STANDARDIZATION OF ACCOUNTING INFORMATION IN THE CONTEXT OF INTERNATIONAL FINANCIAL REPORTING STANDARDS IMPLEMENTATION
DOI:
https://doi.org/10.17721/1728-2667.2023/223-2/5Keywords:
Accounting Information, Accounting policy, Uniformity, Harmonization, International Financial Reporting Standards (IFRS)Abstract
Background. The article identifies the basic characteristics of IFRS, which affect the process of standardization of accounting information, highlights the key aspects of the implementation of IFRS in accounting practice, and describes the main opportunities for standardization of accounting information of business entities in Ukraine. Particular attention is given to the role of accounting policy and its structural elements in the process of standardizing accounting information. The object of the study is accounting information, as well as the set of phenomena and processes related to its formation and use in the operation of business entities.
Methods. In line with the study's objective to clarify and detail specific aspects of implementing IFRS in modern economic conditions, deductive and inductive methods, historical and logical methods, and the method of comparison were used. To gather reference materials regarding the harmonization and standardization of accounting, the information modeling method was employed. Statistical analysis was used to investigate the key characteristics of mass phenomena and processes related to the implementation of IFRS in Ukraine. The combination of various research methods helped to obtain a complete and representative assessment of the state of IFRS implementation in the activities of Ukrainian business entities.
Results. The study results have revealed the main aspects of the impact of IFRS on the standardization of accounting information, of a business entity, which became a basis for improving accounting practices and introducing appropriate changes in the accounting system of the business entity to comply with international standards.
Conclusions. This study contributes to a better understanding of the importance of IFRS in the modern business environment and helps to implement them in practice keeping on national realities and requirements. The findings may be useful for accounting and audit professionals, business managers, and financial control authorities in making strategic management decisions.
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