ORDER OF THE CABINET OF MINISTERS OF UKRAINE

of October 24, 2007 No. 911-r

About approval of Strategy of application of international accounting standards in Ukraine

Approve the Strategy of application of international accounting standards in Ukraine which is applied.

Approved by the Order of the Cabinet of Ministers of Ukraine of October 24, 2007 No. 911-r

The strategy of application of international accounting standards in Ukraine

General questions

Due to activation of eurointegration processes in Ukraine, development of international cooperation, participation in the field of the relations of the international distribution and production cooperation, attraction of foreign investments in economy of Ukraine, exit of domestic enterprises to the international markets of the capital the subsequent reforming of system of financial accounting and implementation of methodology of distribution of information on economic problems according to international standards is necessary for ensuring openness, transparency and comparison of indicators of the financial reporting of subjects of managing.

International standards include accounting standards and the financial reporting which are applied in member states of the European Union according to Regulations of the European parliament and EU Council of July 19, 2002 N1606/2002.

The program of reforming of the system of financial accounting using international standards approved by the resolution of the Cabinet of Ministers of Ukraine of October 28, 1998 N 1706, provides implementation of international standards by their adaptation to the economical and legal circle and the market relations in Ukraine. For today are developed based on international standards and are approved by orders of the Ministry of Finance 32 national provisions (standard) of financial accounting.

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