Accounting according to IFRS standards

Accounting according to IFRS standards

To strengthen the positions of Ukrainian companies in world ratings and attract foreign investments, the country’s parliament obliged a number of enterprises to keep records in accordance with international financial reporting standards (IFRS, IFRS). Many organizations do not have specialists for the implementation of new requirements. Therefore, they are deprived of advantages in foreign economic relations and development planning. UCMS Group helps to keep records in accordance with IFRS standards, offers services for transformation of financial statements into IFRS, GAAP according to proven methods with minimal involvement of valuable internal resources of customers.

Who is required to use IFRS?

The following are obliged to switch to international accounting standards:

  • issuers of securities with admission to exchange trading;
  • foreign representative offices of companies in Kiev and other cities of Ukraine;
  • subsidiaries of foreign corporations;
  • PJSC, organizations engaged in the extraction of minerals on a national scale;
  • large enterprises with an asset value of more than 2 mln. euros, with a net income of more than 40 million. euros, with more than 250 of staff (minimum 2 indicators are required).

IFRS can be used by domestic companies that have independently determined the appropriateness of the financial reporting format for development, attracting foreign investment.

Content of IFRS accounting service

The transition to a new accounting format includes analytical and accounting procedures:

  • acquaintance with the specifics of the business;
  • collection, processing of primary information;
  • development of a model for transformation of financial statements;
  • automation of procedures or development of parallel accounting algorithms;
  • preparation for the first application of IFRS;
  • preparation of final reporting forms;
  • consultations on the application of GAAP, IFRS, personnel training.

The duration of the transformation depends on the turnover of the company, the current state of the customer’s financial system, the number of employees, the software used. The cost of accounting services in accordance with IFRS is calculated individually.

Benefits of keeping records in accordance with IFRS

IFRS is a universal financial “language”, a condition for successful business development. The fact that the company has reports prepared according to international standards gives a number of promising advantages:

  • attractiveness for shareholders and investors;
  • improved management due to the availability of consolidated reliable data on net profit, costs, liquidity, market share, staff turnover and other performance indicators;
  • lending on favorable terms in national and foreign banks;
  • building trusting relationships with partners by providing objective and transparent information;
  • convenient control of structural divisions;
  • the ability to effectively distribute dividends, place securities on stock exchanges.

Among the clients who trust us and recommend to partners, there are both large national enterprises and foreign representative offices. Clients describe us as competent specialists, with fair prices for registration in accordance with IFRS standards and guaranteeing the confidentiality of the information provided.

You do not need to keep expensive GAAP and IFRS specialists on staff. Call us to start cooperation.