• Response to IFAC Member Body Survey on Standard Setting and Regulation
• World Bank ROSC Accounting and Auditing Report.
• National Professional Organisation Website: Ukrainian Federation of Professional Accountants and Auditors

The Ukraine Company Law and the Ukraine Accounting Law require that all companies prepare financial statements in conformithy with Ukrainian Accounting Standards (UAS). UAS are not consistent with IFRSs. Also, UAS has a simplified set of standards for small entities. An Accounting Methodology Board established under the Accounting Law has the authority to develop UAS.

There is no requirement to use IFRS as issued by IASB for any companies. IFRSs are in fact market-driven, meaning that some companies prepare IFRS financials in addition to statutory financials.

Banks follow the requirements of the Banking Law, which authorises the National Bank of Ukraine to establish bank accounting standards. While the National Bank adopted a requirement to follow IASs/IFRSs in 1998, that requirement is not enforced currently.