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Preparation of financial statements under international standards and its audit specifics


  • Andriy Melnyk

    () ('Consul' Audit firm, Ltd.)


Due to the transfer of certain categories of business entities to international standards accounting, practical application of the International Financial Reporting Standards today are highly important for business entities in Ukraine. The article covers the specifics of financial statements preparation in accordance with the international standards. The method of reporting transformation for obtaining the initial trial balance sheet and financial reporting forms prescribed by the international standards has been studied. The legislative innovations in accounting and audit have been analyzed, which showed a gradual implementation of the Strategy of International Financial Reporting Standards implementation in Ukraine. The data disclosure requirements in financial statement in compliance with the international standards have been identified, as well as a list of items that must be disclosed in the company's accounting policies. The problem aspects of financial statement audit prepared in accordance with international standards have been highlighted. Practical recommendations have been given for improving the order of audit report (summary) presentation in accordance with the International Standards on Auditing and regulatory acts of Ukraine.

Suggested Citation

  • Andriy Melnyk, 2013. "Preparation of financial statements under international standards and its audit specifics," Accounting and Finance, Institute of Accounting and Finance, issue 4, pages 121-129, December.
  • Handle: RePEc:iaf:journl:y:2013:i:4:p:121-129

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    More about this item


    financial statement; transformation; International Financial Reporting Standards; national standards; accounting policy; auditor's report;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing


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