№ 3/2016

№ 3/2016

Nauk. pr. NDFI 2016 (3): 84–96

ACCOUNTING AND TAXATION

KUCHERIAVA Maria ¹

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0003-2948-1234

The implementation of amendments to International Financial Reporting Standards of Ukraine

In recent decades the processes of harmonization and convergence intensify its influence on the conceptual framework of accounting in the world. International Financial Reporting Standards (IFRS) play the main role in the enforcement of the comparability principle of data accounting. The importance of this principle increases in the current economic conditions. The general amendments made to IFRS for 2014-2015 are summarized and systematized into the separate groups in the article. The author investigates the influence of IFRS and directive regulations of the EU on the national legislation in the sphere of accounting and reporting, in particular, how they correlate with the Law of Ukraine “On Accounting and Financial Reporting in Ukraine” (the Law) and National Accounting Standards. The main groups of the differences between the national legislation in the field of accounting and the updated IFRS are distinguished. The author delineates the main provisions of IFRS that could be included in the Law. General conclusions and suggestions for providing amendments (including recommendations proposed by the International Accounting Standards Board in a public document “2012-2014 Annual Improvements Cycle”) are separately formulated. The author proves the importance of providing the continual monitoring of amendments to IFRS and their implementation into Ukrainian legislation, in compliance with the overall Strategy of application of the International Financial Reporting Standards in Ukraine.

Keywords:International Financial Reporting Standards, Annual Improvements Cycle of IFRS, the Law of Ukraine “On Accounting and Financial Reporting in Ukraine”, National Accounting Standards, national accounting model.

JEL: M41, M42.

Kucheriava M. . The implementation of amendments to International Financial Reporting Standards of Ukraine / M. Kucheriava // Наукові праці НДФІ. - 2016. - № 3. - C. 84-96.

Article original in Ukrainian (pp. 84 - 96)

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