Transformation of IFRS financial statements

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Transformation of financial statements implies transformation of reports prepared in accordance with Ukrainian norms into reports that comply with international standards.

Availability of IFRS reporting opens new business opportunities for entrepreneurs. For example, prospects of entering international markets, obtaining a loan from a bank, attracting foreign investments.

In accordance with the current Law on Accounting and Financial Reporting for public JSCs, banks, insurance companies, and some other business entities, since 2012 the preparation of reports in accordance with IFRS is mandatory.

On the other hand, the transition of domestic companies to IFRS increases the gap between financial and accounting.

The peculiarity of re-layout of the statements made in accordance with P(S)BU to the statements compliant with international standards consists in transferring data and making adjustments to report items and regrouping reporting data.

Accounting transformation techniques

• Transformation of accounting, which was carried out according to Ukrainian standards.
• Simultaneous accounting according to national and international standards.

In the first case, the data of the statements made under the rules of domestic legislation are transferred to the IFRS statements. Some indicators, in this case, in particular assets, equity, liabilities, are subject to adjustment.

In the second case, all business operations are reflected in parallel: according to Ukrainian accounting rules and IFRS.

If your company does not have an employee who could transform the reporting data, the accountants of Legal Solutions are ready to help you in this. Our specialists have considerable experience in the transformation of reporting in accordance with IFRS and cope with even the most difficult tasks.

When providing services, we focus on international, national standards as well as our company's experience.

To learn more about the service, call us on the phones listed on the website or fill out the feedback form. We will promptly call you back and answer your questions.

What the service of transformation of financial statements into IFRS format includes

• Analyzing the situation in the company and identifying the peculiarities of the accounting system.
• Verification of compliance of the accounting policy of the company with Ukrainian and international standards.
• Determination of differences in the reporting under P(S)BU.
• Calculation of adjustments, regrouping, reclassification of reporting items.
• Preparation of transformation tables.
• Drawing up reports according to international requirements.

We offer:

• Providing consultations in the field of application of international standards of financial reporting.
• Audit of financial statements at the enterprise, prepared in accordance with international requirements.
• Development of a methodology for transition to IFRS.
• Turnkey transformation of financial statements or assistance in its implementation.
• Consultations on problematic issues of transition to IFRS.

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