IFRS Bookkeeping and Reporting

IFRS reporting is needed when your company is assessed not only by the tax office and founders, but also by foreign investors, banks, a parent group or international donors. MK Audit has been keeping books and preparing financial statements under international standards since 2000: parallel accounting, transformation of Ukrainian statements into IFRS, preparation of notes and reports in English. The firm is a member of the DFK International network, so the format and quality of the statements meet the expectations of foreign users.

You receive IFRS financial statements within the deadlines agreed with the group or investor, without the cost of an in-house IFRS specialist, staff training or software customisation.

What is included

• development of an IFRS accounting policy and a chart of accounts aligned with the group’s standards;
• transformation of statements prepared under Ukrainian national standards into IFRS: adjustments, reclassifications, deferred tax calculations;
• parallel bookkeeping under IFRS and Ukrainian standards in a single database;
• preparation of the full set of statements: statement of financial position, statement of profit or loss, statement of cash flows, statement of changes in equity, notes;
• consolidation of group financial statements;
• management reporting for executives based on IFRS data;
• reports in English for donors and international headquarters of non-profit organisations;
• support during the external audit of IFRS statements, replies to group auditors’ requests.

Format	Who it suits	Result
Transformation	Companies that keep books under Ukrainian standards and report under IFRS annually or quarterly	IFRS reporting package with transformation schedules
Parallel accounting	Subsidiaries of foreign groups with monthly reporting	IFRS data available at any time, group reports in the group template
Methodology and advice	Companies with their own accounting team that lack IFRS expertise	Accounting policy, calculations of complex items, review of the statements

Who needs it

• entities for which IFRS is mandatory under Ukrainian law, in particular public interest entities and large enterprises;
• subsidiaries and representative offices of foreign groups that report to a head office;
• LLCs raising foreign investment or loans from international banks;
• NGOs, charitable foundations and donor-funded projects whose donors or headquarters require reporting under international standards (see accounting for NGOs and business);
• businesses preparing for a sale or the entry of an investor that want to present their figures in a format the buyer understands.

How we work

1. Request and proposal. You describe the company, the users of the statements and the deadlines they expect. We send a commercial proposal within 1 day.
2. Contract and checklist. We sign a contract, agree on the accounting policy, group templates and closing calendar, and provide a list of the data we need.
3. Delivery. We carry out the transformation or keep parallel books, prepare the statements and notes, and agree complex items with your management.
4. Results and support. You receive the reporting package in Ukrainian and English, and we support its audit and answer questions from investors or the group.

Documents you will need

• financial statements and trial balance under Ukrainian standards for the reporting period;
• the group’s accounting policy or the investor’s reporting format requirements;
• lease agreements, loan agreements, contracts with related parties;
• registers of fixed assets, inventories, receivables and payables;
• information on provisions, litigation and events after the reporting date;
• for non-profits: grant agreements and project budgets.

Timing

Transformation of the annual statements of a small company usually takes 2-4 weeks after we receive the data. Under parallel accounting, group reports are prepared on the agreed closing dates, usually within 5-10 business days after month end. An audit of IFRS statements can be ordered separately: IFRS financial statements audit.

Leave a request in the form below: a commercial proposal after reviewing your assignment, reply within 1 day.