Notes to the financial statements

One of the components of the financial statements that contain information about the financial position, results of activity and cash flow during the reporting period of the company are Notes to the financial statements.

Notes to the financial statements are a set of indicators and explanations that provide the detail and validity of the articles of financial statements, as well as other information, the disclosure of which is provided for by the relevant National Accounting Regulations (Standards) or International Financial Reporting Standards.

 

Procedure for the preparation of notes to the financial statements

For a better understanding by users of the financial statements, as well as its comparison with the statements of other companies. Notes to the financial statements should include:

statement of compliance with UAS/IFRS;
summary of accounting policies, estimates used by the company;
supporting information for the items presented in each form of financial statements in the order in which each line item and each form of financial statement is presented;
events after the balance sheet date, transactions with related parties;
other disclosures: contingent events, contractual obligations and other financial disclosures; as well as non-financial disclosures.

 

Mandatory Information in Notes

Starting from January 1, 2007, companies are required to disclose in their financial statements information about the goals, policies and procedures of capital management. In particular, this information should include:

information about what exactly the company considers as capital;
requirements of supervisory authorities regarding capital (if any) and information on how the company applies them in managing capital.

It is also necessary to indicate quantitative information about what the company considers as capital, and whether during the reporting period the requirements of supervisory authorities regarding capital were met, as well as the consequences of non-compliance with these requirements.

 

What do we offer

HLB Ukraine services for the compilation of disclosures and notes to the financial statements in accordance with UAS/IFRS.

Notes to the financial statements include the following information:

basic principles of the company’s accounting policy;
information that is not presented directly in the financial statements, but is mandatory under the relevant provisions (standards);
information containing additional analysis of the reporting items to ensure its clarity and reliability;
events after the balance sheet date.

 

What do you get

Notes to the financial statements


Contain basic methodological approaches to the preparation of financial statements and disclosures of applicable accounting policies, as well as additional information that is required in accordance with certain UAS/IFRS; prepared in accordance with UAS/IFRS, taking into account all requirements of current legislation

 

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