Haiduchok T.
Candidate of Economic Sciences, Associate Professor, Associate Professor of
Department of Accounting, Taxation and Audit of Zhytomyr National Agroecological
University, Zhytomyr, Ukraine
Dmytrenko O.
Candidate of Economic Sciences, Senior Lecturer of the Accounting, Taxation
and Audit Department of Zhytomyr National Agroecological University, Zhytomyr,
Ukraine
THEORETICAL AND METHODICAL ASPECTS OF FORMATION
OF FINANCIAL REPORTING OF ENTERPRISES IN CONDITIONS
OF UKRAINE INTEGRATION INTO THE EUROPEAN SPACE
Introduction. Integration of Ukraine into the European and world economic
space raises interest in financial reporting of enterprises, in particular public ones, since
reporting is a source of information for assessing the financial state, the level of
development and disclosure of economic policy of the business entity in order to make
managerial decisions with various interested groups of users. The processes of
globalization, which encourage companies to enter the world financial markets, cause
the objective need for Ukraine to move to International Financial Reporting Standards
(further - IFRS), implementing an international model in the national contour.
International Financial Reporting Standards (IFRS) are widely used throughout the
world. They are an instrument of economic policy implementation and a dynamic
system aimed at unification of the principles and methods of recognition, measurement
and disclosure of information in financial statements based on convergence with world-
class accounting standards. International Financial Reporting Standards are currently
an effective tool for increasing the transparency and clarity of information that
discloses the activities of business entities, creating a reliable basis for recognizing
revenue and expenditure, valuing assets and liabilities, which enables them to
objectively disclose and reflect existing financial risks of reporting entities, and also
compare the results of their activities in order to ensure an adequate assessment of their
potential [1].
The modern scientific community confirms that many leading scientists are
engaged in research into the issue of financial reporting in Ukraine. Numerous works
substantiate the convergence of financial statements of domestic enterprises with the
reporting of companies, compiled according to international standards, in particular, it
should be noted research by Bondar T. [12], Holova S., Kostiuchenka V. [2], N. Huru
[14], Zubilevych S. [15], Moroz Yu., Tsal-Tsalka Yu.[16], and others. At the same
time, the positions of IFRS and the Law of Ukraine "On Accounting and Financial
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