalization of the economy and the creation of the European Union. Accounting standardization functions were assigned to the International Accounting Standards Committee, an international organization created by a group of professional accounting organizations. The primary goal of the Committee's activity was determined to be the need to harmonize accounting standards, which at that time differed significantly between countries, which made it difficult to compare the financial statements of international companies. The paper examines the stages of development, implementation, improvement and adaptation of international standards to accounting systems and requirements of the world economy. The way of transformation of IAS into IFRS is considered; convergence of international standards and American accounting standards; the impact of globalization aspects in the world on the formation, purpose and status of international financial reporting standards is clarified. The article indicates the main directions of the development of a new direction of reporting - non-financial reporting on sustainable development, and defines the regulatory and legal regulation of its preparation and submission. Since the end of the 90s of the previous century, Ukraine has been taking steps to bring its accounting legislation closer to international requirements. The article identifies business entities of Ukraine that, according to the Law of Ukraine "On Accounting and Financial Reporting in Ukraine", are required to prepare reports according to IFRS, examines the importance of applying international standards for large companies and companies with international contacts and investments and identified problems regarding the transition to international accounting and reporting standards. The article summarizes the directions of scientific research on the spread of IFRS in Ukraine, their development, implementation and adaptation in the national accounting system, and indicates the directions of improvements.