The integration into the European economy requires from Ukrainian companies application of international accounting standards IFRS, IAS, GAAP. The legislation requires that private enterprises (public JSC, financial institutions and private pension funds) are required to provide full IFRS.
What is the difference between reporting under IFRS from generally accepted accounting
Despite of the fact that the accounting according to accounting standards widely used in Ukraine, and the tenets of IFRS have common roots, there are many differences:
- Reporting under IFRS has a clear priority of economic substance over legal form;
- Information about the financial situation of the organization, applicable IFRS, and the results of its management are based on their real market prices;
- Absolute transparency of reporting IFRS provides external users with a complete view of all aspects of the company, since it is not intended for fiscal and government agencies and to interested parties such as banks, investors, etc.
The transition to international standards of reporting gradually to encompass an increasing number of organizations, but this process is significantly hindered by the absence in Ukraine of an integrated legislative component. A major constraint on the development of international standards of accounting and reporting, there is lack of qualified in the field of IFRS training.
Professional auditors “MK AF “Audit” will take accounting in accordance with modern international standards. The advantages of using such services are invaluable:
- the Company saves on maintenance and training of staff, adapting the software under the IFRS standards;
- accounting under IFRS is performed by experienced professionals, guaranteeing absolute reliability and transparency of financial reporting;
- publication reporting gives the client the ability to more effectively attract investors and profitable partners;
- experts of “MK AF “Audit”, along with the ideal state of accounting, will provide the Director the necessary types of management reporting;
- real opportunity for entry into the European market.
Specialists MK “Audit” will provide the accounting in Kiev for organizations interested in international cooperation and attracting foreign capital. The reports, by virtue of its absolute content, is the “Golden key” that will open the country for business development across Europe.
The cost of services “AF “MK “Audit” will be calculated for each client individually, focusing strictly on the recommendation of a client and the required scope of work.