Akademik Məlumat İdarəetmə Sistemi
6th International Conference on Lifelong Education and Leadership for All-ICLEL 2020 / July 16-18, 2020/ Sakarya University – TURKEY, “İpək yolu” Azərbaycan Universite¬tinin elmi jurnalı N1, Bakı, 2017 ci il, s.101-106., Sakarya, Turkey, 16 - 18 July 2020, vol.700, no.1, pp.144-150, (Full Text)
The main purpose of
this publication is the research and study of the international financial
reporting standards implementations, as this point remains the important issue
of integration into the global financial markets. The place and role of the country in the
global economic space, the process of joining the World Trade Organization, and
interaction with international financial institutions remain relevant.
According to some political analysts, countries urgently needs to diversify its
markets and strengthen relations with partner countries.
Problem and sub problem. The actual task of researching the universal tools for assessing
economic indicators around the world is the reporting, prepared in accordance
with international financial reporting standards. The article considers the
analysis of the prerequisites and stages of the transition to IFRS,
characterizes the results of applying IFRS generally in the world and
Azerbaijan in particular. The advantages and disadvantages of applying IFRS are
formulated further in the article. Particular attention is paid to the need to
monitor the effectiveness of the implementation of IFRS in Azerbaijan.
Methodology.
Scientific articles, monographs and other information of domestic and foreign
economists on the problems of accounting, economic analysis and fundamentals of
the theory and methodology of auditing, normative, methodological and
methodical materials were used like the theoretical basis of the study.
Scale. The practical
significance of the study for the purpose of effective global cooperation remains
the transition to IFRS, by which, according to established practice, it is
customary to understand the unified accounting standards recognized around the
world.
Analysis
techniques: The practical
significance of the study can play a positive role in enriching the scientific
and practical knowledge of experts involved in accounting and reporting.
Result and suggestions. Based on the analysis, it can be argued that, in general, the international experience in using IFRS is positive, in countries which use IFRS, there is an influx of foreign investment, but it is impossible to say that the reason for this inflow is the only application of IFRS. It should be noted that it is important to organize constant monitoring of the effect of the implementation of IFRS for certain sectors of the economy.
Keywords: the study of the international financial reporting standards, stages
and effectiveness of IFRS implementation, analysis of financial performance,
transparency of the financial statements.