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Preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) may be carried out as follows:

   - parallel accounting;

   - financial statements transformation.

 

The primary method of preparing financial statements in accordance with IFRS is transformation, which involves the regrouping of accounting information prepared in accordance with Ukrainian Accounting Standards (UAS) into IFRS-compliant financial statements.

All accounting information generated in accordance with the Ukrainian Accounting Standards is analyzed and the necessary adjustments are made in accordance with IFRS.

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Certified specialists of our company will help you to carry out a step-by-step process of transformation of IFRS reporting for your company:

  • Development of accounting policies;

  • Selecting the measurement and presentation currency;

  • Independent expert evaluation (if necessary) of assets to determine their fair value at the date of transition to IFRSs when applied for the first time;

  • Calculation of opening balances;

  • Development of a transformation model;

  • Development (if necessary) of an additional chart of accounts in accordance with IFRS and a table of compliance of the Ukrainian chart of accounts with the chart of accounts in accordance with IFRS;

  • Assessment of the company's corporate structure (to identify subsidiaries and affiliates to be included in the reporting);

  • Identification of the company's industry-specific characteristics and collection of information required to calculate transformation adjustments;

  • Regrouping and reclassification of reporting items from UAS to IFRS;

  • Ultimate transformation of reporting in accordance with international standards.

 

Based on the results of the work performed, a set of financial statements prepared in accordance with IFRS principles is provided:

  • transformed statement of financial position;

  • transformed statement of comprehensive income;

  • transformed statement of cash flows;

  • transformed statement of changes in equity;

  • notes to the financial statements.

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