The conference on reforming of accounting system and audit was held in Kyiv within the project of European Union technical assistance aimed to strengthen the financial sector of Ukraine.
Representatives of the Ministry of Finance of Ukraine, the Parliament, the Presidential Administration, the National Commission on Securities and Stock Market, the National Commission for State Regulation of Financial Services, the National Bank, the Audit Chamber of Ukraine, EU-FINSTAR project, delegates of the EU in Ukraine, as well as direct market participants participated in the event.
Proposed amendments to the laws “On Accounting and Financial Reporting in Ukraine” and “On Auditing” were submitted during the conference. The purpose of amendments is the approximation of Ukraine’s legislation to normative acts and directives of the European Union, financial sector reform in Ukraine and the integration of our country into international markets.
Yan Tombinskii, the Chairman of the EU Delegation in Ukraine, opening the event made a point of importance of the approximation of Ukrainian legislation to European to provide unified and comprehensible rules for everybody. “In some way we can draw a parallel with football - its rules are understandable for everybody. This is the very thing is to be reached in other spheres of human activity”- the expert said.
The first part of the conference was dedicated to the discussion of the draft law “On Amendments to the Law of Ukraine “On Accounting and Financial Reporting in Ukraine”. Experts presented and characterized the proposed innovations, focusing on differentiated reporting requirements of small, medium and large businesses, issues of IFRS implementation, determination of public interest companies and the importance of the new law approximation to the EU Directive (2013/34/EU).
Then there was considered the draft law “On the audit of financial reporting and auditing”, which provided for the change of the regulatory model of audit in Ukraine. In particular, as in most European countries, the authority of social (public) supervision of the audit activity would be introduced in our country. It should consist of Board of Supervision and Inspection on quality assurance. The Authority should carry out supervision of auditors conducting audit inspections of businesses and public interest establishments. This is about large companies and financial institutions quoted on the stock exchange and are liable to account to the National Commission on Securities and Stock Market.
The Auditors' Chamber Ukraine acquires another status passing into a self-regulating public organization. The amendments provide for that it will supervise of auditors conducting non statutory audit.
Both draft laws provoked a lively discussion among the audience. The conference participants agreed that even though the laws were in the final stages of discussion they needed to be improved.
“The dialogue with the public, representatives of the profession and all interested parties are very important for successful reforms. Such events are essential today because they provide opportunities for professional discussions, exchange of ideas and experiences. All these bring us closer to informed decisions”, – Oleksandr Boiko, the President of “DeVisu” Group, shares impressions about the conference.
