THE NEED TO HARMONIZE NATIONAL ACCOUNTING STANDARDS IN COMMERCIAL BANKS WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS

Abstract

This article examines the issues of implementation of international financial reporting standards in the Republic, improvement of legislation on accounting and financial reporting, transforming national accounting standards into international financial reporting standards and thereby increasing the reliability and objectivity of information, further increasing the inflow of foreign investment into the economy of our country, as well as the need to transition to International Financial Reporting Standards (IFRS) in accounting in our state-owned commercial banks and, most importantly, the development and refinement of proposals for its improvement

In the context of economic globalization, it is important to adopt a common approach to the formation of high-quality, comparable, reliable and consistent information in different countries. International Financial Reporting Standards (IFRS) play a key role in the development of the international accounting system. International Financial Reporting Standards (IFRSs) are becoming a key factor in the development of economic relations, cooperation between countries, and the investment climate in countries. For this reason, the number of countries that adhere to international standards is increasing. In our country, in this regard, it is required to bring the national standards currently in use in the country into line with international standards and harmonize them with IFRS.