IFRS in Ukraine: reporting, accounting and consulting services<\/h1>\n
We are IFRS consultants and accountants in Kyiv preparing financial statements under International Financial Reporting Standards for Ukrainian entities that need them by law, for a parent company, a bank or an investor. Parallel IFRS ledgers, annual transformation, full note disclosures and a group reporting pack, delivered in English by people who also audit IFRS statements.<\/p>\n
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- An IFRS accounting policy written around your actual transactions<\/li>\n
- Opening statement of financial position at the transition date under IFRS 1<\/li>\n
- Annual or quarterly IFRS financial statements with full notes<\/li>\n
- Group reporting pack in the parent company’s format<\/li>\n
- Measurement under IFRS 15, IFRS 16, IFRS 9, IAS 12, IAS 36 and IAS 2<\/li>\n
- Audit support: we walk your auditor through every adjustment<\/li>\n<\/ul>\n<\/div>\nTimeline<\/span>3 to 6 weeks for the first set<\/strong><\/div>\nFee<\/span>individual proposal after we review the scope<\/strong><\/div>\n<\/div><\/div>\n<\/section>\n
\n \nWho needs this<\/div>\nWho asks us for IFRS reporting in Ukraine<\/h2>\n<\/div>\n
\n\nBy law<\/div>\nEntities required to apply IFRS<\/b><\/p>\n
Public interest entities, large enterprises, public joint stock companies, extractive industries and financial institutions. Check your position: who must report under IFRS in Ukraine<\/a>.<\/p>\n<\/div>\n
\nFor the group<\/div>\nSubsidiaries of foreign groups<\/b><\/p>\n
The parent needs a consolidation pack in its own format and on its own calendar. We keep the parallel IFRS ledger and deliver the pack with explanations in English.<\/p>\n<\/div>\n
\nFor financing<\/div>\nBank borrowers and portfolio companies<\/b><\/p>\n
A lender or an investor asks for two years of statements under international standards. We transform the prior period and prepare the comparatives.<\/p>\n<\/div>\n
\nVoluntary<\/div>\nCompanies preparing to raise capital<\/b><\/p>\n
Where a share sale or a foreign listing is ahead, IFRS reporting starts early so the buyer sees a track record rather than a one-off recalculation.<\/p>\n<\/div>\n<\/div>\n<\/section>\n
\n \nAreas<\/div>\nWhat we measure under international standards<\/h2>\n<\/div>\n
\nRevenue under IFRS 15<\/b><\/p>\nRecognition on satisfaction of performance obligations, variable consideration, discounts, returns, warranties and multi-element contracts.<\/p>\n<\/div>\n
Leases under IFRS 16<\/b><\/p>\nRight-of-use assets and lease liabilities, incremental borrowing rate, contract modifications and short-term exemptions.<\/p>\n<\/div>\n
Financial instruments under IFRS 9<\/b><\/p>\nExpected credit losses on receivables, amortised cost of borrowings and classification of instruments.<\/p>\n<\/div>\n
Fixed assets and impairment<\/b><\/p>\nComponentisation, useful lives, revaluation, impairment testing under IAS 36 and investment property.<\/p>\n<\/div>\n
Inventory and deferred tax<\/b><\/p>\nLower of cost and net realisable value under IAS 2, and the temporary differences every adjustment creates under IAS 12.<\/p>\n<\/div>\n
Notes and disclosures<\/b><\/p>\nAccounting policy, judgements and estimates, related parties, financial risk and events after the reporting date. This is where IFRS statements are most often found incomplete.<\/p>\n<\/div>\n<\/div>\n<\/section>\n
\n \n\nHow it works<\/div>\nFrom review to a finished reporting pack<\/h2>\n<\/div>\n
\n01<\/b>Diagnostic review<\/strong><\/p>\nWe look at two years of statements, lease and loan agreements and the main contracts, then tell you how many adjustments to expect and where the risks sit.<\/p>\n<\/div>\n
02<\/b>Policy and transition date<\/strong><\/p>\nWe agree the IFRS accounting policy and build the opening statement of financial position under IFRS 1.<\/p>\n<\/div>\n
03<\/b>Transformation or parallel ledger<\/strong><\/p>\nThe first set is usually a transformation. Where quarterly reporting is needed we set up a parallel ledger. Step by step: IFRS transformation from Ukrainian standards<\/a>.<\/p>\n<\/div>\n
04<\/b>Statements and audit support<\/strong><\/p>\nYou receive the statements with notes and a working paper for every adjustment, so the auditor sees the calculation and not only the result.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<\/section>\n
\n \nImportant<\/div>\nThe IFRS audit is performed by a different firm<\/h2>\n<\/div>\n
An auditor cannot audit statements it prepared. If we keep your books under international standards, an independent firm audits them, and the other way round: where another firm prepared the statements, we take the audit. About that service: IFRS audit in Ukraine<\/a>. We say this at the first meeting so that no work has to be redone.<\/p>\n<\/section>\n
\n \n\n\n\nFAQ<\/div>\nWhat clients ask most often<\/h2>\n<\/div>\n
\n\nHow much do IFRS reporting services cost in Ukraine?<\/summary>\n
It depends on the number of accounting areas, leases, foreign currency borrowings and the group structure. We send a proposal after reviewing the assignment, normally within one working day.<\/p>\n<\/details>\n
\nDo you replace our accountant or work alongside them?<\/summary>\n
Usually alongside. Your accountant keeps the Ukrainian ledger, we add the IFRS layer: adjustments, notes and the group pack. Running both ledgers in full is also possible.<\/p>\n<\/details>\n
\nAre comparatives for the prior year required?<\/summary>\n
Yes. IFRS 1 requires at least one comparative period and reconciliations of equity and profit at the transition date. Without them the statements cannot be described as IFRS statements.<\/p>\n<\/details>\n
\nDo you issue the statements in English?<\/summary>\n
Yes, in English and Ukrainian. The firm is a member of DFK International, so the format is familiar to foreign shareholders and group auditors.<\/p>\n<\/details>\n
\nCan you explain the figures to our auditor?<\/summary>\n
Yes, that is part of the engagement. We hand over a working paper for each adjustment referencing the standard and answer the auditor’s questions before the report is signed.<\/p>\n<\/details>\n<\/div>\n<\/div>\n
\nRequest a proposal<\/h3>\n
Tell us the reporting year and who requires the statements. We reply within 1 working day.<\/p>\n\n
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