UKRAINE NEEDS TO ACCELERATE THE CONVERGENCE PROCESS OF IFRS TO PROMOTE ECONOMIC RECOVERY AND GROWTH - Scientific conference
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Рік заснування видання - 2014

UKRAINE NEEDS TO ACCELERATE THE CONVERGENCE PROCESS OF IFRS TO PROMOTE ECONOMIC RECOVERY AND GROWTH

20.08.2020 16:54

[Section 4. Accounting, analysis and audit]

Author: Ma Jiyuan, Master Student, Sumy National Agrarian University


As of January 1, 2014, branches of financial and insurance enterprises in Ukraine must also comply with IFRS.However, the actual conditions for the full implementation of IFRS in Ukraine are not fully mature.IFRS focuses on investors and creditors in the international capital market, but Ukraine's own capital market is underdeveloped, so Ukraine needs to accelerate the process of adopting IFRS.

1) From the perspective of advantages, the advantages of Ukraine to accelerate the adoption of IFRS are as follows: (1) to promote the standardization of accounting treatment of enterprises. (2) Improve the comparability of financial statements.The potential investment value of Ukrainian enterprises can be accurately judged, which is conducive to their international financing and introduction of foreign capital, which will be conducive to Ukrainian enterprises' access to external capital. (3) It can reduce the accounting treatment cost of enterprises and the supervision cost of the government.

2) In terms of economy, Ukraine's economic base is among the best compared with other post-Soviet countries.Before the election, Mr. Zelenski said he wanted to restore trust in the judiciary by reopening the system, so as to improve the investment climate and boost the economy.At the same time, Ukraine should gradually solve the problems of relatively single economic structure, unstable energy supply and high price, weak competitiveness of export products, great influence from the international market, and small foreign exchange reserves. Therefore, Ukraine should accelerate the convergence process of IFRS to further improve its economic environment.

3) From the perspective of China-Ukraine relations, China-Uzbekistan relations will continue to advance, and economic cooperation has huge potential. After Zelensky’s victory, President Xi Jinping sent a congratulatory message, stating that China attaches great importance to the development of China-Uzbekistan relations and is willing to work with Uzbekistan to promote mutually beneficial cooperation between China and Uzbekistan to a new level and benefit the two peoples [1]. Chinese Foreign Ministry spokesman Geng Shuang said that Ukraine is a friendly partner of China. China has always respected the choice of the Ukrainian people and sincerely hopes that Ukraine will achieve peace, stability and prosperity. China attaches great importance to the development of China-Ukraine relations and is willing to work with Uzbekistan under the framework of the joint construction of the “Belt and Road” to promote the continued development of bilateral cooperation in various fields [2]. The trade volume between China and Uzbekistan in 2018 was USD 9.81 billion, a year-on-year increase of 28.4%. Mainly concentrated in agriculture, communications, energy, infrastructure and other industries. Ukraine hopes that China will invest in Ukraine's port infrastructure, alternative energy, high-tech, aerospace and other fields. Ukraine actively participates in the China International Import Expo and hopes to expand its exports to the Chinese market. With the increasing exchanges between the people of China and Uzbekistan, the cooperation between the two sides in the fields of military industry, transportation, infrastructure, energy, communications, and agriculture will become closer in the future.

In summary, the convergence of Ukrainian accounting standards and IFRS is imperative.By attracting investment, promoting capital formation and economic growth, and increasing fiscal revenue, Ukraine's economy will gradually recover and grow.

Literature:

1. Глава Китая Си Цзиньпин направил поздравительную телеграмму победителю украинских выборов Зеленскому ，https://antikor.com.ua/articles/300639-glava_kitaja_si_tszinjpin_napravil_pozdraviteljnuju_telegrammu_ pobeditelju_ukrainskih_vyborov_

2.  Foreign ministry spokesperson geng shuang's regular press conference on April 22, 2019 is published on the website of the ministry of foreign affairs of the People's Republic of China on April 22, 2019.

https://www.fmprc.gov.cn/web/fyrbt_673021/t1656537.shtml

________________ 

Scientific supervisor: Олег Віталійович Пасько, PhD of Economic, Associate Professor, Sumy National Agrarian University



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