Reconciliation of accounts to IFRS (US GAAP) in Ukraine

Reconciling of differences between national accounting standards and IFRS, US GAAP – this is a comparison and transformation of financial reports prepared according to the national standards and International Financial Reporting Standards (IFRS). At the same time, the detailed analysis of economic operations and their disclosure in the accounting registers is made and the corresponding transformational tables are prepared, in which the corrections are separately allocated and the final version of the reports is displayed. Accounts reconciliation is an importent part of accounting of international companies that operate in Ukraine. Consulting company PETTERSON & BENNETT will perform IFRS (US GAAP) reconciliation at a professional level and promptly thanks to the presence of highly qualified specialists with extensive experience. 

How to reconcile accounting prepared based on national standards so that it complies with IFRS

National accounting standards imply reporting in accordance with the regulations and rules of Ukraine. While IFRS and US GAAP are standards that are understandable to a wider range of users because they are used at the global level.

For the correctness of IFRS accounting it is necessary to pay attention to:

• the date of submission of the company's financial statements;

• established dates of annual and interim reports;

• single currency system in the company for Ukraine and other countries;

• material reporting and its level.

Since January 1, 2019, enterprises of public interest, public joint stock companies, organizations operating in the extractive industries, banks, insurance companies, issuers of securities and some others are obliged to prepare financial statements only according to international standards. Enterprises, except those mentioned above, independently determine expediency of application of international standards for financial reporting.

What difficulties can be faced by the enterprise, which is going to switch to the International Financial Reporting System:

• parallel reporting on national standards and IFRS;

• improvement of the skills of the employees who will maintain the reporting for IFRS;

• direct change in the company's accounting policy.

In the transition and preparation of the first report, it is necessary to correct all the opening balances at the beginning of the year, and if the amount of unallocated income at the beginning of the period is and is applied-also do not forget about the corresponding adjustment of the tax return Profit.

For small and medium sized companies it is still possible to use Ukrainian standards. In such case, we can provide monthly accounts reconcliation and provide you with a clear reconciliation statement with all differences.  

Reconciling differences between national accounting standards and IFRS, US GAAP with PETTERSON & BENNETT (Kyiv, Ukraine)

Company PETTERSON & BENNETT has been one of the leading consulting companies in such areas as: reconciliation accounting, accounts reconciliation, IFRS reconciliation (US GAAP) in Ukraine for many years. This is due to a number of advantages:

• possibility to reconcile discrepancies between national accounting standards and IFRS at a professional level (qualitatively and operatively);

• extensive experience in working for foreign companies and provide bank or financial statements (accounts) reconciliation on a monthly basis with clear reconciliation report and differences tracking;

• availability of only highly qualified specialists in this field, as evidenced by certificates of ATS and membership in ACCA of its employees.;

• long-term experience of work with domestic and international companies, branches, representations;

• guarantee of qualified assistance in financial, accounting and tax reporting;

• preservation of confidential information from the customer;

• ability to make the necessary documentation in a foreign language.

PETTERSON & BENNETT – company that works exclusively to improve the development of your business on the territory of Ukraine. With us you can rest assured that accounts will be reconciled and differences tracked. Still have questions? Then call us right now and get expert advice from our experts.