The Modern Conception of the Regulators for Organization of Accountance

Abstract

The article considers the activity of global and national regulators for organization of accountance, the founders of which are the Council on International Accounting Standards, issuing the international financial reporting standards (IFRS), and the Board of Financial Accounting Standards of the United States, the result of which is the U.S. Generally Accepted Accounting Principles (GAAP). The main characteristics of the US accounting regulators are defined. The main tasks of the regulators for organization of accountance at the international level are researched. The existence of different models of transition to IFRS, characterizing the international standardization of accounting and the processes associated with it, is clarified. The role of national regulators of accountance and financial reporting in Ukraine is defined and their founders are considered. The tasks and participants of the Memorandum on cooperation and coordination of actions on application of the International Financial Reporting Standards in Ukraine are analyzed. The authors carry out a research on the main clauses of the law «On amendments to the Law of Ukraine «On accountance and financial reporting in Ukraine» regarding improvement of certain provisions» as the main regulatory document for bringing the norms of national legislation on accountance and reporting in accordance with the provisions of the European Union legislation, which will increase the transparency of financial statements and help to obtain a credible, comparable accounting Information.

Keywords

• accounting
• regulators
• international financial reporting standards
• conception