Abstract: International Financial Reporting Standards are a special system of generally accepted norms, principles, requirements, rules and procedures that regulate the preparation of financial statements. IFRS are widely applied in numerous countries of the world. They promote the harmonization and enhancement of financial statements.
IFRS developed by the International Accounting Standards Board are aimed at making the information reflected in financial statements more relevant, reliable and understandable to specialists around the globe as they are not bound to any particular country’s peculiarities of the preparation of financial statements. In this regard, international standards have been extremely widely disseminated all over the world today. The article analyses possible options of using IFRS by different jurisdictions, shows trends that are currently intrinsic to the world system of financial statements as well as examines in detail the issues of the practice of the implementation and application of IFRS in the regional aspect.
At the end of the article authors note that IFRS make a considerable contribution to the global economy and ensuring the transparency, accountability and efficiency of global financial markets.
Keywords: IFRS, International Accounting Standards Board, global capital markets, financial statements, Group of Twenty (G20), transparency, accountability, efficiency