APPLICATION OF EUROPEAN STANDARDS OF FINANCIAL STATEMENTS – INFORMATIONAL RESOURSE OF CONSUMER COOPERATION DEVELOPMENT IN UKRAINE

Stepan Koshkarov ()
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Stepan Koshkarov: Chernivtsi Cooperative College of Economics and Law Chernivtsi, Ukraine

The USV Annals of Economics and Public Administration, 2016, vol. 16, issue Special, 47-53

Abstract: More than 120 countries use the International Financial Reporting Standards (IFRS) and the International Accounting Standards (IAS). The Association Agreement between Ukraine and the EU obliges Ukraine to consider European convergence of accounting and reporting. Since 2012 for some entities the use of IFRS has been compulsory, but for others – voluntary. This trend coincides with the imperative necessity of the consumer cooperation of Ukraine to reform its multilevel informational system as a key component of its effective management and successful implementation of controlling. It is proposed to start reforming with the introduction of IFRS and IAS. Consumer cooperation represents cooperative sector of Ukrainian economy and is included into different international and European cooperative associations. With its historic mission to meet the needs of its members, socio-economic and cultural development of rural areas, in terms of the crisis it faces the serious problem of the systemic reforming under existing conditions through the innovative development and use of experience of economically developed countries, especially the EU.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:scm:usvaep:v:16:y:2016:i:1(23):p:47-53

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