Innovative transformation of financial statements: the role of IFRS in the global information space
DOI:
https://doi.org/10.31558/2307-2318.2026.2.21Keywords:
IFRS, financial reporting transformation, global information space, financial reporting digitalization, global comparability, US GAAP, financial transparencyAbstract
The article examines the innovative transformation of financial reporting in the context of globalization and digitalization, with an emphasis on the role of international financial reporting standards in shaping the global information space. The evolution of financial reporting from a summary accounting tool to a comprehensive information platform focused on the needs of international investors and regulators is substantiated. The impact of IFRS on ensuring global comparability of financial data, increasing user confidence, and developing digital reporting formats is revealed. A comparative analysis of IFRS and US GAAP, as well as a SWOT analysis of the application of IFRS in the United States, was conducted, which made it possible to identify the limitations and potential of their indirect impact on American financial reporting practice. The study used the methods of content analysis, comparative, institutional and regulatory analysis, a systems approach, and SWOT analysis.
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