Ukraine

Dear Friends!

I heartily greet you upon the World is actively working for building Congress of Accountants “2020 Vision: up a clear legal framework for foreign Learning from the Past, Building the companies, particularly by accounting Future”. and audit reforming which will positively influence the investment climate and Ukraine has a strong community macroeconomic stabilization of the of accountants, which strives for Ukrainian economy. establishing closer relations with international colleagues and adopting Ukraine strives for European future, world’s best practices. active development and further reforms. We are interested in enhancing Today’s economic environment requires international cooperation, attracting from an accountant to have knowledge foreign investments as a factor and skills which would meet the of development and technologies existing challenges, in particular, the upgrading, as well as introduction increasing amount of information, of the best business practices and complication of business transactions improvement of professional education and development of management standards. mechanisms. We will be grateful for your participation The recently ratified Ukraine – in the formation of strong, democratic European Union Association Agreement and economically developed Ukraine. is a new step towards comprehensive reformation of our country on the basis Hoping for productive cooperation, of the European standards and values.

Yours faithfully,

Prime Minister of Ukraine Arseniy YATSENYUK Ukraine. Excellent geographical position:

Baltics CIS nations Scandinavia Ukraine’s area: 603.5 thousand km2 Ukraine is a unitary state. The territory of the Our neighbours: Northern CIS nations country is divided into 24 regions and the Europe Population: 45.5 million people Autonomous Republic of Crimea, and two cities • Poland (EU member) with special legal status: Sevastopol and . Ukraine’s climate is mostly temperate • Romania (EU member) Kiyv continental changing to Mediterranean in Crimea. Ukraine is the largest European country located at the crossroads of trade routes • Slovakia (EU member) Ukraine has favorable geographic and climatic Europe – Russia – Central Asia –Middle East. conditions. This makes it an ideal location to accommodate • Hungary (EU member) production and exports to Europe and Asia. Ukraine has steppe, forest-steppe and forest • Russia Central zones, and mountains. Landscape diversity and Four of the 10 European transport corridors pass Europe rich history make Ukraine an attractive tourist through Ukraine. • Belarus Central Asia destination. Ukraine has access to the Azov and Black Seas • Moldova China Ukraine is a democratic state. Ukraine and further out to the Middle East. Southern Europe Far East is a republic with parliamentary presidential system of government. Middle East Africa Midle East Trans Caucasus Sentral Asia Baltics CIS nations Scandinavia Northern CIS nations Europe

Kiyv

Central Europe Central Asia China Southern Europe Far East Middle East Africa Midle East Trans Caucasus Sentral Asia Today Ukraine can offer Ukraine is building innovative Agriculture to investors a wide range infrastructure to expand the of sectors that are highly technology-intensive production • Agriculture makes 13% in Ukraine’s GDP; profitable for investment and introduce cutting-edge • Share of commodities in exports is 27%; technologies. Our country still has technology-intensive • Agricultural land covers 70% of the production facilities that can produce aviation • ІТ; total area; and space machinery, complex machines and various mechanisms. • Biotechnologies and pharmaceutics; • Ukraine possesses 30% of world’s black soil; • Nanotechnologies; • World’s largest sunflower oil exporter; • Aerospace industry; • World’s second largest exporter of grain; • Microelectronics; • In Top-3 world’s exporters of corn; • Energy efficiency and energy saving. • Tax benefits for agricultural business. Auto components market Information Technology Alternative energy

• Ukraine is located between automotive • Ukraine is the most educated nation • Rapid industry development since 2009; clusters of Central Europe, Russia and per 1000 inhabitants and third most Turkey; IT educated nation; • Renewable energy sources in the overall electricity production output increased • 450 auto components producers, 50 are • Top IT outsourcing service provider in CEE from 0.32% (2012) to 0.64 % (2013); of foreign origin; region in 2013; • Total renewable energy generation • 365 days of raw processing scheme which • IT contributes 3% to GDP; capacity is 1 247 MW; allows to import raw materials and export final goods exempted from taxes, duties, • IT export grew at 20% CAGR in 2010-2013 • Ukrainian renewable energy plants has quotas and licensing; years; reached 0.9 GW by the end of June 2013 or 1.7% of all Ukrainian power plants; • Abundant technically skilled labor. • Ukraine can be the 6th world’s largest IT- exporter in 2015; • Wind energy growth rate in Ukraine totaled 56% in 2013; • IT industry employs 215 000 people. • Favorable “green tariff”. Return on investment is 5-7 years. Accounting in Ukraine

