Successful entry of Ukrainian companies to the international market, cooperation with foreign partners is impossible without proper preparation of financial statements. Domestic practice of accounting is focused on the state – tax authorities, the securities commission, statistical authorities, which does not have the best effect on the quality of financial information. At the same time, the International Financial Reporting Standards take into account, first of all, the interests of the business owner.
IFRS – is an accounting system that is used in more than 100 countries and is built on the provision of truthful and up-to-date information in financial statements. Since 2005, all firms whose shares are listed on European stock exchanges are required to issue consolidated financial statements in accordance with these standards. The main principle of IFRS – balance sheet approach, the essence of which is the preparation of a financial statement of the current financial position.
Report (balance sheet) contains information about:
- company assets;
- capital;
- obligations;
- income and expenses.
The preparation or transformation of IFRS statements requires an accountant to have serious training and experience, knowledge of the requirements for the report format. Accountants, lawyers and auditors of Key Solutions have practical experience in auditing and compiling financial statements in accordance with international standards, in connection with which they provide relevant services.
Why is it necessary to bring financial statements in line with IFRS
This financial reporting format allows you to:
- attract foreign investors;
- to increase the trust of potential partners;
- take your business to the international market;
- standardize information systems for record keeping;
- save money on translating financial statements to investor-friendly standards;
- increase your chances of getting a bank loan.
Providing a balance sheet plays an important role when a company participates in a tender.
IFRS Services
Key Solutions specialists:
- audit reports (individual, consolidated/combined);
- draw up a balance according to international standards;
- carry out the transformation of reporting prepared according to national standards, bring it in line with IFRS;
- provide in-house accountants with assistance in compiling reports that comply with international standards;
- organize the implementation of IFRS accounting at the enterprise;
- provide advice on the application of international standards.
We work with companies from various fields of activity: real estate, transport services, agriculture, industry, trade. We provide accounting services to companies applying IFRS for the first time, businesses aimed at attracting foreign investment. We cooperate with legal entities with a complex structure or using complex financial instruments. We develop the IFRS format individually for each company.
Interested in more detailed information about the service? Ask a question to our specialist in a special form or contact the manager of Key Solutions - Financial statements in accordance with IFRS by phone.