IFRS financial statements in Ukraine are statements prepared under International Financial Reporting Standards, mandatory for the companies listed in Art. 12-1 of Law No. 996-XIV. Key Solutions prepares them, files them in the IFRS taxonomy format and supports the audit through to publication.
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In short
- Who must report: public interest entities including large companies, public JSCs, rating agencies, extractive companies, parent companies of the relevant groups and companies in financial services listed by the Cabinet of Ministers. Others may adopt IFRS voluntarily.
- What you get: a full IFRS set with notes, adjustment tables, an IFRS accounting policy, the taxonomy file and a pack for the auditor.
- Timing: in our experience the first transition takes longest. Later years follow the year-end close; dates are fixed in the contract.
- Cost: agreed individually, based on first-time or repeat adoption, volume of transactions, group size and state of records.
- How to start: send last year's statements under Ukrainian standards and tell us why you need IFRS. We reply with the approach, timing and fee.
Who must prepare IFRS financial statements in Ukraine
Part 2 of Art. 12-1 of Law No. 996-XIV lists the companies that must report under IFRS: public interest entities, public joint-stock companies, authorised rating agencies, extractive companies, parent companies of groups with public interest entities, parent companies of large groups that are not large companies themselves, and companies in activities listed by the Cabinet of Ministers (financial services, per para. 2 of Procedure No. 419). An ordinary LLC usually falls in through the size test: it is large if it exceeds two of three criteria (Part 2, Art. 2).
| Criterion | Large company threshold |
|---|---|
| Balance sheet total | Over EUR 20 million |
| Net revenue | Over EUR 40 million |
| Average number of employees | Over 250 |
Other companies may adopt IFRS voluntarily and record it in the accounting policy (Part 3, Art. 12-1).
What our IFRS reporting service covers
- A check of whether and how the IFRS duty applies to your company.
- An IFRS accounting policy and measurement models for fixed assets, financial instruments, leases and revenue.
- Transformation through adjustment tables, or a set-up of parallel accounting.
- The full set: statement of financial position, profit or loss and OCI, cash flows, changes in equity, notes.
- Consolidation where the group has subsidiaries.
- The taxonomy file in the single electronic format and support during the audit.
How the work runs
- Diagnosis and plan Duty, transition date, material items and a timetable to publication.
- IFRS accounting policy Policy, measurement models and disclosures agreed with the owner.
- Inventory and data Balances checked at the transition and reporting dates.
- Adjustments and statements Adjustment tables, the full set of statements and notes.
- Taxonomy and filing A file in the single electronic format for the collection centre.
- Audit and publication Auditor queries answered, adjustments made, statements published.
Deadlines, timing and cost
| What | Deadline |
|---|---|
| Publication: PIEs (except large non-issuers), public JSCs, extractive companies | By 30 April of the following year (Part 3, Art. 14, Law 996) |
| Publication: large non-issuers and medium-sized companies | By 1 June of the following year |
| Interim IFRS statements to the collection centre | By the 30th of the month after the quarter (para. 5, Procedure 419) |
In our experience, the first transition takes longest because it needs data at the transition date and comparatives. The fee is agreed individually and depends on first-time or repeat adoption, the complexity of transactions, the number of group companies and the state of the books.
What we need from you
- Statements under Ukrainian standards and trial balances for the reporting and prior year.
- Accounting policy, charter, group structure, loan, lease and leasing agreements.
- Year-end inventory results and breakdowns of receivables and payables.
- The auditor's contact and audit timetable, if already agreed.
What you receive
- A full set of IFRS financial statements with notes.
- An IFRS accounting policy approved by the owner.
- Adjustment and reclassification tables with support.
- The taxonomy file and an audit pack with answers to the auditor.
Mandatory audit of IFRS statements
Most companies that must report under IFRS publish their statements together with an audit report. The mandatory audit is carried out, and the report signed, by a partner audit firm listed in the relevant section of the Register and entitled to perform statutory audits. Key Solutions organises the process, prepares the books and the IFRS statements, answers the auditor's queries and supports you through to publication. See our mandatory audit of financial statements service.