Ukraine is working actively to reform the are applied for accounting and preparing in Ukraine” and International Financial accounting system including the introduction financial statements by entities. Reporting Standards. Ministry of Finance of International Financial Reporting Standards of Ukraine also regulates accounting in the to ensure openness, objectivity, impartiality and Starting in 2012 Ukrainian public joint stock public sector. Government’s priority in that area transparency of financial reporting, meet the companies, banks, insurance companies and is approximation of accounting and financial information needs of owners and investors for other finanсial institutions were obliged to apply reporting of this sector (spending units, treasury making effective management decisions. International Financial Reporting Standards. and funds of obligatory state social and pension insurance) to international accounting Ministry of Finance of Ukraine is the main All other entities may voluntarily switch to the standards for the public sector. In 2015 public authority providing for development and application of international standards. sector entities will be gradually switching implementation of the national policy in the field to applying national standards (regulations) of accounting. Ministry of Finance of Ukraine translates the of accounting in the public sector. In 2016 IFRS Taxonomy labels in Ukrainian and publishes it is planned to ensure application of unified Ministry of Finance of Ukraine performs the the translation on the website of the IFRS chart of accounts in the public sector and new approximation of legislation on accounting Foundation. unified forms of financial statements by public and audit in Ukraine to the EU legislation, sector entities. This will ensure transparency ensures application of International Financial For enterprises that use national accounting of accounting processes and transparent Reporting Standards and publishes them on the standards the Ministry of Finance of Ukraine has consolidation of information. official website, ensures cooperation with the adopted a package of 34 standards that do not International Accounting Standards Board. conflict with international standards. There has been created accounting system in Ukraine that complies with international The legal basis for regulating and organising For small and micro enterprises a simplified requirements and ensures preparing reliable accounting and preparing financial statements procedure for accounting and financial reporting financial statements for the needs of all types in Ukraine is defined in the Law of Ukraine is applied. of external users. “On Accounting and Financial Reporting in Ukraine”. The establishes For more details please visit the procedures for accounting and financial the Ministry’s of Finance of Ukraine National accounting standards reporting in banks under the Law of Ukraine website at www.minfin.gov.ua or International Financial Reporting Standards “On Accounting and Financial Reporting Audit in Ukraine

Legal grounds for the audit activities in Ukraine Chamber of Ukraine is continuously engaged on improvement of financial control system are defined by the Law of Ukraine On Audit in updating international standards on auditing in Ukraine, approved on November 14, 2001, the Activities No 3125-ХІІ of April 22, 1993. by translation of the current version of the Audit Chamber of Ukraine introduced annual standards, approving them for use as the national continuous 40-hour professional education Only the audit firms and auditors, registered standards of auditing. As of May 1, 2014, the programs for auditors. in the Register of audit firms and auditors, have Audit Chamber of Ukraine approved International exclusive right to be engaged in audit activities. quality control, auditing, review, other assurance, As of 2007, the Audit Chamber of Ukraine As at January 1, 2014, 2 734 persons have valid and related services pronouncements of 2012 introduced mandatory external quality control auditor certificate, and 170 persons have bank as mandatory for use by the auditors and audit of audit services (once every six years) of all audit auditor certificates, while 1251 audit firms and firms, as well as the Code of Ethics of Professional firms and self-employed auditors, registered 237 self-employed auditors are registered the accountants (2012 version). Ukrainian version in the Register of audit firms and auditors, Register of audit firms and auditors. of the above Pronouncements is included in compliance with the Directive 2006/43/ЄС. into the IFAC official database of translations. In line with the Law of Ukraine On Audit Activities Free access to Ukrainian-language version The analysis of 2013 reports on services provided approval of standards on auditing is the of pronouncements is provided by the official by audit firms and auditors demonstrates that exclusive right of the Audit Chamber of Ukraine. ACU web-site (www.apu.com.ua/msa). total number of the engagements in Ukraine As of January 1, 2004, International Standards in the year of 2013 in Ukraine was 44 199, while on Auditing are used as the national standards In compliance with the Plan of implementation the factual fees paid were 1 314.1 million UAH on auditing. Under permission of IFAC the Audit of the Program of Cabinet of Ministers of Ukraine (164.3 million USD as at 01.01.2014). Audit Chamber of Ukraine

