Convergence of European and Ukrainian accounting system: challenges and prospects

Abstract

Objective: to identify the challenges and prospects during the convergence of accounting system in Ukraine and the EU. Methods: comparative analysis, content analysis of regulatory documents, synthesis and generalization. Results: Key challenges and promising areas of national accounting system convergence to European due to adoption Association Agreement should be reffered to introduction of non-financial reporting for Ukrainian large companies and PIEs; preparing management report, the corporate governance statement and report on payments to the government (country — by — country reporting), significant change in the public audit supervision, auditing services quality control and statutory audit of PIEs, issues of audit opinion on the non-financial and diversified information and division of the audit and non-audit services. Scientific novelty: for the first time on the basis of the presented methods, the article studies the main challenges and prospects in EU — Ukraine accounting convergence. Practical significance: the main provisions and conclusions of the article can be used in development of national accounting system regulation.