Law of Ukraine 2019
"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:
  1. Updated criteria for classification of enterprises according to their size
  2. Complete portfolio requirements to enterprises depending on their size and type of activity
  3. List of deadlines to meet the requirements

Go to classifier
Effective dates:
The Companies' submission procedure of financial reporting has been changed.
ALL amendments to the Law have become effective, EXCEPT FOR the provisions to publish accounting reporting.
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.
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.
Possible scenarios and implications
What IF:
Your company has failed to submit the required financial statements
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.
What IF:
Your company has failed to publish the required financial statements
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).
Pursuant to the new Law it is your business entity category that is a decisive factor in the financial statements issue.
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