Abstract and keywords
Abstract (English):
The research featured the peculiarities of financial reporting standards applied by oil and gas businesses. Enterprises that use International Financial Reporting Standards have to take into account their changes, which occur quite often in an unstable environment. The paper describes the main International Financial Reporting Standards and the operational aspects of their use by oil and gas enterprises. The research objective was to analyze the practice of maintaining financial statements of those oil and gas companies that use International Financial Reporting Standards. Using the methods of description, graphical representation, comparison, and generalization, the authors demonstrate the key aspects of accounting and reporting. A uniform application of the main International Financial Reporting Standards by oil and gas enterprises can harmonize, unify, and ensure consistency of all aspects of the financial reporting. In will allow oil and gas enterprises to provide a comprehensive comparative analysis and assess the effectiveness of their production and business activities.

financial management, International Financial Reporting Standards, cost accounting, inventory accounting
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