In line with the law of Ukraine “On Audit Activity” under approval of the National Bank state bodies, namely, Ministry of Finance of Ukraine – continuous professional of Ukraine, Ministry of Justice of Ukraine, Ministry education programs for bank auditors; of Economic Development and Trade of Ukraine, State Tax Service of Ukraine, National Bank • Keeping the register of audit firms and of Ukraine, State Statistics Service of Ukraine, auditors; National Commission on Securities and Stock market, State Commission for Regulation • Control of the compliance of audit firms of Financial Services markets of Ukraine, Chamber and auditors with the law of Ukraine, audit of Accounts of Ukraine and the State financial standards, standards of professional Ivan I. Nesterenko inspection delegate one representative each ethics of auditors; Chairman of the Audit Chamber of Ukraine, to the ACU. Certified Auditor, Honorary Economist of Ukraine • Other issues, stated in the Law of Ukraine Office 12, 1 Pidgirna street, Kyiv, Ukraine, 04107 The ACU also includes ten high qualified auditors and the Charter of the ACU. +380 (44) 486 27 52 with the on-going working experience for at least [email protected] of five years, representatives of specialized Day-to-day affairs of the ACU are managed by the educational centers and scientific organizations. Secretariat, headed by the Head of Secretariat.

The Audit Chamber of Ukraine deals with the 2007 the ACU established the Committee following tasks: on quality control of audit services, operating The Audit Chamber of Ukraine was founded under ACU supervision. in line with the law of Ukraine “On Audit Activity” • Certification of persons willing and is functioning as the independent body. to be involved in audit activity; The ACU annually collects reports on services The ACU is composed of delegates of auditors provided by audit firms and auditors, analyzes and representatives of the state bodies on the • Approval of audit standards; them and presents the summary information parity basis. The total number of ACU members on status of audit activities to the Cabinet is twenty persons. • Approval of continuous professional of Ministers of Ukraine. education programs for auditors and, The European Business Association

• Lobbying for collective interests in Donetsk, Dnipropetrovsk, Kharkiv, Lviv and Odesa, all operating as independent bodies • Networking opportunities & social events serving their members’ interests.

• Promotion and advertising opportunities The EBA regularly leads the evaluation of the Investment Attractiveness Index of Ukraine, • Information, news and publications which is based on the regular monitoring of the investment climate in Ukraine by senior figures EBA Executive Director Anna Derevyanko Established in 1999, the EBA provides a forum of EBA member-companies. in which members can discuss and find 1st floor, 1A Andriyivsky Uzviz, solutions to common problems affecting Today’s results of the Investment Attractiveness Kyiv, Ukraine, 04070 business in Ukraine. The initiator of its creation Index showed that business confidence in the +380 (44) 496 06 01 was the European Commission who was country is 2.74 points out of 5. For comparison – [email protected] interested in supporting European businesses a year before, in 2013, the Index was 2.17 points, www.eba.com.ua in Ukraine and bilateral EU-Ukraine relations. which indicates that there have been some Taking into account the priorities of Ukraine positive changes, but they are unfortunately for integration with the European Union, the based on expectations, hopes and trust of the main objective of the Association is to improve new government. relations between European businesses and the The European Business Association (EBA) is a non- authorities in Ukraine to cooperate on creating If the first three months of 2014, investor governmental premier organization that brings a favorable business environment and attracting sentiment was mostly optimistic, new hope together more than 850 European, international direct foreign investment into the economy prevailed for transformation and change and domestic companies operating in Ukraine. of the country. in the country, and in the second quarter the Members enjoy a broad range of unique benefits Investment Attractiveness Index data showed and activities, including: Apart from the central Kyiv office, the European that business optimism falls and more worries Business Association has 5 regional offices appeared with the situation in the east. American Chamber of Commerce in Ukraine

