LAW OF UKRAINE

of October 5, 2017 No. 2164-VIII

About introduction of amendments to the Law of Ukraine "About financial accounting and the financial reporting in Ukraine" concerning enhancement of some provisions

The Verkhovna Rada of Ukraine decides:

I. Introduce in the Law of Ukraine "About financial accounting and the financial reporting in Ukraine" (Sheets of the Verkhovna Rada of Ukraine, 1999, No. 40, Art. 365 with subsequent changes) the following changes:

1. In Article 1:

1) in part one:

the fourth after the word "system" to add the paragraph with the word of "collection";

paragraphs the eighth, the ninth, tenth and twelfth to state in the following edition:

"consolidated financial statements - the financial reporting of the company which exercises control, and the companies which are controlled by it as single economic unit;

national provision (standard) of financial accounting - the regulatory legal act which determines the principles and methods of conducting financial accounting and creation of the financial reporting by the companies (except the companies, which according to the legislation constitute the financial reporting under International Financial Reporting Standards and national provisions (standards) of financial accounting in public sector) developed on the basis of International Financial Reporting Standards and the European Union law in the field of financial accounting and approved by the central executive body which provides forming and realizes state policy in the field of financial accounting;

accounting policy - set of the principles, methods and procedures used by the company for conducting financial accounting, creation and accounts presentation";

"the financial reporting - the reporting which contains information on financial condition and results of activities of the company";

add with paragraphs the fifteenth - twenty third the following content:

"expenses - reduction of economic benefits in the form of reduction of assets or increase in obligations which leads to reduction of equity (except for capital reductions due to its withdrawal or distribution by owners);

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