LAW OF UKRAINE

of May 12, 2011 No. 3332-VI

About introduction of amendments to the Law of Ukraine "About financial accounting and the financial reporting in Ukraine"

The Verkhovna Rada of Ukraine decides:

1. Make changes to the Law of Ukraine "About financial accounting and the financial reporting in Ukraine" (Sheets of the Verkhovna Rada of Ukraine, 1999, N 40, Art. 365; 2000, N 32, Art. 255, N 38, Art. 318, N 46, Art. 391; 2006, N 26, Art. 210; 2010, N 48, the Art. 564, with the changes made by the Law of Ukraine of December 2, 2010 No. 2756-VI):

Article 1 to add 1) with the paragraph the fourteenth the following content:

"international accounting standards (further - international standards) - the documents accepted by Council for international accounting standards which determine procedure for creation of the financial reporting";

Paragraph two of part five of Article 8 to state 2) in the following edition:

"determines in coordination with the owner (owners) or the body (official) authorized by him according to constituent documents accounting policy of the company";

To add 3) with Article 12-1 of the following content:

"Article 12-1. Application of international standards

1. International standards if they do not contradict this Law are applied to creation of the financial reporting and are officially promulgated on the website of the Ministry of Finance of Ukraine.

2. Public joint stock companies, banks, the insurers, and also the companies performing economic activity by types which list is determined by the Cabinet of Ministers of Ukraine constitute the financial reporting and consolidated financial statements according to international standards.

3. The companies, except specified in part two of this Article, independently determine feasibility of application of international standards for creation of the financial reporting and consolidated financial statements.

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