Preparation of financial statements in Ukraine

Annual financial statements are the summing up of annual results in the accounting report, which shows all the results of the company's financial activity and movement of funds and own capital. The preparation of annual financial statements in Ukraine requires special attention and qualification of accountants, as it is the main source of financial information for potential investors, creditors or debtors, as well as-the basis for compiling Tax reporting. An unmistakable option is to order this service from a company that specializes in the preparation of accounting, tax and management reports, such as the team PETTERSON & BENNETT. We will prepare reports qualitatively and on time, our certificated employees to prepare annual financial reporting based on international standards of financial reporting in the format and currency, convenient for use by the parent company.

Features of annual or quarterly financial reporting under national standards, as well as IFRS and GAAP

According to the Ukrainian legislation, annual financial statements are submitted to the relevant bodies no later than February 28/March 1 next, for the reporting year.

What is included in the annual financial statements of the enterprise according to national standards, as well as IFRS and GAAP

According to IFRS (IAS) 1, the complete set of annual financial statements includes:

• a statement of financial position (balance);

• a statement of profit and loss and other comprehensive income for the period;

• a statement of changes in equity for the period;

• a statement of cash flows for the period;

• notes, comprising a summary of significant accounting policies and other explanatory information; and.

In addition to the above-mentioned documents, the financial statements may include environmental reports; value added reports and other additional reports that facilitate the work of users in making economic decisions.

Organizations that are of public interest, public joint stock companies, enterprises operating in the extractive industries, as well as enterprises, that carry out economic activities by types, the list of which is determined by the Cabinet of Ministers of Ukraine, make financial statements and consolidated financial statements exclusively according to international standards.

The main requirements for annual, quarterly and monthly financial statements according to national standards, as well as IFRS and GAAP:

• timeliness;

• completeness of the submitted data;

• the requirement of diligence

• the requirement of consistency and rationality;

• priority of the content before the form.

All enterprises, regardless of the form of ownership and size, must submit annual reports, but most companies still submit quarterly (interim) reporting, which is compiled only from the statement of financial position and the report of Income.

If you need to prepare annual financial statements in Kiev (Ukraine) or ordre transformation of financial report please fell free to contact us.