Accounting and Auditing

Abstract

This assessment of accounting and
 auditing practices in Ukraine is part of a joint initiative
 of the World Bank and International Monetary Fund (IMF) to
 prepare Reports on the Observance of Standards and Codes
 (ROSC). The assessment focuses on the strengths and
 weaknesses of the accounting and auditing environment that
 influence the quality of corporate financial reporting and
 includes both a review of both mandatory requirements and
 actual practice. The report uses International Financial
 Reporting Standards (IFRS) and International Standards on
 Auditing (ISA) as benchmarks and draws on international
 experience and good practice in the field of accounting and
 auditing regulation. All the key economic sectors in Ukraine
 rely on high quality financial information, which requires
 high quality private sector accounting and auditing. As
 Ukraine moves towards further reforms, liberalization and
 deregulation in efforts to foster an investment-friendly
 business environment enhanced financial transparency and
 improved accounting and auditing practices must support
 this. In this context, this report sets out policy
 recommendations to enhance the quality of corporate
 financial reporting and foster a financial reporting
 platform conducive to sustainable private and financial
 sector growth, thus increasing access to global financial
 markets and other tools of the market economy.