Improving Financial Reporting on the Basis of International Standards in the Context of Economic Globalization and an Improving Business Environment

The article examines the organizational, accounting-methodological and information-technology aspects of improving the quality of financial reporting on the basis of International Financial Reporting Standards (IFRS) in the context of economic liberalization and an improving business environment. The study is based on systems analysis, comparative analysis, analysis and synthesis, and logical and conceptual modeling of the transition process. Approaches put forward in international and national studies are compared, and it is shown that the outcome of the transition to IFRS depends not only on the standards themselves but also on accounting practice, institutional oversight and disclosure quality. The three-phase, eight-stage procedure for transition to IFRS is supplemented with control points, output documents and a feedback mechanism from monitoring to the accounting policy. The correspondence between key standards (IFRS 1, IFRS 9, IFRS 15, IFRS 16, IAS 36 and IAS 37), accounting objects and control evidence is systematized, transformation adjustments are grouped into four types, and indicators for assessing documented adjustments, timely control procedures and completeness of disclosure are proposed. Recommendations are formulated on aligning accounting policies, transformation entries, parallel accounting, disclosure of financial information and digital control tools. The proposed approach is presented as a scientific and practical proposal that requires empirical testing at the enterprise level.

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