Accounting according to International Financial Reporting Standards (IFRS)

Accounting according to international standards is the preparation of financial statements in accordance with generally accepted norms, policies and rules, regardless of the type of activity, organizational and legal form of the company. A single approach to reporting makes information for potential investors and other users more accessible and understandable at the global level. Company PETTERSON & BENNETT will help foreign companies, affiliates and representative offices, whose business is developing in Ukrainian territory, to keep accounting according to IFRS at a professional level.

Peculiarities of accounting according to International Financial Reporting Standards in Ukraine

Accounting according to international standards gives an opportunity to receive qualitative information about the financial activity of the enterprise in order to make a managerial decision about further functionality of the company as soon as possible and more accurately.

The main principle of IFRS is:

accrual method - the essence of it is that the transactions are booked in the registers on the fact of their commission and are included in the financial statements in the period to which they relate;

the principle of continuity of activity - financial statements of the organization are made with the assumption that the enterprise will not reduce activity and will work in the foreseeable future;

The qualitative characteristics of the financial statements compiled according to IFRS are:

• appropriateness - only the information that affects the management decision-making is disclosed; 

• reliability - the information should be without any significant errors and should not be distorted; 

• understandability - the information should be accessible and understandable to the user, who has knowledge in the field of economic and business activities. 

• comparability - users should be able to compare information with other periods and other companies.

Also, reports for group of companies are consolidated into a single report, i.e. the necessary indicators are summed, except for internal duties, debts and other changes to intra-group operations.

Accounting according to IFRS in Kyiv (Ukraine) with PETTERSON & BENNETT

PETTERSON & BENNETT for many years has been the leading consulting company in Ukraine in providing accounting services according to IFRS. We are trusted by national enterprises and foreign organizations, branches and representative offices. These advantages are:

• highly qualified specialists who speak foreign languages;

• extensive experience in compiling accounting in accordance with IFRS;

• professional and individual approach to each client;

• guaranteed confidentiality of any information provided;

• compliance with the laws of Ukraine and International Financial Reporting Standards;

• prices for services are affordable than those of competitors.

We are always in touch with our clients. This makes the solution of the assigned tasks more operative. Check the competence of our specialists right now by typing the phone numbers indicated on the site.