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Ukraine

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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.

The Ukrainian translation of the IFRS Standards in effect in Ukraine on 1 January 2017 (including some standards adopted prior to the IASB effective dates) can be found on the website of the Ukrainian Ministry of Finance.

In addition, the Ukraine has adopted and implemented:

  • the EU Accounting Directive 2013/34/EU, simplifying the accounting requirements for small companies and improving the clarity and comparability of companies' financial statements, as the Ukrainian Law on Accounting and Financial Reporting (can be accessed here); and
  • the EU Audit Directive 2014/56/EU as the Ukrainian Law on Audit on Financial Reporting and Auditing (can be accessed here).

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.