STAGES OF FORMATION OF FINANCIAL REPORTING STANDARDS IN THE COUNTRY: THEORETICAL ASPECTS OF THE PROJECTED REFORM

Abstract

Relevance of the topic. Currently, the problem is choosing the optimal strategy to help reduce costs during the transition to IFRS, which ultimately has acquired some relevance for the Russian Federation, whose activities are in a sense aimed at effective integration into the world economy. This relevance is due to a number of factors, both external and internal. The general strengthening of global integration factors, characterized by the convergence of financial accounting standards, while the desire of countries to protect their national ideas in various ways, including by maintaining and at the same time increasing competitiveness in the world market, can be attributed to external factors.

A clear financial reporting system for a foreign investor increases his investment interest. However, the transition to a new reporting system entails an increase in costs associated with maintaining accounting records, which in turn entails a decrease in the competitiveness of a business entity.