Development of Accounting in Ukraine Based on the Implementation of IFRS: Problems and Prospects

For more than fifteen years in Ukraine, the process of reforming the accounting system has been carried out on the basis of the introduction of the IFRS methodology. New national standards have been adopted; many changes have been made to the Accounting Law that in the end gave enterprises the opportunity to apply original international standards, and their national counterparts. The purpose of the article is to systematize the problems of introducing IFRS into Ukrainian accounting practice and to substantiate the prospects for the development of domestic accounting on the basis of further implementation of the IFRS methodology. The problems of applying IFRS in Ukraine at different stages of their implementation were considered. The advantages and disadvantages of applying international standards in the accounting practice of Ukrainian enterprises were revealed. It was found that the employees of accounting services were not sufficiently prepared for the preparation of financial statements in accordance with IFRS, in connection with which the demand for accounting outsourcing services increased and there was a need to develop and conduct accounting training seminars. The adoption of national standards on the basis of international standards should only in theory ensure their complete identity, but in practice disagreements arose between the norms of certain standards. These circumstances led to the need for wider application of original IFRS, rather than their national counterparts. For national supervisory and regulatory bodies, IFRS have become an additional tool for effective monitoring and supervision of the economic activities of enterprises. The use of IFRS has opened access to Western capital markets for Ukrainian enterprises.