• 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

Update for November 2002

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.

While the Accounting Law does not require IFRSs, a Resolution of the Cabinet of Ministers of Ukraine requires joint stock companies (essentially all listed companies) to report under IFRS.

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 on all banks currently.

All companies in Ukraine were required to prepare their financial statements using International Financial Reporting Standards starting in 2003. Prior to then, only banks in Ukraine were required to follow IFRS.