Impact Of International Financial Reporting Standards On Accounting Development

In the contemporary economic conditions accounting is characterised with dynamic developing practices due to permanently changing market conditions on one hand, and on the other with quite a conservative theory. Indicator for such dynamism is the continuous process of revision and development of International Financial Reporting Standards (IFRSs). There is a lot of research in the field of international accounting studying differences between the accounting systems and impact of different factors as well as harmonisation process in a globalizing world economy. However the focus of this research is not on development of accounting theory for bringing it to a condition timely to predict and meet changes in accounting practices. We consider development of accounting definitions, recognition criteria, concepts and principles, measurement basis as well as accounting methodology and procedure techniques. Nowadays IFRSs as wide applicable accounting regulations overcome to some extent the problem of the accounting theory being behind practice and they should be considered as a factor that influences the most accounting development. The present paper aims to study the impact of IFRSs on the accounting systems in the current economic conditions with the usage of institutional and systematical approaches. Such multiaspect research reveals possibilities for: o outlining directions for the future development of accounting under the influence of different institutional factors and more specific IFRSs; and o studying in IFRSs’ context information and communication relationship and interactions between accounting subsystems (traditional accounting subsystem, financial accounting subsystem, managerial and strategic accounting subsystems).