THE ROLE OF INTERNATIONAL FINANCIAL REPORTING STANDARDS IN ENSURING THE COMPARABILITY OF FINANCIAL INFORMATION

Abstract

The article examines the role of International Financial Reporting Standards (IFRS) in ensuring the comparability of financial information in the context of the globalization of economic processes and the integration of national economies into the global financial environment. It is substantiated that the comparability of financial statements is one of the key qualitative characteristics of information required for making well-grounded managerial, investment, and credit decisions by various groups of users. The unification of approaches to the recognition, measurement, and disclosure of information is therefore considered a prerequisite for enhancing transparency and trust in corporate financial reporting. The essence of comparability as a fundamental qualitative characteristic of financial information is revealed in accordance with the IFRS Conceptual Framework, and its importance for comparing indicators both over time for a single entity and across different entities, regardless of their country of operation or organizational and legal form, is determined. It is emphasized that achieving comparability requires not only the application of uniform accounting principles but also full and consistent disclosure of information on accounting policies, professional judgments, and accounting estimates. Special attention is paid to the analysis of the IFRS implementation process in Ukraine and to the identification of methodological and practical issues that hinder the achievement of an adequate level of comparability of financial information. The main differences between national accounting standards and IFRS are identified, particularly in approaches to the measurement of assets and liabilities, recognition of income and expenses, application of fair value, and the scope of information disclosure. It is substantiated that the combination of national and international approaches in the practice of Ukrainian enterprises may lead to a reduction in transparency and the analytical value of financial statements. It is proved that a gradual and systematic transition to the full application of IFRS contributes to increasing the reliability and comparability of financial information, expanding enterprises’ access to international capital markets, and enhancing their investment attractiveness. It is summarized that IFRS act not only as a tool for harmonizing accounting systems but also as an important factor of strategic development, improvement of managerial decision-making quality, and strengthening the competitiveness of Ukrainian companies in the context of digitalization and global economic integration.