Features of the international financial standards implementation process

This article is devoted to the essence of the implementation process of international financial standards. The content of the process of introducing international financial standards is studied and the problems that arise during it are discussed in this article. Much attention is paid to the relationship between the rights of international organizations and the sovereignty of the state. In addition, factors influencing the progress of the international financial standards implementation are analyzed and the opinions of various scientists on this issue are given. The implementation process covers all stages of the implementation of an international financial standard, from the development and publication of the standard by an international financial regulator to the actual application of this standard, its functioning within the framework of national legal systems and compliance of such standard by financial market participants. The author comes to the conclusion that the key is the moment during which financial standards are embodied as binding legislative norms. Certainly, the most important stage in the international financial standards implementation is their adoption as laws or other regulations. This stage of implementation process is necessary for the full introduction of international financial standards. Implementation to national jurisdictions is the main function and is often the purpose of making and developing of international financial standards.

implementation, financial standard, regulator, sovereignty, international financial law