Two years ago the sphere of non-state pension schemes transacted to the preparation of reporting according to the International Financial Reporting Standards (IFRS).
It is known that the transition to IFRS is a very difficult process for any company, this process is related to the necessity of the accounting processes harmonization. The non-state pension funds are no the exception.
The USAID / FINREP II program provided the technical support in developing of guidance materials, due to the transfer of the non-state pension funds from the National Accounting Standard (NAS) to the International Financial Reporting Standards, to the National Commission for the Regulation of the Financial Services Market (FSR). “De Visu” Audit Firm was chosen as such services provider on the results of the tendering process. The firm created the guidance on the IFRS adoption for accounting and financial reporting by the non-state pension funds (Guidance). The document is approved by the National Commission for the Regulation of the Financial Services Market and now all the market participants can use it.
The Guidance includes: Recommendations regarding the transformation of financial reporting by NPFs done under NAS to those done under IFRS; Recommendations on further application of IFRS for purposes of keeping accounting records and preparing financial reporting by NPFs; Educational materials for IFRS record keeping at NPFs and for asset valuation in accordance with IFRS.
On the basis of recommendations within the framework of the project, which lasted about 6 months, there were conducted 2 seminars – on the accounting in the NPF according to IFRS and on the proper assets evaluation according to IFRS, for the National Commission for the Regulation of the Financial Services Market and the non-state pension funds representatives.
The market participants expressed their confidence that the Guidance would be a significant help in accounting records maintaining by the non-state pension funds and also would contribute to a better mutual understanding of the regulator and the NPFs due to a unified approach to the adoption of the International Financial Reporting Standards when the preparation of financial reporting by the NPF.
“De Visu” meets the difficult professional challenges with appreciation. The project on the development of the guidance materials for the non-state pension funds is no the exception. Our team of professionals, with the following memberships of experts from IFRS, auditors, lawyers, valuers have worked very hard, and therefore it is more pleasant today to present the result of our work to the National Commission for the Regulation of the Financial Services Market, USAID / FINREP II Program as well as to the direct market participants. I would like to thank you for the opportunity to be involved in so urgent matter and for the chance to test our professionalism. We are always open to interesting projects”- Oleksandr Boiko, the President of “De Visu” Audit Firm summarizes.
