FINANCIAL REPORTING AS AN ELEMENT OF INTEGRATION OF THE DOMESTIC ECONOMY INTO THE GLOBAL SYSTEM OF ACCOUNTING MODELING - Scientific conference
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Рік заснування видання - 2014

FINANCIAL REPORTING AS AN ELEMENT OF INTEGRATION OF THE DOMESTIC ECONOMY INTO THE GLOBAL SYSTEM OF ACCOUNTING MODELING

14.07.2023 22:47

[1. Economic sciences]

Author: Nataliya Sergiivna Zarytska, candidate of economic sciences, associate professor of the department of international accounting and auditing, Vadym Hetman Kyiv National University of Economics, Ukraine


The accounting system, as the most important part of the information system of international reporting, is currently at the stage of reform. One of the directions of the further development of accounting and reporting is the improvement of the quality of the resulting information through the construction of an effective accounting process, which led to the need to study the possibilities of accounting modeling. The application of the modeling method to the study of the accounting system consists in reflecting the sequence of stages of transformation of accounting information from a general conceptual model to an algorithmic model, which allows calculating the optimal result of the accounting process from an economic point of view.

So, accounting modeling allows you to choose the optimal model of the organization of the accounting process from many possible options in accordance with the scale and characteristics of the financial and economic activity of the organization. Building an effective accounting process will contribute to more active use of international financial reporting standards (IFRS), which are the main tool for accounting reform. Thus, there was a need to create models that reflect the process of forming accounting (financial) reporting in accordance with international standards using various methods in order to choose the optimal one [2].

Currently, Ukrainian organizations interested in attracting foreign investors, access to international capital markets, establishing partnerships with foreign counterparties face the independent task of practical application of IFRS for the preparation of financial statements, which is a condition for integration into the global economic environment. However, the lack of knowledge and requirements of individual IFRS, and the understanding of their essence as a whole, which has developed in the Ukrainian professional accounting community, is a source of concern. Insufficient development of theoretical and methodological support for the process of building a management accounting and analytical system based on the IFRS information platform, the imperfection of the toolkit, insufficient awareness of the enterprise management regarding the consumer properties of IFRS, as well as the prospects of using IFRS for management purposes indicates the presence of hidden reserves for building an effective system of management accounting In these conditions, a comprehensive study of the theoretical, methodological and practical aspects of building a management accounting system in terms of adaptation to international financial reporting standards is necessary [1].

Taking into account the lack of comprehensive works on the modeling of the accounting and analytical system of financial and management reporting, adapted to the requirements of IFRS, it is appropriate to note the need to organize an effective accounting process at foreign enterprises according to national standards, and in the conditions of transition to international standards with the help of convergence of accounting policies; to ensure the unconditional scientific basis of its implementation, the efficiency of obtaining and the reliability of data about the object of knowledge. As we see, this issue is quite deep and requires a comprehensive study of the possibilities of transition to IFRS using modeling of the accounting process according to Ukrainian standards, especially in the modern conditions of transition to the use of international financial reporting standards.

List of sources:

1. Dobrovolska O., Marhasova V., Momot O., Kozii N., Chyzhyshyn O. Evolution and current state of money circulation in Ukraine and the world. Estudios de Economia Aplicada. 2021. Vol. 39(5). DOI: https://doi.org/10.25115/ eea.v39i5.5042 

2. Ya. Kolesnik, O. Dobrovolska, I. Malyuta, A. Petrova, S. Shulyak The investment model of fixed assets renovation in the agricultural industry: Case of Ukraine. Investment Management and Financial Innovations. 2019. Vol. 16(4). P. 229–239. DOI: http://dx.doi.org/10.21511/imfi.16(4).2019.20



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