Accounting in Ukraine

Overview by

Accounting System

Accounting Standards
The Law on Accounting and Financial Reporting, effective from 1 January 2000, introduced National Accounting Regulations (Standards) (NR(S)AU). The law states that these local standards should not contradict International Financial Reporting Standards (IFRS), but in practice there are gaps between the two. 
Accounting Regulation Bodies
Accounting Law, in Ukranian
Accunting law, The legal base of the Accounting  Chamber of Ukraine
Accounting Law
Derived from the Soviet model, the Ukranian accounting system implemented a series of reforms, amongst which those of 1998, in order to come closer to international standards. The Ministers' Cabinet adopted a resolution, # 1706 in 1998, reforming the Ukranian accounting system: 32 Ukranian accounting standards were thus introduced, and were further completed by a new strategy on the application of international accounting standards in the Ukraine by the Ministers' Cabinet in 2007. Following the Finance Minister's decree no. 291, all legal Ukranian persons must have a Accounting Guidelines.
Difference Between National and International Standards (IAS/IFRS)
The law relating to accountability and finance, which came into force on January 1, 2000 introduced the National Accounting Regulations (Standards) NR(S)AU, which states that local standards should not contradict international standards of the IFRS.
Accounting News
Accounting news (website in Russian and Ukrainian languages).
Ein News: Russia and CIS Accounting News (including Ukraine).

Accounting Practices

Tax Year
The fiscal year begins on 1 January and ends on 31 December of the same year.
Accounting Reports
The Ukrainian accounting rules are very complex in terms of taxes.
Accounting, in Ukraine, mixes tax system and financial accounting.
As taxes are excessive in the Ukraine, this makes accounting increasingly complicated.

The financial status is made up of the statement, the profit and loss account and the cash flow statement.

Publication Requirements
Financial statements must be prepared quarterly. Ukrainian accounting standards apply.

Accountancy Profession

The Accounting Chamber;
Ministry of Finance;
The National Bank.
Professional Accountancy Bodies
UFPAA, Ukrainian Federation of Professional Accountants and Auditors.
UACAA, Ukrainian Association of Certified Accountants and Auditors (in Ukrainian)
Member of the International Federation of Accountants (IFAC)
The Ukranian Federation of Professional Accountants and Auditors is a member of IFAC.

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Experts Views (1)
  • Ukrainian Accounting

    Investor considerations In principle, local accounting standards should not contradict international accounting standards. In practice, there are gaps between the two and separate books may be required. JSCs are subject to an annual audit requirement and must publish their annual financial statements. This is...

    A&T Consulting on 21 Feb 2011 related to Accounting in Ukraine

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