On November 30 a practical conference “International Financial Reporting Standards: Implementation Practices and Challenges” was held in the conference hall of Holosiievo Park-Hotel, in Kyiv. The event was organised by "De Visu" in the partnership with SE "Derzhzovnishinform".
The event was thematically divided into three thematic sessions, which enabled the participants to consider all aspects of IFRS implementation in Ukraine.
The first session of the conference was devoted to new law and challenges in the area of mandatory IFRS application. The word was given to regulators, government departments and institutions, as well as international organizations.
The second thematic session concerned the methodology and algorithm of transition to IFRS and became its true quintessence. Moderator of the event was acknowledged IFRS expert, "De Visu" Group partner Olena Kharlamova. She headed that subject block and made a practical lecture, where there were highlighted the key transition steps and made recommendations to the managers and chief executives of the financial services of the companies, which transit to IFRS, on the transition to new standards and preparing of IFRS statements.
The practice of IFRS application became the basis of the third thematic part of the conference. Representatives of large state-owned enterprises, which had already moved to international financial reporting standards, shared their experiences in transition to IFRS. Within the framework of the third session, IFRS in the context of tax optimization were discussed as well.
The question of the fair value of assets, which is a prerequisite for qualitative transformation and transition to IFRS, was also among the main concerns
Andrii Boholiuk, Certified Valuator, Director of "De Visu" Valuation Firm made a report of those issues.IMG 6026
Is it possible to automate the process of financial statements transformation? In view of the possibilities of latest technology, it seems completely realistic. It was told at the conference about the potential of specialized software, which significantly saves time for transformation, however, does not eliminate the need to express professional judgment of experts.
The event was summed up by its moderator Olena Kharlamova
She warned the participants of possible mistakes related to IFRS transition, gave expert advice on how to make such a transition as comfortable and correct as possible and wished everyone not to lose optimism on that challenging road.
“Widespread IFRS implementation will promote a positive image of Ukraine among global investors, will give confidence to Ukrainian business and contribute to its greater transparency, despite the turbulent times our country experiences today. I am very glad that the event was successful, and its participants received useful and interesting information” - Oleksandr Boiko, "De Visu" Group President, says.a
