Subject. The article addresses relationship between qualitative characteristics of International Financial Reporting Standards (IFRS) and internal socio-economic factors of the IFRS Foundation. Objectives. The study aims to assess relationship between internal socio-economic factors of the IFRS Foundation and the quality of standards under development; to formulate practical proposals for improving the IFRS, taking into account the emergence of new industries, global products and services, requiring high-quality methodological support. Methods. The study employs methods of grouping, the comparative, structural, and logical analysis, synthesis, modeling, and expert assessment. Results. The relationship between the quality of standards under development and individual internal socio-economic factors of the IFRS Foundation is characterized by close correlation, expressed through the effect of predictive influence of such factors on the quality of standards. The highlighted properties and the nature of this relationship determine the role and significance of internal factors and underlie the possibility and expediency of quality management in standards development through controlled changes in the parameters of corresponding internal factors. Conclusions. The correction of the IFRS Council composition, which increases the degree of compliance of the synthesized professional potential of this management body with the assigned management functionality, can contribute to improving the quality of standards under development. The findings may be useful for representatives of authorized State bodies in this field and in the area of international relations, taking into account the global expansion of IFRS and rapid formation of new industries.
Keywords: endogenous factor, quality, standard, globalization, IFRS Foundation
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