INTERNATIONAL CONVERGENCE OF FINANCIAL REPORTING

The purpose of this article is to study the state global convergence financial reporting standards at present stage, as well consider key points process unification International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). To achieve goal, considers concepts convergence, harmonization standardization, presents an analysis intensity use these concepts, which are associated with dynamic development recent accounting transformations major trends in international reporting. stages (GAAP) considered. For decades, European Union, Organization Securities Commissions (IOSCO) Committee on have supported efforts harmonize US GAAP IFRS. used different countries. We determined that while both IFRS aim provide transparency, informational content usability statements, approaches this. indicated dominant system, fact, only third world countries do not apply it. proven achieving a single set understandable feasible must be developed, requiring high quality, transparent comparable information statements order ensure GAAP. analyzed GAAP, precisely systems using Google Ngram Viewer (GNV) tool. proved Convergence also applies Ukraine, since bilateral, any change will ultimately affect Ukrainian system.