Want to take your business to the next level? Then it is time to bring IFRS into your work. In this article we explain what International Financial Reporting Standards are and why it makes sense to build your company's accounting around them.
What IFRS reporting involves
Under Ukrainian law, IFRS financial statements must be prepared by:
- Public-interest entities.
- Public joint-stock companies (PJSC, ПАТ).
- Companies in the extractive industries.
- Businesses engaged in activities on the list approved by the Cabinet of Ministers of Ukraine.
By the letter of the law, these businesses have to produce financial statements that meet international standards in addition to their domestic reporting. This brings a number of advantages. The information presented is free from distortion, and only information that can influence management decisions is disclosed. IFRS financial statements also make sure that the information available to users is clear and relevant to business and to the economy as a whole. They give interested users the chance to compare figures with other periods and with competitors in the market.
Keep in mind that financial statements may be audited only by independent professionals who are authorised to audit financial statements. Moving a company's reporting onto IFRS also means comparing different types of reports, so outsourcing this work to an accountant is a necessary step and a sound investment in the growth of your business. Give your company the chance to get more out of its numbers.
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