Legal basis
Legal basis for the work
- Arts. 2, 12-1 and 14 of Law No. 996-XIV — company size, IFRS duty, taxonomy, publication deadlines.
- Procedure No. 419 — financial services activities, filing with the collection centre.
- Arts. 14 and 21 of Law No. 2258-VIII — audit report content and sections of the Register.
- para. 46.2 of the Tax Code — financial statements attached to the corporate income tax return.
Why a contracted team is the safer choice
A misstated item gives the auditor grounds to modify the opinion, and corrections after the audit mean refiling. Key Solutions works under a contract with agreed scope, timing and liability.
Why Key Solutions
- Turnkey, with no extra hassle
- We take the whole task: documents, calculations, reporting and correspondence with the State Tax Service. You make the decisions, provide source documents and sign; we do the rest and contact you only when it matters.
- We take on the tax office
- Information requests, blocked tax invoices, inspection reports: we prepare explanations, rework documents and appeal until the issue is closed. Where the law is in dispute, we work together with the group's lawyers.
- We see it through
- Your case stays on track: the specialist running it remains with you, even if an inspection or audit drags on for months. Statutory audits are performed, and the report signed, by a partner audit firm entitled to perform them; we handle preparation and support through publication, so you deal with one team from start to finish.
- Boutique-level involvement
- A senior specialist runs your project personally (see the Our employees page), backed by 14 years of Innova group practice in 50+ countries. Non-standard tasks are our field: where you hear “it can’t be done”, we look for a lawful way, and group companies cover the rest: legal.ua for legal matters, crystal.tax for crypto-asset taxation.
- Your affairs stay yours
- Information about your company, turnover, payroll and counterparties reaches neither competitors nor third parties. We disclose only what the law or a procedure requires, and the contract says so.
- Faster and right the first time
- Full involvement: your specialist learns your books, contracts and business, so documents and reports are ready on time with no rework. The group's 14 years of experience let us get right the first time what takes some firms three attempts.
Frequently asked questions
What is IFRS?
IFRS are the International Financial Reporting Standards issued by the International Accounting Standards Board (IASB). Ukraine applies the standards published in Ukrainian on the Ministry of Finance website (Part 1, Art. 12-1 of Law No. 996-XIV).
Who must prepare IFRS financial statements in Ukraine?
Public interest entities, including large companies, public joint-stock companies, authorised rating agencies, extractive companies, parent companies of the relevant groups and companies in financial services activities listed by the Cabinet of Ministers (Part 2, Art. 12-1 of Law No. 996-XIV).
Can a Ukrainian LLC adopt IFRS voluntarily?
Yes. Other companies decide for themselves whether to apply IFRS (Part 3, Art. 12-1 of Law No. 996-XIV) and record the decision in the accounting policy. After the first IFRS statements are filed, accounting follows the IFRS-based policy.
What is the difference between transformation and parallel accounting?
Transformation converts statements prepared under Ukrainian standards into IFRS at the reporting date through adjustment tables. Parallel accounting records every transaction in two systems at once. Transformation costs less; parallel accounting gives IFRS data at any date.
When are IFRS statements published in Ukraine?
Public interest entities other than large non-issuers, public JSCs and extractive companies publish by 30 April; large non-issuers and medium-sized companies by 1 June of the following year (Part 3, Art. 14 of Law No. 996-XIV).
Who performs the mandatory audit of IFRS statements?
A partner audit firm listed in the relevant section of the Register and entitled to perform statutory audits carries out the audit and signs the report. Key Solutions prepares the books and statements, organises the audit and supports publication.
Related services
Order IFRS financial statements
Tell us whether IFRS is mandatory for you or a voluntary choice, and attach last year's statements. We will send a plan, timing and fee.
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