Nowadays operating in the globalized economy most of Ukrainian companies face international cooperation. Imports of raw materials and equipment, as well as exports of own products require long-term cooperation of different countries. In order to successfully implement such projects counterparties need the possibility to obtain complete and understandable information about business activities of each participant. Unfortunately, each country has its own specific legislation and reporting standards. International Financial Reporting Standards were created for unification of financial information and in order to enhance international cooperation.

In international practice, the financial statements represent kind of business card of the company and often are the only source of information for foreign partners. Financial statements are extremely important in the process of finance attraction. It should be noted that the financial statements prepared in accordance with international standards, are one of the main requirements of export credit agencies (ECAs) and foreign financing banks.

The experts of IBcontacts company have strong experience in preparing financial reporting according to IFRS. Having substantial work experience in the biggest auditing firms, we will assist you in preparation of  high-quality financial information, pointing out benefits of your company, as well as in creation of efficient system of accounting, planning and employing financial reporting.

In the scope of financial reporting transformation, we offer the following services:

• Methodology stage:

1. Analysis and adaptation of the general reporting requirements in accordance to IFRS, considering specific business.
2. Comparative analysis of Ukrainian accounting standards and IFRS to identify differences in the estimates.
3. Advisory on IFRS 1 “First-time Adoption of IFRS”.
4. Preparation of the company’s accounting policies in accordance with IFRS.

• Transformation of financial statements in accordance with IFRS:

1. Comparative analysis of accounting policy, prepared in accordance with Ukrainian standards and IFRS, description and adjustments.
2. Collection of the information necessary for transformation.
3. Individual preparation of report structure. Preparation of working papers.
4. Adjustments, as well as reclassification of the existing assets and liabilities of the company.
5. Preparation of Statement of Financial Position and Statement of Comprehensive Income in accordance with IFRS, as well as preparation of Notes to Financial Statements.
6. Preparation of the Statement of Cash Flow.

• Additional services:

1. Preparation of additional disclosures.
2. Converting of Financial Statements into the presentation currency.