Transformation of accounting principles under the influence of IFRS

Abstract

The purpose of the article is to theoretically substantiate the transformation of accounting principles under the influence of IFRS and determine their role in the formation of a principle-based accounting model. The study is aimed at a comprehensive analysis of changes in the conceptual basis of accounting, clarification of the economic content of key principles and determination of the practical significance of the results obtained. The goal is achieved through a set of methodological approaches: systemic, comparative, analytical and synthetic. The theoretical study included a generalization of scientific approaches to the interpretation of accounting principles, an analysis of the transformation of the conceptual basis of accounting, as well as clarification of the economic content of key principles taking into account the principle-based approach and the role of professional judgment. The practical component was an analysis of the financial statements of Ukrainian enterprises that have implemented IFRS. The results of the study showed that the use of IFRS contributes to a shift in emphasis from formal implementation of procedures to economic content, activates the role of the accountant's professional judgment. The transformation of the conceptual basis of accounting occurs simultaneously in three directions, ensuring increased transparency, reliability and comparability of financial reporting. Clarification of the economic content of key principles led to an increase in the adaptability of accounting policies of enterprises and the formation of an information base for making management decisions. The results obtained have practical significance for improving accounting policies, as well as for harmonizing the national accounting system with IFRS. Promising areas of research are the development of methodological recommendations for the application of professional judgment in specific accounting situations, as well as an analysis of the effectiveness of adapting the national system to IFRS.