Poroshenko signed a law that will improve the quality of financial reporting

President Petro Poroshenko has signed the law “On amendments to the law of Ukraine “On accounting and financial reporting in Ukraine” concerning improvement of certain provisions”. This is stated in the message on the website of the President.

It is noted that the document will allow to raise the level of quality of financial reporting and in parallel to fulfil Ukraine’s obligations under the Association Agreement with the European Union.

“Document in particular improving General requirements procedure for the provision and publication of financial statements, national legislation on accounting are provided in accordance with the provisions of the legislation of the European Union”, – stated in the message.

The law shall enter into force on 1 January 2018, with the exception of the provisions relating to the publication of the annual financial statements with an audit opinion on the web page, large enterprises and other financial institutions micro – and small enterprises, which come into force on 1 January 2019.