The Verkhovna Rada adopted in the second reading the law on the enforcement of accounting in Ukraine to standards of the European Union (EU). As the correspondent of LIGA.net for the bill voted 253 MP.
According to the explanatory note to the document, it is proposed to bring the provisions of the law on accounting and the financial statements in accordance with EU legislation, in particular with the provisions of the Directive, N2013/34/EC, and to improve the manner of applying International financial reporting standards.
“The bill proposes to introduce new terms, in particular “expense”, “income”, “reporting period” “account of payments in favor of the state” in terms of actors, which serves this report, “management report”, “equity”, “taxonomy of financial statements” and “enterprise of public interest”, “net income from product sales,” reads the explanatory note.
It is also proposed to clarify the period of delivery of interim financial statements to ensure unambiguity in the determination period. Subject to the provisions of the Directive is to exempt micro and small enterprises from the provision of management report.
The bill provides clarification of the requirements for the preparation of financial statements according to international standards by the enterprises of public interest, and companies involved in the extraction of minerals of national importance. It is also planned to improve the provision and publication of financial statements by providing its representation by entities applying IFRS, in a single electronic format, and requiring the company to provide copies of financial statements upon request of legal and natural persons in accordance with the law “On access to public information”.