MODELS OF ACCOUNTING IN FOREIGN COUNTRIES: COMPARATIVE ANALYSIS AND DEVELOPMENT PROSPECTS

Abstract

The article studies accounting models operating in foreign countries, taking into account the historical, legal and socio-economic determinants of their formation. It is substantiated that the modern accounting system in the world is multi-component and reflects different approaches to providing users with information – from focusing on the needs of investors to focusing on the interests of the state and creditors. A comparative analysis of three dominant accounting models is carried out, namely the Anglo-American, continental and hybrid. It is shown that the Anglo-American model is characterized by an investment orientation, the dominance of the principles of transparency, substance over form and fair value, while the continental model is based on legal regulation, conservatism and a close connection with tax accounting. The hybrid model, inherent in countries with economies in transition, reflects the tendency to combine national characteristics with the requirements of IFRS. It is proven that the process of global harmonization of accounting systems is based on expanding the scope of IFRS, which ensures comparability of financial information, increasing the level of transparency and trust between participants in international financial markets. Particular attention is paid to the impact of digital transformation and artificial intelligence on the transformation of accounting processes, automation of data processing, unification of non-financial indicators and the development of integrated reporting. It is argued that digitalization creates conditions for improving the quality, reliability and timeliness of financial information, helps to minimize the human factor and expands the analytical capabilities of management systems. It is found that one of the key trends in the development of accounting science is the integration of financial and non-financial information within the concept of ESG reporting, which reflects the environmental, social and management aspects of the enterprise's activities. The place of Ukraine in the global context of accounting development is outlined, the positive results of IFRS adaptation in the public interest enterprises sector are emphasized, and the problems of the gap between national and international practices are identified.