Financial statements according to international standards

Verkhovna Rada of Ukraine adopted the Bill (Reg. № 8194), "On amending some laws of Ukraine on issues of accounting." The draft law proposes to amend the laws on accounting and financial reporting in Ukraine "and" On banks and banking activity, and regulate the procedure of transition of the financial market to international financial reporting standards. In particular, it is supposed to define: the concept of "international financial reporting standards", Accounting Policy, the application of international standards, time and place of publication of annual financial statements and annual consolidated financial statements together with the auditor. The Law on Accounting and Financial Reporting in Ukraine "is proposed to add a new Article 121 of the application of international standards. For example, a public joint stock companies, banks, insurers, and companies that lead economic activity by type, listed by the Cabinet, prepare financial statements and consolidated financial statements according to international standards. Other enterprises independently determine the appropriateness of international standards for financial reporting and consolidated financial statements. On materials of the official site of Verkhovna Rada.