The Necessity of Transitioning to International Financial Reporting Standards (IFRS) and the Advantages of Using IFRS in Economic Development
DOI:
https://doi.org/10.51699/cajitmf.v7i3.1289Keywords:
International Financial Reporting Standards (IFRS), financial transparency, economic development, , investment climate, financial reporting quality, corporate governance, global integrationAbstract
In the context of globalization and increasing integration of national economies into the international financial system, the transition to International Financial Reporting Standards (IFRS) has become an objective necessity. This article analyzes the key reasons for adopting IFRS and examines its role in enhancing economic development. The study highlights that the use of IFRS ensures transparency, comparability, and reliability of financial information, which significantly improves the investment climate and strengthens trust among foreign and domestic investors. Furthermore, the paper emphasizes that the implementation of IFRS contributes to the modernization of corporate governance, increases the efficiency of financial management, and facilitates the integration of the national economy into global financial markets. The findings suggest that the consistent application of IFRS can serve as an important institutional tool for sustainable economic growth and the long-term competitiveness of the economy.
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