Harmonization and Standardization of Accounting as a Means of Ensuring Sustainable Development in the Conditions of Globalization

Abstract

In the realm of international integration, as evidenced by Ukraine's experience, the vital element for the successful evolution of the accounting system is harmonization and standardization. These processes are essential prerequisites for broader economic reform, especially within the accounting domain. The development of Ukraine's accounting system has progressed along various dimensions. Harmonization and standardization necessitate continuous monitoring and reporting by government financial institutions on the effective implementation of IFRS in Ukraine. In a study focusing on the harmonization and standardization of accounting within the context of sustainable development, the authors delved into the theoretical foundations, analyzing contemporary sources. The article establishes the definition of standardization, identifies approaches to the definition of harmonization and standardization, and presents both general and independent perspectives on these concepts. Historical and institutional approaches were employed to study the issues of harmonization and standardization in accounting. Through empirical research, utilizing scientific methods like induction, grouping, and comparison, the authors constructed a matrix of challenging issues related to harmonization and standardization in accounting, drawing insights from the experiences of other countries. The study outlines the prospects for accounting development in Ukraine, introducing a system of harmonization and standardization aligned with sustainable development. This open system considers external and internal influences, including the human factor and economic environment. The study outlines the essential components of harmonization and standardization: organizational support, theoretical foundations, and practical tools. The proposed system incorporates sustainable development into Ukraine's accounting reporting framework, underscoring the critical role of human resources in accounting success.