ADVANTAGES AND CHALLENGES OF IMPLEMENTING INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

The globalization of financial markets and the expansion of international business activities have increased the importance of harmonizing accounting and financial reporting systems. International Financial Reporting Standards (IFRS) have become the globally recognized framework for preparing and presenting financial statements. The purpose of this study is to examine the advantages and challenges associated with the implementation of IFRS in modern accounting practices. The research employs comparative analysis and a review of scientific literature and regulatory documents. The findings indicate that IFRS implementation improves the transparency, comparability, and reliability of financial statements and facilitates access to international capital markets. Furthermore, IFRS contributes to attracting foreign investment and enhancing corporate governance practices. However, the implementation process also presents significant challenges, including high transition costs, insufficient professional competencies, technological adaptation requirements, and complexities in interpreting certain standards. The study concludes that the successful implementation of IFRS requires comprehensive institutional support, continuous professional training, and the modernization of accounting information systems.