International financial reporting standards: problems of implementation
Purpose of work. The globalization of the economy and the integration of financial assets of various countries is impossible without a system of uniform principles for the formation of financial statements. Such a system today is the international financial reporting standards (IFRS). The gradual spread of IFRS in the world occurs through standardization and harmonization. However, when introducing international standards, it is impossible to avoid problems related to the culture, legislation, infrastructure and capabilities of each country. Similar problems exist in Russia. Materials and methods. The features of the process of IFRS implementation in Russia are analyzed, the main differences between RAS and IFRS are considered. Results. The main practical problems of using IFRS in Russia are the lack of enough knowledge and competence of employees, the complexity of the translation of concepts and terms used in the original text of IFRS, the lack of Russified specialized computer programs for the transformation of reporting into IFRS. Conclusion. The transition to IFRS will allow to analyze and interpret the results of the activities of Russian companies, which will contribute to the improvement of the investment climate in Russia.