The Member organizations of the Chamber into EU banking standards and fulfillment represent many of the largest companies from the essential preparatory steps toward more than 50 countries operating in Ukraine with EU Association Agreement implementation. a majority of the foreign direct investment. Bernard Casey The Chamber Tax Committee promotes President of the American Chamber The Chamber’s primary mechanism of developing reforms and improved application of the of Commerce in Ukraine and implementing advocacy and lobbying taxation system in Ukraine, recognizing that Horizon Park Business Center, 15 Floor, related initiatives is through the active Chamber a predictable, equitable and effective tax 12 Amosova Street, Kyiv, Ukraine, 03680 Committees and Working Groups. This mechanism system is a significant factor both in the general +380 (44) 490 58 00 provides Chamber Members with an opportunity facilitation of business and in the positive +380 (44) 490 58 01 to actively and directly participate in defining, development of Ukraine’s economy. [email protected] developing, discussing, and resolving issues impacting the operations of their businesses and Every year the Chamber prepares an exclusive organizations in Ukraine. publication “Country Profile – Ukraine The American Chamber of Commerce in Ukraine at a Glance” that includes analytical articles (Chamber) is the most active and effective non- The Banking & Financial Services Committee providing a comprehensive overview government, non-profit business association in particular participates actively in the of Ukraine’s economy broken down by sector. operating in Ukraine. One of the principle Ukrainian banking system development and This analytical publication provides unique activities of the Chamber is to represent the promotion of high quality banking standards insight for potential investors and is developed internationally oriented investment community and values. In 2014 B&F Committee focused with the help of leading experts among the as well as to facilitate the entrance of potential on lobbying of the crucial banking issues in terms Chamber’s Membership. new investors into this market. of integration of Ukraine banking system Kyiv National Economic University named after Vadym Hetman

It is the University’s mission to contribute to the of the Accounting and Economics Faculty was development of the society by means of the contributed by the creation of the Research scientific research, the generation and the Institute of Accounting in 2010. A multilevel dissemination of the new knowledge, and the research in the field of accounting, analysis training of competitive specialists and creative and audit is done within this Institute. There personalities. More than 14.000 students study is a Scientific School of Accounting at the Faculty. in Kyiv National Economic University named after It numbers 4 generation of scholars. Vadym Hetman. Only in the main institution they are taught by: 15 full and corresponding Students are the major achievement of the members of the National Academy of Sciences Faculty, because it cannot be imagined without PAVLENKO Anatoliy Fedorovych of Ukraine and branch-wise academies; more them. More than 29,000 students graduated Rector than 96 ScDs and professors; 631 PhDs and from the Accounting and Economics Faculty over ; Honored Worker of Science associate professors. Library stock numbers the time of its existence. There are almost 1,228 of Ukraine; Academician of Academy of Pedagogical Sciences of Ukraine; Doctor more than 1300 exemplars. Twenty-two scientific students at the Faculty at the moment. of Economics, Professor; President of the schools function at the University. Ukrainian Marketing Association. The subcommittee of scientific-methodical 54/1 Prospect Peremogy, Kyiv, Ukraine, 03680 Accounting and Economics Faculty. commission of the Ministry of Education and +380 (44) 371 61 12 Science of Ukraine was formed on the basis of the +380 (44) 456 50 55 The successful work of the Faculty is guaranteed Faculty departments. It provides the organization +380 (44) 226 25 73 by high professional level of teaching staff. of the development of branch-wise standards [email protected] There are 95 researchers working at all of higher education on the specialty “Accounting www.kneu.edu.ua departments of the Faculty, including 9 ScDs and Auditing”. and professors, 46 PhDs and associate professors. The Faculty’s research potential Training curriculum, bachelor and is very high. For instance, the Faculty trained master`s programs have been developed on the 41 ScDs in Economics and more than 416 PhDs basis of the international experience. They are in Economics over its 55-year-long history. highly appreciated by domestic and foreign Further development of the scientific potential specialists. The institute of certified financial managers United Kingdom in Ukraine

Managers; the chairman of ICB/ICFM Global One of the main responsibilities of the board is Mr. Garry Carter. is the quality control of exams process.

ICB/ICFM Global based in London and works All ICFM providers operate in accordance with IES, in 110 countries worldwide. Ukrainian law and cooperate with government institutions and Ministries of Ukraine. ICFM – Ukraine has been recognized by the Economic Community of Ukraine and Eastern ICB / ICFM officially recognized by the UK Treasury Europe. The cooperation and partnerships with and appointed by the Supervisory Authority Khorikova Helen governmental structures, international and in the United Kingdom; Member of the Initiative Director and Coordinator ICFM – Ukraine national professional organizations, i.e. Ministry Lobbying Group Genesis in the British Parliament Office 9, 13 Т. Shevchenko Lane of Finance of Ukraine, National Bank of Ukraine, and of the Council on Professional Knowledge Kyiv, Ukraine, 01001 the National Commission on Securities and Stock in financial sector; +380 (44) 461 94 62 Market of Ukraine, the Audit Chamber of Ukraine, +380 (44) 251 18 07 the National Commission for Regulation Advisor for the Parliamentary Group for small [email protected] of Financial Services and Tax of Ukraine, UCB, and medium-sized enterprises; Syllabuses www.icfm.org.ua USAID/FINREP, GNIA, IСC and others. ICFM-Ukraine corresponds to levels 5 and 6 of the National conducts international business conferences, Qualifications Framework, UK; ICB qualifications Institute of Certified Financial Managers (ICFM, Eurasian and European summits supported by the recognized in Philippines, Australia, New Zealand UK) was founded by the Institute of Certified government institutions and Ministries of Ukraine and other countries; officially recognized Bookkeepers (ICB) which counts with more and Europe. by EMAA, CPAA, EFoB, IFoB, than 240 thousand members and the Institute of Commerce (UK) which celebrated its centenary ICFM offers certification and membership Syllabuses approved by ECEC of the State in 2007. to professionals in fіnancial management, IFRS Duma of the Russian Federation, by Education and IAS, internal audit, taxation and law. The Committee of the Moscow CCI and by the His Royal Highness Prince Michael of Kent GCVO Methodological board of ICFM-Ukraine gathers government organizations in CIS. is the Patron of the Institute of Certified Financial the best independent experts in the finance field. Federation of auditors, accountants and financiers of aic of Ukraine

