The adoption of these changes will improve the principles of accounting and financial reporting, which will contribute to the simplification of doing business, transparency of financial reporting and a investment climate improvement in Ukraine.
The corresponding changes will allow Ukraine to fulfill its obligations to implement the provisions of EU Directive No. 2013/34/EU by:
– introduction of categories of groups of the parent company and its subsidiaries (small, medium and large) for the purposes of consolidation, submission and publication of financial statements;
– exemption from mandatory preparation, submission and publication of consolidated financial statements of small and medium-sized groups (except for groups that include enterprises of public interest) and a consolidated management report for the purpose of simplifying business and reducing enterprise costs.
In addition, in order to ensure users’ access to consolidated financial statements, the draft law provides for the establishment of requirements for the publication of consolidated financial statements together with the auditor’s report. Also, some norms are aimed at improving the provisions of national legislation, in particular, regarding requirements for the details of primary documents.
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