IFRS financial reporting

Relevance of such kind of service is a result of situation that our country in recent years declared and took practical steps for integration of Ukrainian companies to the international business environment. This process inevitably leads to endeavor to meet the requirements set out for business all over the world regarding transparency, adequacy, single unified accounting policy (including bookkeeping and reporting).

Such unified measurer of correctness and transparency are the International Financial Reporting Standards (IFRS). Providing to international business partners and investors reports, prepared under rules and standards clear for them, significantly increases chances of successful establishing business relationships.

Reports prepared in accordance with the international standards have a range of significant distinctions from the statements prepared in accordance with the local standards. It is important to understand that the accountants of Ukrainian companies performing accounting and preparing “local” reporting seldom have necessary skills and knowledge to prepare “international” reporting. The simplest (but far away not the only one) evidence of existing significant differences in the procedure of drawing and presentation of financial statements prepared in accordance with the local standards and the IFRS is their volume.

So, if in accordance with the national standards financial statements of the company may consist of only 5-6 pages, the volume of financial statements prepared in accordance with the IFRS as a rule starts with 30-40 pages and may come up to 80-100 pages (and even more) of text material, data, analytical and other information. This is due to the fact that in the statements under international standards it is accepted to provide detailed disclosure information for all existing items for users.

That’s why when the management or investors take a decision to prepare statements in accordance with the IFRS they hardly can expect that such work will be performed by the forces of “their” accountants and have to look for relevant “external” specialists.

When choosing an IFRS consultant, it is of fundamental importance that he has experience. Moreover, in case such statements will be presented at the international level, it is desirable that they are confirmed by auditor belonging to famous international network of audit and accounting companies. Specialists of our company meet all the above mentioned requirements.

Very often company’s management having taken a decision to prepare statements in accordance with the IFRS sends an enquiry to specialized audit consulting companies with the request to draw such statements or at least to calculate value of such work. Herewith, if the service price offered by the consultant exceeds client’s expectations a question appears: “Can you educate our accountants how to prepare this statements?”. Such a request is based on the assumption that the training courses will be cheaper. Moreover, such a decision seems more promising.

But in practice specialized education appears rather long-lasting and not so cheap as it was expected at the initial stage. That’s why majority of clients still go back to ordering preparation of statements from the consultant with the specific experience and knowledge.

In our company the service of preparing IFRS statements includes also their subsequent support in audit by the independent auditor, namely: replies for auditors’ inquiries, making adjustments to the existing statements or justification of reasons for which such changes can’t be accepted etc. And this, of course, is an additional argument in favor of cooperation with our company.

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    Kyiv, street Vasylkivska 14,
    BC “STEND”, of. 315

    Audit company “UHY Prostor Ltd”

    Prostor Accounting Services

    Olga Petrukhina’s Law Office