The purpose of FAAF is to protect interests of its accountants (CAPA and CAPS), and conducts members and promote the development and research on accounting, finance and auditing. improvement of accounting, finance and audit in agribusiness based on professional standards FAAF developed a Concept of Accounting of IFAC. Development in the agricultural sector of Ukraine, approved by the Board of the FAAF has its own certification programs for Ministry of Agrarian Policy and Food of Ukraine. professional accountants: It also took part in the development of national accounting standards. FAAF is a member of the Valeriy Zhuk • САРА – Certified Agricultural Public Councils of the Ministry of Agrarian Policy Chairman, professor, Vise-President Professional Accountant; and Food of Ukraine, the State Fiscal Service 10 Heroiv Oborony street, Kyiv, Ukraine, 03127 of Ukraine, the Committee +380 (44) 219 00 44 • CAPS – Certified Accountant on Agrarian Policy and Land Relations. +380 (44) 219 00 55 of Public Sector. [email protected] FAAF uses its own Internet portal and www.faaf.org.ua They are developed to ensure that members publishing house “Accounting and Finance provide high quality professional services and of AIC” to provide members with the guidelines. recognized nationally (Ministry of Agrarian Policy Annually it organizes more than 70 seminars and and Food of Ukraine, Ministry of Education and trainings in purpose of continuous professional Science of Ukraine, NGOs) and internationally development of its members and ensure they Federation of Auditors, Accountants and (ECCAA). provide high quality professional services. Financiers of AIC of Ukraine (FAAF) is professional NGO with over 1600 members. It was established In 2008, FAAF established the Institute Federation also publishes professional scientific July 11, 2003. Since 2009 FAAF is a Member of the of Accounting and Finance (IAF). IAF is a scientific journal “Accounting and Finance”, which Eurasian Council of Certified Accountants and and educational center that provides is indexed in a number of international scientific Auditors (ECCAA), the official regional grouping methodological and organizational support databases. of IFAC. of certification programs for professional Ukrainian Federation of Professional Accountants And Auditors Full Member of IFAC

mailbox B-121 UFPAA, Kyiv, Ukraine, 01001 • Develop the theory and practice • UFPAA facilitates acknowledgement +380 (44) 279 10 35 of accountancy, finance and business. of IFAC’s international standards [email protected] in education (the ISE) of professional www.ufpaa.org • Educate, train and certificate UFPAA accountants. members in accountancy and finance. • UFPPA holds workshops, conferences • Preserve at all times the professional and other events in order to inform its independence of accountants. members and stakeholders on the recent developments in IFRS. • Maintain high standards of practice and The Ukrainian Federation of Professional professional conduct by all members. • Aspiration: UFPAA strives to be a leader Accountants and Auditors (UFPAA) is registered in developing the accounting profession with the Official State Register as the Professional Activities: by improving its members’ knowledge, professional, a non-government and a non-profit skills and commitment to maintain organization since 1996. UFPAA is the full IFAC • Development of the national accounting the highest professional standards member since 2008. regulations (standards) – the NARs. and integrity. UFPAA acts responsibly, Translate IFRS and implement them into in the best interests of its members and The purpose of UFPAA is to be acknowledged national legislation. the general public, acts with integrity, as the leading accounting profession creating effective partnerships with organisation, so that its members can perform • UFPAA experts are involved in the organisations and communities in its own their professional duties with confidence. UFPAA translation of Handbook of International country and in other countries to ensure is to achieve this by fulfilling the objectives set Auditing, Assurance, and Ethics the highest professional and ethical out in its Charter. These are to: Pronouncements. standards. Ukrainian Association of Certified Accountants and Auditors (UACAA)

