“Our local and international experts deliver efficient accounting following Ukrainian requirements and simultaneously provide you with transparent reconciliations to western European accounting standards.”
Our definition: Accounting
Systematic compilation of the monetary flow and output of an organisation – for internal control as well as external reporting.
Local characteristics: Increased formal requirements and broader responsibility of the accounting department
In comparison to western European accounting standards the Ukrainian accounting has vastly higher formal requirements. Among other reasons, that was due to the strict distinction between commercial and tax accounting. The principle that tax accounting should be based on commercial accounting was not applied before April 2011. As a result, many book entries had to be booked twice – once in the commercial books and once for the tax authorities (e.g. advanced payments received had to be accounted as income for profit taxation).Besides handing in up to 17 reports and declarations per quarter (quarterly accounting), the administrative efforts in banking are extraordinarily time consuming due to substantial currency related regulations.
Moreover, an accountant’s field of responsibility is way broader in Ukraine than in western European countries. In addition to the reporting a Ukrainian accountant is also responsible for the controlling and the rather laborious personnel administration. Furthermore, it is the accounting department’s task to correspond with the federal statistics and tax authorities as well as the banks.
Our solution: Vast industry knowledge backed up by relevant local and international accounting expertise
Our German- and English-speaking experts have many years of working experience in the field of Ukrainian accounting and tax law. Besides, all of your contact persons have been working in international environments and gained experiences in international accounting standards. Hence, we deliver efficient accounting following Ukrainian requirements and simultaneously provide you with transparent reconciliations to western European accounting standards (including IFRS and German GAAP).”The provided services include:
- • Configuration, monitoring and supervision of your commercial and tax accounting, including tax consulting
- • Compilation of all required reports and tax returns
- • Personnel accounting and administration
