ISSUES OF ADJUSTING NATIONAL ACCOUNTING STANDARDS IN COMPLIANCE WITH THE INTERNATIONAL FINANCIAL REPORTING SYSTEM

Currently two benchmark models - International Financial Reporting Standards and generally accepted accounting rules of the USA - Generally Accepted Accounting Principles (GAAP) - are recognized as the accounting standards. According to the analysis, there is almost no accountant in the world who has no idea about the IFRS. Moreover, the number of countries that recognize international standards is increasing day by day. Thus this fact serves as an essential tool in mutual cooperation between the countries of the world, including in development of economic relations, especially in improving the investment environment. In this regard this article covers a number of aspects such as the IFRS, international experience, as well as their use in the countries of the world.