Transformation of financial statements
Today, the transformation of financial statements according to IFRS is an important task for Ukrainian enterprises, since IFRS is a universal language of communication in the global economy.
The aim of the transformation is to transform the financial statements according to the requirements set by international standards, providing the opportunity to use such statements everywhere to achieve different goals when the company enters world markets.
The transformation of financial statements is the first step in the process of attracting foreign investors to Ukrainian companies.
Who must apply IFRS?
According to the Law of Ukraine «On Accounting and Financial Reporting in Ukraine» as of July 16, 1999 No. 996-ХІV, financial statements and consolidated financial statements under IFRS should be:
|Enterprises of public interest;|
|Public joint-stock companies;|
|Enterprises engaged in mining operations of national significance;|
|Enterprises engaged in economic activities by type, the list of which is determined by the Cabinet of Ministers of Ukraine;|
|Voluntary transition to the use of IFRS.|
Main advantages of introducing IFRS
|Comparability of financial statements of Ukrainian and foreign companies;|
|Investor confidence in the company, if it is possible to receive investments, loans from foreign investors;|
|Creating an information base for effective administrative decision making;|
|Accuracy, reliability, transparency of the generated financial information;|
|Compliance with the uniform recognized rules, standards and forms in the preparation of financial statements.|
Methods of applying IFRS
Transformation of financial statements: IFRS financial statements are formed based on financial statements according to UAS, which are adjusted for differences in estimates, recognition criteria and principles of accounting and financial reporting (according to ISRS 4410).
A summary on the process of supporting the company’s transition to IFRS you can see here!
What do we offer
HLB Ukraine will help you quickly, efficiently and reliably transit to IFRS, provide services for the preparation and transformation of financial statements in accordance with IFRS, as well as services for:
|Development and further implementation of a number of specific actions in order to adapt to IFRS instruments;|
|Development of accounting policy for your company;|
|Advising on the use and implementation of IFRS;|
|Training your staff.|
What do you get
According to the results of the transformation of financial statements you get:
Accounting policy for IFRS
Contains the principles, basics, rules and practical approaches applied by the company in the preparation and presentation of financial statements
IFRS financial statements
Include all required disclosures and notes
Get in touch
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