Transition to IFRS

Transition to IFRS

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Transition to IFRS

The application of IFRS and the replacement of local national standards with IFRS is a global trend. The reasons for the transition of companies to IFRS are the following: simplified access to capital markets, foreign investors’ confidence, lower capital costs, easy comparison of financial reporting of companies from different countries, transparency and clarity. The application of IFRS is mandatory in Ukraine for large enterprises and medium-sized enterprises in accordance with the Law of Ukraine on accounting.

What we offer:

Preparation of accounting policy based on IFRS. Our team will review key business processes and operations of the Company and describe an accounting approach in accordance with IFRS. Existence of accounting policy adopted to IFRS is a necessary condition for successful transition to IFRS.

Consultancy on the first application of IFRS. Includes preparation of accounting policy, development of IFRS reporting package, preparation of IFRS financial statements (by transformation), support of the project of transition to IFRS and subsequent accounting and reporting under IFRS on ongoing basis.

Preparation of IFRS reporting package (individual, combined, consolidated). Assessment of accounting policy of the Group, assessment of all material transactions and business operations from IFRS view, development of a model of financial statements and preparation of the IFRS reporting package (of the group or company).

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