Economic globalization and its influence on accounting and reporting in Ukraine

Abstract

Globalization of the economic development of all aspects of modern economic activity dictates the corresponding requirements, quantitative and qualitative parameters for the Ukrainian economy. Compliance of the Ukrainian economy with world standards requires the creation of a favorable environment investment climate for domestic and foreign investors.Significant problem of the current stage of accounting development is the lack of sophistication of theoretical aspects of accounting science. The pace of the globalization has proved so significant that the accounting theory, as well as its methodology, methodology and organization, have fallen behind and do not meet the economic interests of the new structures. The development of world relations in the process of the globalization is one of the objective conditions for significant changes both in the Ukrainian accounting and reporting system and in the accounting systems of other countries. The article highlights the peculiarities of applying IFRS for enterprises in Ukraine and in the world; the evolution of the legal framework of accounting introduction in Ukraine in accordance with the international legal norms has been investigated; the processes of implementation of the IFRS in Ukraine and their implementation in modern conditions are investigated too; an assessment of the state of application of the IFRS and a comparison of the regulatory reporting requirements in accordance with the national and international regulations were provided; the differences between the IFRS and national financial reporting standards have been identified. A significant factor restraining the possibility of harmonization of reporting due to international standardization accounting principles and rules are unique to each individuals social environment, formation of nation accounting systems under the influence of various theoretical concepts, economic situations, information needs users of financial information, culture, national historical traditions.