Accounting Compliance

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Accounting Compliance

Accounting Compliance

 

Accounting and preparation of financial statements is performed in accordance with the requirements of the Ukrainian accounting standards and legislation. It is also possible to maintain accounting records / prepare financial statements in accordance with International Financial Reporting Standards (IFRS).
 
The service may include the following:
 

  • Review of the primary documents and their recognition in the accounting system. For this purpose we use the mostly used accounting software (Microsoft Navision, SAP, etc.);
  • Preparation of financial statements in accordance with the Ukrainian Accounting Standards and, where necessary, IFRS and/or US GAAP (US Generally Accepted Accounting Principles). Reconciliation of accounting (reporting) data prepared under various accounting (reporting) standards.
  • Preparation and submission of mandatory statistical reports;
  • Development and implementation of accounting policies for an entity;
  • Deferred tax calculation;
  • Communications and reconciliations  with contractors, gathering incoming primary documents;
  • Preparation of the internal primary documentation (registration of business trips, waybills, write-offs and internal inventory relocations, etc.);
  • Treasury services (bank accounts management – preparation of bank payment orders and/or requests to perform necessary payments, as well as communications with the banks).
  • The list of necessary services and the order of cooperation shall be agreed with each client individually depending on your needs.

Key Contact

Viktor Nevmerzhitsky

Viktor Nevmerzhitsky

Tax & BSO Partner
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  • What services are included in accounting and preparation of financial statements?

The list of required services and the terms of cooperation are agreed upon individually with each client, depending on their needs. Clients may order either a full package or selected services.

The accounting, tax accounting and reporting preparation services may include the following:

- Accounting and tax accounting for all business transactions of the client: accounting for assets and liabilities, equity, as well as income and expenses, in accordance with the client’s accounting policy.

- Human resource accounting, military accounting and payroll calculation: calculating salaries, sick leave, vacation pay and other accruals, preparing related primary documents and tax, management and statistical reports.

- Management of primary documentation: processing, systematising and storing invoices, delivery notes, acts, bank statements, cash and HR documents, and other related documentation.

- Preparation of financial statements: preparing the Balance Sheet, the Income statement, the Statement of cash flows, the Statement of changes in equity, the Notes to the annual financial statements and the financial statements for Micro and Small enterprises.

- Preparation of tax reports: preparing tax returns for the taxes applicable to the client, including the Corporate Income Tax Return, VAT Return, Single Tax Payer’s Declaration, Rent Payment Declaration, Land Tax Return, consolidated reporting on Personal Income Tax (PIT), Military Levy and Unified Social Contribution (USC), as well as other tax returns.

- Preparation of statistical reports: preparing statistical reports according to the list of statistical observations required to be submitted to the statistical authorities.

- Preparation of management reports: preparing management reports according to the client’s internal forms and policies.

- Communication with regulatory authorities: interacting with tax authorities and other foundations and preparing response letters to inquiries.

- Advisory support: providing clarifications on accounting and taxation matters.

- Other services: additional accounting, tax accounting and reporting services may be provided upon agreement.

  • Which standards are applied when preparing the financial statements?

Financial statements may be prepared in accordance with either Ukrainian National Accounting Standards (NAS) or International Financial Reporting Standards (IFRS).

  • What do treasury services include?

Treasury services include the administration of bank accounts, the preparation of payment orders and requests for disbursements, and the communication with banks.

  • Is it possible to order only the selected accounting services?

Yes. The list of required services and the terms of cooperation are agreed upon individually with each client, depending on their needs.

IFRS — the international standards that govern the preparation of financial statements on a global scale.

Microsoft Navision — an accounting and financial management software solution that is utilised by international companies.

SAP — a software framework for integrated business process management, including accounting.

US GAAP (Generally Accepted Accounting Principles) — the generally accepted accounting principles in the United States.

Deferred Tax — the tax arising from differences between the accounting and tax accounting that is payable in future periods.

Treasury Services — a set of activities aimed at managing company’s bank accounts, preparing payment documents and communicating with banks.

Accounting Policy — a framework of principles, methodologies and procedures that delineate the accounting practices of a company.

Primary Documentation — the documents that record business transactions of a company (e.g. invoices, delivery notes, acts, waybills, etc.)

Financial statements — a set of documents that reflect a company’s financial position and performance for a specific period.