IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS IN ORGANIZATIONS

In the modern economic system, the main functional unit of the production process is an enterprise, the totality of which forms the most important link in the economy. The financial and economic activities of organizations are increasingly becoming dependent on external economic information, since the management decisions made and, as a consequence, the production results are determined by its quality, reliability and timeliness. Just as the organization itself is a recipient of external information, participants in the external economic environment, in turn, are recipients of internal information on the activities of the enterprise itself. This exchange is due to the clash of interests of many economic entities — from owners and investors to creditors (debtors) and government agencies. To summarize all production results and inform all the above-mentioned entities, financial statements are prepared. Currently, a widely discussed topic has become the topic of future directions for the development of Russian accounting and the degree of further use of the regulations of international financial reporting standards (IFRS) in the development of the rules of Russian federal accounting standards (FSBU). This article examines the main aspects of the implementation of international financial reporting standards that affect financial reporting and the activities of organizations.