US-GAAP and IFRS in Ukraine

Differences between Ukrainian accounting and IFRS / US-GAAP

In Ukraine accounting procedures are dominated much more by tax regulations than by commercial standards. Furthermore, due to missing documents many transactions which have already been concluded will, in contrast to IFRS and US-GAAP standards, not show up in the accounting, and thus the economical representation of the company will be biased.

The most important differences at a glance

IFRS / US-GAAP implies substance over form.
IFRS and US-GAAP stipulates presentation of most items at fair value.
Under Ukrainian GAAP only those transactions can be treated which actually occurred and were supported with sealed and signed documents.
IFRS and US-GAAP implies special treatment of revenues generated per long-term contracts.
Ukrainian GAAP does not allow accruals and depreciation in terms of IFRS.
Ukrainian GAAP does not allow preliminary closing of the period before period actually ends.
IFRS and US-GAAP provides more opportunities to treat items omitted or not-recorded in local GAAP.

Types of IFRS financial statements provided by UKRAINE CONSULTING:

• Preparation of full scope IFRS and US-GAAP financial statements, including Balance Sheet, Profit and Loss Statement, Statement of Change in Equity, Cash Flow and Notes.
• Preparation of limited scope pro-forma financial statements under IFRS or US-GAAP.
• Preparation of management reports under IFRS and US-GAAP.

Automatical transition to IFRS / US-GAAP in Ukraine

Hence a transition to the Western accounting standards for financial analysis is unavoidable.

With our financial experts we can take care of the complete transition to Western accounting standards. We can also follow the specific regulations that your company has pre-defined for  internal accounting.

Office in Kiev
Our office is situated in Kiev. If you have questions concerning transition to IFRS and US-GAAP in Ukraine, please do not hesitate to contact us. Our phone number in Kiev: +38 044 490 55 28. You can also contact us via email: info@ukraine-consulting.eu.This e-mail address is being protected from spam bots, you need JavaScript enabled to view it This e-mail address is being protected from spam bots, you need JavaScript enabled to view it.

You are already in Ukraine or planning a business trip to Kiev? We would be glad to welcome you in our office and discuss our services with you face to face.