Crisis «markers» in the controlling system of IFRS-reporting preparation
Crisis «markers» in the controlling system of IFRS-reporting preparation

Summary/Abstract: Introduction. Business cycles are an objective attribute of the market economy, they are the law of economic development, a form of economic self-regulation. There are periodic imbalances on the market, as far as the balance may be lost, and the internal contradictions may be escalated. The studies of crisis and the role of International Financial Reporting Standards (IFRS) therein are sufficiently fundamental and the results thereof have a high-applied research value. However, the existing researches exclude the issue of crisis consideration by executers of reports in accordance with the IFRS. It seems relevant to research the special aspects of financial reports execution by companies in accordance with the IFRS in periods of crises and main warnings for executors and users systematization hereof. Purpose of the article is to systematize the main warnings at execution of reports in accordance with the IFRS caused by crisis in economics in order to improve its quality and users’ confidence thereto. Results. For the first time with the help of complex analysis of the IAS and IFRS carried out with regard to crisis influence on fulfilment of the Standards requirements, specific crisis «markers» were uncovered and systematized. They allow focusing attention on the main warnings caused by the crisis of both executers of the reports in accordance with the IFRS and users. Due to that finding, a positive effect is expected through quality improvement of reports in accordance with the IFRS, as well as the users’ informational risk decrease and providing the possibility to make reasonable investment decisions. Conclusion. Responsible approach to the preparation of high-quality reports in accordance with the IFRS taking into account the detected crisis «markers», will allow maximally reducing risks for further activity of the companies and give new opportunities for those trying to effectively use information of these reports in accordance with the IFRS in order to make propper management decisions aimed at any crisis overcoming.

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