UACAA mission is to promote the accounting • to facilitate the implementation profession and provide professional growth of International Financial Reporting of our colleagues in Ukraine, to protect the Standards (IFRS) and International interests of our professional community, Standards on Auditing (ISA); to output the status of auditing and accountancy to a new level both professional perspective and • to facilitate the preparation of draft perception of society. laws and regulating governing activities in accounting, auditing and taxation; UACAA is a new generation of financial professionals, eager to new world trends and the • to promote the development and Andrey Klimov latest achievements in the area of accounting improvement of education in accounting President UACAA and auditing. It is an unique social and and auditing; Office 30, 119B Chervonozoriany Prospect professional community where everyone can find Kyiv , Ukraine, 03039 friends, partners and supporters. • to contribute in the provision +38 (044) 209-14-09 of educational, scientific and other similar [email protected] Our tasks: services for public consumption, including www.uacaa.org conducting research and market research • to provide, improve and develop the in Ukraine and abroad; testing and fundamental principles of the profession; certificate specialists. Ukrainian Association of Certified Accountants and Auditors (UACAA) is a nationwide, non- • to introduce new world achievements and Our business is based on respect for professional profit organization, which was founded in 2004. standards in the area of accounting and domestic, European and international standards It has in its ranks more than 2900 professionals auditing in Ukraine; and principles, ethical and full implementation in accounting, taxation and auditing. Nowadays of the Code of IFAC. UACAA is a member of the Eurasian Council • to provide the market demand for of Certified Accountants and Auditors and highly qualified personnel, thereby an associate of the International Federation strengthening and developing it; of Accountants (IFAC). Ukrainian Public Organization “Ukrainian accounting club”

The main purpose of UAC: Since 2007 has become a tradition carried out under the auspices of the UAC – annual • formation of professional accounting Congresses, permanent co-organizer is Kiev community, which will enhance the National Economic University named after reputation of its members and prestige Vadym Hetman – with the support and active of the profession; participation of the Ministry of Finance, Treasury, State Fiscal Service of Ukraine and other • creation of conditions that will help ministries and departments of Ukraine. Pozov Apollon Haralampievich members of UAC reach high professional President standards; It should be noted that since 2011, UAC together Ph.D. in Economics with Kyiv National Economic University named 28 Predslavynska street, Kyiv, Ukraine, 03150 • protection of the interests and rights after Vadym Hetman and with support of the +380 (44) 521 03 92 of Ukrainian accountants; Ministry of Finance of Ukraine conducts [email protected] professional competitions: “Best Accountant www.balance.ua • participate in the regulation of the in Ukraine”. methodological principles of accounting and financial reporting; Main purpose of competitions:

Ukrainian accounting club (UAC) – a non- • development of relations with • promotion of the accounting profession; profit professional society of accountants international associations of accountants. in Ukraine, founded in 2005 is the only • assessment of the level of professional organization in Ukraine, uniting accountants, Since 2005, UAC together with publishing and knowledge of accountants and future government workers, lawyers and auditors. All consulting company “Balance – Club” – in order professionals in accounting; members of the UAC constantly improve their to give guidance and advice to accountants qualifications, eager to make their business have organized branches of UAC in 25 regions • promotion of the purpose and objectives successful, and Ukraine – rich. of Ukraine. of UAC and attract new members. Council of Independent Accountants and Auditors (CIAA)

CIAA tasks: Major achievements:

• harmonization of Ukrainian legislation • CIAA has developed and submitted with legislation of the European Union to legislative authorities numerous and its reformation using the experience proposals and draft laws aimed of developed democratic states; at reformation and improvement of tax, audit and accounting spheres; • participation in the formation and implementation of national social- • The members of CIAA tax and accounting economic development programs; committees have become active Olena Makeieva participants of public councils under state PhD, certified auditor & tax adviser • development of professional and personal authorities, local self-government bodies; Founder & Vice-president skills of accountants and auditors and 4V Bekhterevsky Lane, Kyiv, Ukraine, 04053 promotion of ethic standards among the • Every year CIAA holds more than 100 +380 (44) 568 57 95 professional community; educational events for its members; [email protected] www.rnba.com.ua • improvement of professional educational • We have signed cooperation agreements system; with major European accounting, auditing and tax institutions which enable • providing CIAA members with necessary us to receive advanced professional Council of Independent Accountants and educational, informational and advisory experience and implement it in Ukraine; Auditors (CIAA) is a nonprofit public organization services; founded in 2008 for the purpose to join efforts • CIAA had launched free job placement of accountants and auditors in order to facilitate • protection of legal rights and interests programs for its members and has already reformation and development of accounting, of CIAA members and strengthening employed more than 200 people. auditing and tax environment in Ukraine and of existing legal regulations concerning protect professional, social and other common legal protection of accountants, auditors interests of its members. and members of CIAA. Independent Scientific Research Expert Association

