The World Bank and the European Bank for Reconstruction and Development (the EBRD) held a seminar where the reform of the corporate financial reporting in Ukraine was discussed.
The introductory statements were made by the World Bank Country Director (Ukraine, Belarus, Moldova) Qimiao Fan, EBRD Country Director for Ukraine Sevki Acuner and the representatives of the Ministry of Finance of Ukraine.
The seminar was opened by the report of Oleg Kantsurov, the Head of the Accounting Methodology Department of the Ministry of Finance of Ukraine, on the main issues in corporate financial reporting in terms of the regulator as well as the prospects and the priorities of its development.
Anry Forten, the Head of the Center for Financial Reporting Reform of the World Bank, told about the reforms in the corporate financial reporting with an increased focus on the methodology and influence upon the business development in Ukraine.
Vitaliy Koval, the representative of the European Bank for Reconstruction and Development, opened the special aspects of the EBRD approaches to the analysis of the corporate financial reporting at the company level for the seminar participants.
Natalia Manuilova, the representative of the Center for Financial Reporting Reform of the World Bank, emphasized the financial reporting for small and medium businesses in her report.
Natalia Samoilova, the Audit Partner of the “Deloitte” company, stressed the importance of transparent financial reporting. The owners, investors and creditors should use it for making of the measured management decisions. In addition, the transparent reporting is the key of successful economic functioning.
The seminar participants discussed the influence issue of the financial reporting on the business development, IFRS for small and medium enterprises as well as the impact of high quality financial reporting on the access to international financing and investments.
“We are sincerely grateful to the World Bank and the EBRD for the organization of this event. This is a great opportunity to discuss the latest developments in the field of accounting and audit, to make aware of global best practices, to determine the particular professional reforms required in Ukraine as well as to support effective dialogue between the Government, regulators, businesses, investors, creditors, shareholders and professional auditors', - said Oleksandr Boiko, the President of “De Visu” Group.
