The impact of international financial reporting standards on companies’ accounting policies in the post-crisis period

Abstract

The aim of this study is to comprehensively examine the impact of International Financial Reporting Standards (IFRS) on the formulation and transformation of accounting policies in Ukrainian companies during the post-crisis period. In particular, it analyses the adaptation of the key provisions of IFRS 9 and IFRS 17, identifies systemic gaps in internal accounting procedures, and assesses their effect on the transparency of financial reporting and the financial resilience of enterprises. A general review of the regulatory environment in Ukraine has been completed. A multi-level gap analysis of financial asset classification under IFRS 9 and insurance contract provisioning under IFRS 17 was performed using a “actual vs. normative” matrix. Financial modeling and stress-testing techniques were applied to evaluate the impact of identified discrepancies on profitability, liquidity, and cost of capital. A comparative industry-level analysis of practical cases in the energy, insurance, and tourism sectors was also carried out using longitudinal data. The findings indicate that the phased adoption of IFRS has enhanced the transparency and comparability of financial statements; however, systemic gaps persist in the transition to the expected credit loss model and in the use of actuarial assumptions under IFRS 17, leading to delays in reserve recognition and risk understatement. Fragmented disclosure of sensitivity analyses reduces investor information and undermines confidence. In the energy sector, comprehensive asset revaluations initially increased depreciation charges but subsequently optimized cost of capital. Insurers have improved their provisioning methods and expanded segmental disclosures, while tourism operators rapidly adapted revenue recognition policies for vouchers in response to pandemic restrictions. These insights formed the basis for practical recommendations and future research directions. The results underscore the need to strengthen internal control procedures, conduct regular gap analyses with clear prioritization of discrepancy remediation, modernize ERP infrastructures, and enhance the qualifications of finance and actuarial professionals. Promising avenues for further research include longitudinal assessments of expected credit loss model effectiveness under varying macroeconomic scenarios and the application of digital technologies and artificial intelligence to automate risk assessment and improve disclosure quality.