Law of Ukraine 2019
"On Accounting and Financial Reporting in Ukraine"
"On Accounting and Financial Reporting in Ukraine"
Fast facts
Law of Ukraine 2019
"On Accounting and Financial Reporting
in Ukraine"
Fast facts
The European Union obligated the Ukrainian government to bring the national accounting and reporting standards in line with the EU laws. It is against this background that the Ukrainian parliament (the Verhovna Rada) adopted amendments to the Law "On Accounting and Financial Reporting in Ukraine."
The need-to-know facts
In general, the amendments to the list of requirements for the reporting submission have been changed since 2017. Yet, the regulations on regulatory submission and publishing enter into force in 2019. The requirements to the financial reporting package are directly related to the type of an enterprise.
The need-to-consider facts
Before the financial reporting forms are completed, the basic requirements to their preparation and submission should be considered. At first, the type of your enterprise shall be defined and the terms for reporting submission shall be determined. The Classifier is your helping tool.
Classifier filling:
- Updated criteria for classification of enterprises according to their size
- Complete portfolio requirements to enterprises depending on their size and type of activity
- List of deadlines to meet the requirements
Go to classifier
Effective dates:
1
2017
The Companies' submission procedure of financial reporting has been changed.
2
2018
ALL amendments to the Law have become effective, EXCEPT FOR the provisions to publish accounting reporting.
3
2019
Such types of enterprises as public joint stock companies, natural monopoly entities and business entities operating in the extractive industries are obliged to publish the IFRS financial reporting.
4
2020
Large enterprises that are NOT securities issuers, medium-sized enterprises, and other financial institutions belonging to micro-enterprises and small enterprises (please use the Classifier of enterprises to promptly determine the type of your enterprise) shall publish annual IFRS financial statements with an audit report.
The enterprises not obligated to apply IFRS standards shall now publish the financial statements for 2019 under the NAR(S)U.
All enterprises obligated to submit the IFRS reporting shall now submit the IFRS reporting for 2019 in Taxonomy XBRL format.
The enterprises not obligated to apply IFRS standards shall now publish the financial statements for 2019 under the NAR(S)U.
All enterprises obligated to submit the IFRS reporting shall now submit the IFRS reporting for 2019 in Taxonomy XBRL format.
Possible scenarios and implications
What IF:
Your company has failed to submit the required financial statements
THEn
The preventive measures to avoid such practices as well as motivating methods are so far developed.
The regulatory authorities are expected to submit the updated information concerning this type of violations in the nearest future.
The regulatory authorities are expected to submit the updated information concerning this type of violations in the nearest future.
What IF:
Your company has failed to publish the required financial statements
THEN
The first violation of the Law entails penalty fee within the range of 1000 to 2000 times the individual income tax exemption threshold (between UAH 1700 to UAH 34000); the second one – within the range of 2000 to 3000 times the individual income tax exemption threshold (between UAH 34000 to UAH 51000).
THAT IS WHY
Pursuant to the new Law it is your business entity category that is a decisive factor in the financial statements issue.
- Determine your business category with Classifier
- Familiarise yourself with portfolio requirements according to your company category
Contact us
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Know more
IFRS Financial statements
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ifrs@moore.ua
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ifrs@moore.ua
8/26 Vadyma Hetmana Street, Cosmopolite Multimall, 10th Floor, Kyiv, 03057
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Audit Firm Yakovlev&Partners, LLC is a member firm of Moore Stephens International Limited ('MSIL'), a worldwide association of independent accounting and consulting firms. MSIL and its member firms are legally distinct and separate entities. They are not and nothing shall be construed to place these entities in the relationship of parents, subsidiaries, partners, joint ventures, or agents. No member firm of MSIL has any authority (actual, apparent, implied or otherwise) to oblige or bind MSIL or any other MSIL member firm in any manner whatsoever.
The information contained in this Site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in information contained in this Site. Accordingly, the information on this Site is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. Any information on this Site should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. Before making any decision or taking any action, you should consult with Audit Firm Yakovlev&Partners, LLC professional. We accept no responsibility for loss which may arise from reliance on information contained in this Site or other sites to which links are provided (including sites of Moore Stephens member-firms).
Audit Firm Yakovlev&Partners, LLC does not warrant or offer any assurances that this website is compatible with any user's computer equipment or network through which access to the website is gained or that the use of this website will not lead to viruses or similar destructive software accessing any user's computer equipment. Audit Firm Yakovlev&Partners, LLC shall not be liable for any damage which a user may suffer as a result of any errors in content or arising from any virus or other destructive software. Users are responsible for ensuring that their computer equipment has appropriate security and virus protection features.
Nothing on this website constitutes a legally binding offer for services and should not be treated as such.
Copyright
As content of the website is copyrighted, any unauthorised use of any material on the website may violate copyright, trademark and other laws. Should a user download the materials on this website for personal or non-commercial use, the user must retain all copyright and other proprietary notices contained in the original materials on any copies of the material. Materials on this website may not be modified, reproduced or publicly displayed, performed or distributed or used for any public or commercial purposes.
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