: Financial: Ukraine opts for European standards in its accounting and audit system

12:58 Jul. 19, 2016

Financial: Ukraine opts for European standards in its accounting and audit system

Investors monitor stock prices on computers showing stock movements are pictured at Maybank Kim Eng in Bangkok. (Getty Images)

New accounting standards may improve financial transparency

"Ukraine has initiated significant reforms and changes to the Accounting Law and the Audit Law which will lead to increased financial transparency, and approximating to EU standards," the EU press release said on Friday following a round-table discussion on the ‘European choice of accounting and audit – reform agenda' that took place in the Ukrainian capital Kyiv in the framework of an EU-funded project focusing on technical assistance provided to Ukraine's financial sector.

"The Ministry of Finance's proposed accounting and audit reforms move Ukraine towards global-standard financial reporting which improves financial transparency and that is conducive to private sector development for shared prosperity," said the project's Senior Accounting and Audit Expert from the U.K. Jon Hooper, according to Euro East.

Read also Ukraine's Finance Ministry awaits Russia's next steps on USD 3 bln debt

Participants from the country's relevant state institutions, audit companies, EU experts as well as professional accounting and audit associations discussed the importance of increasing awareness about key reforms supported by the EU and the World Bank among Ukraine's businesses, financial intermediaries, accounting practitioners, small and medium-sized enterprises and the public.

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