Accounting in Ukraine transferred to the European standards

Бухучет в Украине переведут на европейские стандарты

Rada adopted the law On accounting and financial reporting in Ukraine

For relevant law voted by 253 deputies.

The Verkhovna Rada adopted in the second reading the law on the adaptation of accounting in Ukraine to standards of the European Union. The adoption of the law On accounting and financial reporting in Ukraine” (concerning improvement of certain provisions) 253 deputies voted, UNIAN reports.

As noted in the explanatory Memorandum, the provisions of the law On accounting and financial reporting in Ukraine will lead to compliance with European Union legislation and improves the order of application of International financial reporting standards.

“The bill proposes to introduce new terms, in particular expenses, income, accounting period, report the payments in favor of the state in terms of entities that feed this report, management report, equity, taxonomy of financial reporting and the enterprise of public interest, net income from realization of production”, – the document says.

The law will specify the period of delivery of interim financial statements to ensure unambiguity in the determination period. The law also will exempt micro and small enterprises from the provision of management report.

Clarify the requirements for preparation of financial statements according to international standards by the enterprises of public interest, and companies involved in the extraction of minerals of national importance.

Also, the law provides to improve the provision and publication of financial statements by providing its representation by entities applying IFRS, in a single electronic format, and requiring the company to provide copies of financial statements upon request of legal and natural persons in accordance with the law “On access to public information”.

We will remind, the Russian accounting program 1C was in an expanded sanctions list of Ukraine.

In this regard, the state-owned Oschadbank is developing a system for small and medium business, which will replace 1C.

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