Regulatory basis of the implementation of IFRS in Ukraine

Ruslana Kuzina
PhD, Associate Professor, Accounting and Audit Department, Odessa National Economics University, E-mail:rws_1@ukr.net

Cite this article:

Kuzina, R. (2015), Regulatory basis of the implementation of IFRS in Ukraine. Ed.: M. Zveryakov (ed.-in-ch.) and others [Normatyvno-pravovi zasady vprovadzhennia mizhnarodnykh standartiv finansovoi zvitnosti v Ukraini; za red.: М. I. Zveriakova (gol. red.) ta in.], Socio-economic research bulletin (ISSN 2313-4569), Odessa National Economic University, Odessa, Issue 1, No. 56, pp. 221–228.

Abstract

The article presents Ukrainian legislation analysis, which showed that effective implementation of international financial reporting standards (IFRS) in Ukraine is associated with certain difficulties due to the lack of critical infrastructure corporate reporting, including the observed weaknesses of the legal basis of IFRS implementation. Proper regulatory support is essential for effective organization of corporate accounting in enterprises. Browse issues of national regulatory framework has allowed to find out that Ukraine was partly established institutional mechanism for the introduction of international accounting standards, but there is no coordination among state regulators in the plane of the implementation of IFRS. It is also recommended to create a separate body monitoring the quality of financial statements prepared under IFRS.

Keywords

regulatory support; corporate reporting; implementation of international financial reporting standards; government regulators; the quality of financial reporting.

JEL classification: M400

UD classification: 657:006.32(477)

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