Financial statements according to the international financial reporting standards: requirements and realities of implementation

The purpose of the article is to study peculiarities of the information formation in financial statements in accordance with the requirements of international financial reporting standards (IFRS) and its importance for external users in a market environment. Research methods. In the process of research were used general philosophical and general scientific methods of knowledge of phenomena and processes: abstract and logical for interpretation of an essence of financial reporting; comparison, analogy and systematization for assessing the legal provisions and prerequisites for the introduction of international standards of financial reporting; monographic method for analysis of evolution of scientific achievements of domestic scientists regarding problems of financial reporting by economic entities in accordance with the requirements of international standards; empirical method for comprehensive assessment of the current state of the research object; evolutionary approach and historical method for formation of implementation stages of the international standards of financial reporting in Ukraine. Research results. In the process of studying issues regarding the formation of financial statements in accordance with the requirements of international standards, a number of prerequisites were introduced that preceded a need for financial statements to be prepared in accordance with the international standards. There were formed periods for implementation of IFRS in Ukraine, in particular: early period, transitional period, period of voluntary use, period of formation of institutional mechanism, and period of global euro integration processes. Elements of scientific novelty. The theoretical positions concerning the implementation of the international financial reporting standards were further developed, the authors' vision of an essence of financial reporting as a socially important information tool for representing the financial and property status and results of business entities of the market economy were formed. Practical significance. There were outlined approaches, which are expedient to use in two financial reporting systems (for SAS and IFRS), namely the method of transformation and the method of conversion. Tabl.: 3. Figs.: 4. Refs.: 20.