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Ukraine

Financial Reporting Framework in Ukraine

In June 2011 the changes in law “On accounting and financial reporting in Ukraine” have been signed by the President of Ukraine. In accordance with such changes public interest entities (Public Joint Stock companies), banks, insurance companies, some other companies operating on financial markets are required to prepare financial statements in accordance with IFRS. The Cabinet of Ministers of Ukraine may provide additional list of entities subject to reporting under IFRS.

In December 2011, National Bank of Ukraine, Ministry of Finance and Ministry of Statistics issued joint letter clarifying adoption of IFRS in Ukraine. Banks are required to use 1 January 2011 as date of transition to IFRS. All other entities subject to IFRS adoption may choose either 1 January 2011 or 1 January 2012 as a date of transition to IFRS. Financial statements for 2011 are to be prepared based on Ukrainian Accounting Standards. All other entities may voluntarily choose IFRS as their reporting framework.

Related news

  • Conference on IFRS adoption and implementation in former Soviet republics in Europe and Central Asia

  • May 16, 2013

  • International Federation of Accountants (IFAC), International Auditing and Assurance Standards Board (IAASB), and International Accounting Standards Board (IASB) are holding a two-day conference on 16-17 May 2013 to bring together representatives from national organisations of former Soviet republics in Europe and Central Asia. The event provides experiences regarding the application of International Financial Reporting Standards (IFRS), International Standards on Auditing (ISAs), and quality assurance requirements. Also, it provides representatives a forum to discuss topics relating to their jurisdiction.

  • Update on Ukraine’s IFRS transition

  • Feb 24, 2012

  • In June 2011 the changes in law "On accounting and financial reporting in Ukraine" were signed by the President of Ukraine. In accordance with such changes, public interest entities (Public Joint Stock companies, banks, insurance companies, and other companies that operate in financial markets) are required to prepare financial statements in accordance with IFRS.

  • IASB meets with CIS and Baltic States for IFRS update

  • Nov 30, 2011

  • On 28 and 29 November 2011, members of the IFRS Foundation and the IASB met with representatives of professional accounting and auditing bodies and ministries from the Commonwealth of Independent States (CIS) and the Baltic States.

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