financial and social security of legal experts, • To assist in improving the initial and for facilitating the improvement of the legal advanced training systems, upgrading and regulatory framework governing the professional knowledge and skills of legal work of legal experts to create preconditions experts; for effectiveness in upholding the proper administration of justice. • To provide the members of the Organization with training, information, The objectives of the Organization are as follows: consultancy and other services;

23-V Horky Street, Kyiv, Ukraine, 01004 • To facilitate the harmonization of the • To contribute to the increase of the legal +380 (44) 501 02 01 Ukrainian legislation covering legal culture and legal awareness amongst +380 (44) 287 42 97 expertise to be compliant with the legal experts; [email protected] EU regulations, to encourage its www. nndes.org.ua reformation through applying the best • To help raise the role of legal experts practices of the countries that show in criminal, civil, commercial and a higher level of democracy; administrative processes;

Independent Scientific Research Expert • To enhance cooperation relating to the • To assist in promoting and expanding Association, a civil society organization, goal of the Organization with government services of legal experts in the market; is a self-governing professional organization authorities, local self-government of legal experts, lawyers, economists and other authorities, legal and natural persons; • To ensure protection of legitimate rights specialists united voluntary and having common and interests of the members of the interests in accomplishing its goal and objectives. • To boost professional development Organization and promote existing legal of legal experts, to promote a code norms governing the immunity of legal The organization has been created to protect of conduct and ethical standards experts. legal rights and interests of its members, amongst the members of the professional to pool efforts for streamlining and ensuring community; Union of Taxadvisers of Ukraine (UTU)

The main objectives of the UTU are: includes preparation for the certification exams. The system of UTU’s members • To promote the training of specialists regular training is established and in the field of tax advising and to involve implemented. them in the UTU’s work; Cells of UTU are presented in almost all regions • To promote the development programs of Ukraine. of the organisation, promotion and dissemination of ideas of market The assets of the Union contain experience economy; of authoritative experts in the field of finance, economics and auditing, comprising scientists Leonid Rubanenko • To promote international cooperation; and sophisticated practitioners with experience President Union of Taxadvisers of Ukraine in matters of calculation and payment of taxes office 7, 13 Gorkogo street, Kyiv, Ukraine, 01004 • Research and summarize best practices and fees. +380 (44) 289 35 93 in the field of tax advising and support its [email protected] implementation in practice, in particular UTU experts are involved in governmental www.taxadvisers.org.ua by making proposals to the authorities; working committees to facilitate drafting of regulations in the field of tax law. • Participation of UTU members as an expert in disputes taxpayers and tax UTU organises and leads forums, congresses, Ukraine Association of Tax Consultants (UTU) authorities; seminars, conferences, meetings, “round tables”, is nationwide non-profit organization founded trainings, presentations, school exchange in 2001, it makes a number of practical tasks • In February 2004 upon experience on organizations and nuances to improve the tax system in Ukraine and renewal UTU’s recommendation the Ukrainian of implementing tax legislation. of tax policy. UTU experts participating in the Ministry of Labour introduced a profession government committees. All members of the UTU “Tax and fee consultant (tax adviser)” From 2013 UTU is a full member of the European constantly improve their qualifications. From and approved qualification requirements Confederation of Tax Consultants (CFE) and takes 2013 UTU is a full member of CFE. for it. Union developed a certification an active part in its work. program of tax advisers, which also Deloitte West

