The objective of IFRS is to provide financial information about the company that is useful to current and potential investors and other creditors for making decisions on provision of resources to the company.
Such decisions are directly related to the acquisition, sale or maintenance of equity instruments and debt instruments, as well as the provision or repayment of loans and other forms of debt.
Companies in Ukraine are gradually moving towards International Financial Reporting Standards, which fully reflects Eurointegration processes, which is a priority for emerging economies.
Large companies, especially companies with foreign Investments have almost fully switched to IFRS.
However, medium and small companies are also interested in close integration with the European Union in order to expand business and obtain access to new markets, which in turn requires an open and transparent financial reporting system that fully provides information to external investors and creditors about the financial potential of the company.
Under the current legislation of Ukraine, in particular, the Law of Ukraine “On Amendments to the Law of Ukraine” On Accounting and Financial Reporting in Ukraine” on the improvement of certain provisions “dated 10/5/2017, No. 2164-VIII, IFRS must be used for the preparation of financial statements and consolidated financial statements by such subjects:
Companies – issuers of securities whose securities are admitted to stock trading;
large enterprises that meet at least 2 of the following criteria:
public companies and enterprises engaged in the extraction of minerals of national importance.
Our company offers a full range of services for reporting according to International Standards:
- transition from the first full application of IFRS.
- carrying out preparatory work on transition to IFRS with the training of company personnel.
- information support for clients using IFRS.
- Transformation of IFRS financial statements.
- consolidation of financial statements.