Challenges and prospects of transition to International Financial Reporting Standards in Ukraine and worldwide

Abstract

The article analyzes the challenges and prospects associated with Ukraine's transition to International Financial Reporting Standards (IFRS). The current situation in Ukraine with regard to the implementation of these international standards is studied and the key difficulties faced by companies and professionals are highlighted. The purpose of the study is to identify the challenges and opportunities for implementing international financial reporting standards (IFRS) in accounting practice in the context of the growing number of countries adopting these standards. In particular, the study aims to analyze the dynamics of the adoption of international financial reporting standards in different countries, identify the main problems and difficulties in implementing IFRS, assess the impact of IFRS on companies' financial statements, analyze legislative changes in the context of international standards, in particular, analyze how legislative changes affect the obligations of companies to prepare financial statements in accordance with international standards. Particular attention should be paid to the inclusion of new categories of companies that must apply these standards. We are still researching and analysing how and from what date the taxonomy should be reported. Also, how to deal with the inventory required at the date of transition to IFRS. It also examines the training programs and the process of training specialists and explores career opportunities for specialists in the context of IFRS. In particular, we analyze how obtaining international diplomas and certificates, such as ACCA and ACPM, affect the career development of professionals. The dynamics and challenges associated with the implementation of international financial reporting standards are explored, as well as the identification of opportunities to overcome these challenges and support the sustainable development of accounting practice in the context of globalization of financial standards. The article also examines the prospects for development and benefits associated with the use of IFRS in the Ukrainian business environment. The article analyzes the opportunities for improving financial reporting, adapting to international financial reporting standards and facilitating the efficient functioning of the market. The main objective of the article is to highlight the relevant aspects and help in understanding the importance and benefits of transition to IFRS in the context of the Ukrainian economy and business.