FINANCIAL STATEMENTS UNDER THE IFRS
Financial reporting under the IFRS is the key to the adequate evaluation of the companies’ financial standings.
IFRS application proves businesses’ transparency, competitiveness, and readiness to forge powerful partnerships.
WHO IT IS IMPORTANT FOR
Financial reporting under the IFRS is important for the following organizations:
- Companies of social importance, public joint stock companies, and other business entities of the similar statue;
- Members of the related parties groups that have large enterprises and companies of the social importance that must consolidate their financial reporting;
- Subsidiaries of the parent companies registered outside Ukraine;
- Companies that want to forge international partnerships;
- Companies that do business internationally or plan to open accounts in the foreign banks;
- Companies that prepare for borrowing from the foreign banks and international financial institutions.
WHY AND WHEN IT IS IMPORTANT
Financial reporting under the IFRS is instrumental in:
- Informed managerial decision-making
- Correctly calculated and paid taxes;
- Meeting all the compliance requirements for entering global markets and forging international partnerships
- Growing business, raising capital under favorable conditions.