Transition from UAS to IFRS accounting

Transition from UAS to IFRS is an integrated service intended to support an entity at all stages of its transition to the new accounting standards. The service is provided in cooperation with our team of auditors and qualified consultants.

Support during the transition to the new standards is provided through:

  • Determination of whether the mandatory transition criteria are applicable in accordance with the Law “On Accounting and Financial Reporting”, and setting of the transition date
  • Identification of main gaps between UAS and IFRS, preparation of a comparative table containing an analysis of effect of the gaps identified (for CIT purposes), assessment of VAT and CIT implications during the transition and in subsequent reporting periods
  • Determination of whether the accounting policy needs reviewing, and the accounting and tax policies need developing under the new standards
  • Changing of the financial reporting preparation process – development of recommendations on adjusting the financials on a monthly, quarterly or yearly (at the end of the year) basis
  • Development of a plan for transition to the new standards – calculation of opening balances as of the transition date
  • Support during the transition to the new standards and assistance in preparing and filing tax and financial reporting made under the new standards

The service includes, in particular:

  • Review/development of a methodology and pro forma calculation of IFRS adjustments, including on the transition date
  • Development of terms of reference and support of introducing changes in the IT system
  • Review/development of an IFRS-compliant business process regulation for reporting purposes (including business processes related to new IFRS standards: 9, 15, 16)
  • Conducting training seminars/workshops on application of IFRS for employees