The Law amends the Laws "On Accounting and Financial Reporting in Ukraine" and "On Banks and Banking" to regulate the order of transition of the participants of the financial market to the international standards of financial reporting.
The Law defines the concepts "international standards of financial reporting"; specifies reporting policy of the enterprise; sets the order of application of the international standards; fixes the term and the place of publishing of the annual financial statement and the annual consolidated financial statement with the audit opinion.
The Law "On Accounting and Financial Reporting in Ukraine" is supplemented with a new clause 121 on application of the international standards.
The draft is registered under Reg. No. 8194.