CONCEPTS, PRINCIPLES AND SIGNIFICANCE OF INTERNATIONAL AND EUROPEAN FINANCIAL REPORTING STANDARDS IN THE SPHERE OF PUBLIC ADMINISTRATION
DOI:
https://doi.org/10.34132/mspc2026.03.13.08Keywords:
international financial reporting standards, IFRS, public administration, financial reporting, accounting, European standards, harmonization, audit, public finances, transparency.Abstract
The theses consider the essence, principles and significance of International Financial Reporting Standards (IFRS) and their role in the public administration system in the context of European integration. The historical background of the formation of IFRS, their main characteristics and differences from national accounting standards are analyzed. Particular attention is paid to the impact of international standardization of financial reporting on increasing transparency, comparability and efficiency of public finance management. The features of the application of IFRS in the countries of the European Union are also studied, taking into account national legal systems and the role of supreme financial control bodies. It is determined that the implementation of IFRS contributes to the harmonization of accounting practices, however, in the EU their application remains partially limited due to legal and economic differences between states.
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