Transformation of financial statements under IFRS

Activation of European integration processes in Ukraine, attraction of foreign investments, development of international cooperation and internationalisation of Ukrainian enterprises require transformation of accounting system in accordance with the International Financial Reporting Standards (further — IFRS). Transformation of financial statements under IFRS guarantees openness and transparency of the financial indicators of reporting entities.

Transformation of financial statements under IFRS is a reporting process that meets the requirements of IFRS by making adjustments to the statements prepared under national or other accounting standards.

Who needs transformation of financial statements under IFRS?

Preparation of financial records under IFRS is mandatory for public joint-stock companies, banks, insurance companies and entities of certain types of activities defined by the Cabinet of Ministers of Ukraine. Read more here.

Also, organizations can independently decide on the transition to international standards or about transformation. Transformation of accounting statements is used if reporting under IFRS is required, but the accounting is kept under different standards (e.g., due to legislative requirements, lack of necessary skills of staff, etc.).

Advantages of service for transformation of the statements under IFRS from BDO in Ukraine, are the following ones:

• practical experience in implementing projects in all spheres of the economy (industry, agro, retail, IT, etc.)
• highly-qualified specialists and demanding international domestic BDO standards
• combination of the best world practices and detailed knowledge of Ukraine

Read more about services in the field of IFRS from BDO in Ukraine here.

Do you want to know how BDO can help you with transformation to IFRS? Please contact our specialists for more details.