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IFRS CONSULTING SERVICES

Expert support for businesses in applying
International Financial Reporting Standards (IFRS)

Applying IFRS requires not only an understanding of the requirements of the standards but also appropriate professional judgement regarding specific transactions, accounting estimates and disclosures in financial statements. International Financial Reporting Standards (IFRS) establish principles for the preparation and presentation of financial statements, promoting transparency, comparability and understandability of financial information for investors, creditors and other users.

Kreston Ukraine professionals provide comprehensive IFRS consulting services to businesses, helping companies determine and apply appropriate accounting approaches in accordance with the requirements of International Financial Reporting Standards.

We work both with companies transitioning to IFRS for the first time and with businesses that already prepare financial statements under international standards and require expert support in addressing complex or non-standard accounting matters.

ORDER A CONSULTATION

IFRS CONSULTING SERVICES MAY BE REQUIRED IF YOUR COMPANY:

  • is transitioning to IFRS financial reporting for the first time;
  • is part of an international group of companies;
  • is seeking investment, debt or other external financing;
  • prepares separate or consolidated financial statements;
  • is preparing for a financial statement audit;
  • is implementing new or amended IFRS requirements;
  • requires expert analysis of a complex or non-standard accounting treatment;
  • seeks to reduce the risk of errors and inconsistent application of international standards.
Консультації з МСФЗ - business adviser analyzing financial figures denoting progress work company
AREAS OF IFRS CONSULTING
Advice on complex business transactions and the application of specific IFRS requirements, including:
  • IFRS 1 First-time Adoption of International Financial Reporting Standards;
  • IFRS 3 Business Combinations;
  • IFRS 9 Financial Instruments;
  • IFRS 10 Consolidated Financial Statements;
  • IFRS 15 Revenue from Contracts with Customers;
  • IFRS 16 Leases; IAS 36 Impairment of Assets;
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets;
  • and other IFRS and IAS standards.
Preparation of consolidated financial statements or financial reporting for group components in accordance with group accounting policies and IFRS requirements.
Preparation of financial statement disclosures, implementation of new and amended IFRS requirements, and organisation of the audit preparation process.
First-time adoption of IFRS and methodological support throughout the IFRS transition process.
Development or updating of IFRS accounting policies.

AS A RESULT OF IFRS CONSULTING, YOUR COMPANY MAY RECEIVE:

  • Substantiation of professional judgements and accounting estimates
  • Drafts or updates to accounting policies
  • Recommendations on accounting for transactions and financial statement disclosures
  • Analysis of a transaction or accounting issue and recommendations on the appropriate accounting treatment
  • A methodological document or practical plan for implementing the recommendations

The results may be provided in the form of an oral consultation, written recommendations, a methodological document or comprehensive advisory support.

WHY KRESTON UKRAINE

Kreston Ukraine professionals combine practical experience in applying IFRS with expertise in preparing
and auditing financial statements, enabling us to provide recommendations
that take into account practical audit considerations.

We combine our knowledge of International Financial Reporting Standards with an understanding
of business processes, industry specifics and the operating environment of companies in Ukraine.

Kreston Ukraine is a member of Kreston Global, an international network of professional audit
and advisory firms operating in more than 100 countries worldwide.

OUR APPROACH INCLUDES:

  • analysis of the specific circumstances and economic substance of a transaction;
  • practical recommendations tailored to the company’s operations;
  • substantiation of professional judgements and proposed accounting treatments;
  • the option to receive advice on a specific matter or comprehensive methodological support;
  • a focus on the quality, consistency and transparency of financial information.
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FREQUENTLY ASKED QUESTIONS

What do IFRS consulting services include?

The service includes analysis of complex transactions, determination of appropriate accounting treatments, development of professional judgements and estimates, preparation of accounting policies, and financial statement disclosures. The result may be provided in the form of an oral consultation, written recommendations or a methodological document.

Who needs IFRS consulting services?

IFRS consulting services are relevant for companies transitioning to IFRS, members of international groups, businesses seeking financing, companies preparing for an audit, and organisations undertaking complex or non-standard transactions.

How does IFRS consulting differ from financial statement transformation?

IFRS consulting focuses on resolving specific methodological and accounting issues. Financial statement transformation is a comprehensive process of converting financial statements prepared under Ukrainian National Accounting Standards (NAS) into financial statements that comply with IFRS requirements.

How does IFRS differ from Ukrainian National Accounting Standards?

IFRS is largely principles-based, focusing on the economic substance of transactions and the application of professional judgement, while facilitating international comparability of financial statements. Ukrainian National Accounting Standards are primarily focused on national accounting and financial reporting requirements.

Do you provide consulting on specific IFRS standards?

Yes. Kreston Ukraine provides consulting on the application of specific IFRS standards, including IFRS 9, IFRS 15, IFRS 16, IFRS 3 and others, taking into account the company’s specific transactions and business context.

GET PROFESSIONAL IFRS ADVICE

Kreston Ukraine will help you determine the appropriate accounting treatment, resolve complex IFRS application issues and improve the quality of your company’s financial reporting.

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