Deloitte is a brand under which tens of thousands Still, there is a long way to go. We see at least of dedicated professionals at independent firms two groups of reforms that must be completed throughout the world collaborate to provide in the near future. The first is a fundamental audit, consulting, financial advisory, risk reform package which should include (at least) Andriy Bulakh management, tax, and related services to select the following: public administration reform, Office Managing Partner clients. In Ukraine, Deloitte has operated since public finance reform, court system reform, 48-50A Zhylyanska Street, Kyiv, Ukraine, 01033 1993, providing a full range of services to various deregulation, and education reform. Lack of this +380 (44) 490 90 00 industries. Currently, the public sector has underlying reformation framework is a barrier www.deloitte.ua become one of our team’s key priorities. to any other attempts at lasting reform. The second package includes specific industry Ukraine is undergoing a time of transformation or sector reforms: financial sector, agricultural that is crucial for self-identification and sector, transport and infrastructure reforms, etc. definition of the country’s desires and priorities. This period is critically important for Over the last few months, Deloitte professionals Ukraine’s reformation and the renewal of trust have been deeply involved in a number between society, business, and the state. of projects aimed at realizing legal reforms Uniting the people around common values and on transfer pricing, harmonization of tax and desires, appointing experts to key positions accounting, reformation of pricing in the energy in government, and supporting international sphere, river transport, and more. organization and business add some optimism to our vision of the future. Our motto is “Stay calm and do as much as you can.” PricewaterhouseCoopers Ukraine

PwC operates in 157 countries, employing more PwC services: than 195,000 people committed to delivering quality in assurance, tax and advisory services. • Audit and Assurance services; PwC set the standard and we drive the agenda Bryan Disher for the professional services. PwC clients include • Deals; Managing Partner more than 90% of FT Global 500 and Fortune Кyiv office Global 500. • Consulting services; 75 Zhylyanska Street, Kyiv, Ukraine, 01032 +380 (44) 354 04 04 PwC has been present on the Ukrainian market • Forensic services; +380 (44) 354 07 90 since 1993. In Ukraine PwC cooperates with the Dnipropetrovsk office National Bank of Ukraine, the Ministry of Finance • Tax services; 1A K. Marks Avenue, Dnipropetrovsk, Ukraine, 49005 of Ukraine, other regulatory institutions and + 380 56 733 50 10 leading Ukrainian companies implementing best • Legal services; + 380 56 733 50 15 practices in: Lviv office • Corporate training. 72 Нeroiv UPA Street, Lviv, Ukraine, 79015 • Corporate governance; + 380 (32) 242 53 05

Donetsk office (suspended due to security) • Risk management; 51A Artyoma Street, Donetsk, Ukraine, 83008 + 380 (62) 202 81 90 • Financial reporting in public and private + 380 (62) 202 81 91 sectors. KPMG in Ukraine

global KPMG network in 155 countries. KPMG clients may benefit due to the KPMG’s Global IFRS has been working in Ukraine since 1992. Andriy Institute, created to assist companies in Ukraine Tsymbal is Managing Partner, KPMG in Ukraine. and internationally in applying IFRS to their specific needs. KPMG’s Global IFRS Institute KPMG in Ukraine provides high quality provides information and resources to help Board Andriy Tsymbal support across borders, industries and and Audit Committee Members, Executives, Managing Partner KPMG in Ukraine specialist areas. Industry focus is fundamental Management, Stakeholders and Government 11 Mykhaylivska Street, Kyiv, Ukraine, 01001 to KPMG’s approach. We invest continuously Representatives gain insight and access thought +380 (44) 490 5507 to build our knowledge of the industries we serve. leadership about the evolving global financial +380 (44) 490 5508 To provide higher quality services to our clients, reporting framework. [email protected] we have developed industry-specific practice www.kpmg.ua groups. Due to KPMG’s global experience and From the impact of new and changing regulation, skills of local professionals, our multi-disciplinary to creating new business models and strategies, industry teams provide industry-specific services to entering new markets, clients value the advice, that can add real value to our clients. expertise and experience KPMG firms bring KPMG provides audit, tax, and advisory services to the critical issues that face their organizations to leading Ukrainian and global companies Based on its thought leadership, KPMG initiates every day. and a broad range of non-governmental various industry-focused business events and organizations and financial institutions. The surveys independently and in cooperation with Our vision is to turn knowledge into value for Ukrainian team helps our clients exploit new industry associations in Ukraine. the benefit of our clients, people and capital opportunities, improve performance, manage risk markets. and enhance value working together with 155,000 By combining a multi-disciplinary approach with professionals in other member firms of the extensive knowledge in various industries, our Ernst & Young

EY established its practice in Ukraine in 1991 and • making recommendations currently has offices in Kyiv and Donetsk. so as to facilitate the introduction of IFRS;

Our close cooperation with the state authorities • developing training materials and and professional accounting bodies contributes delivering workshops on IFRS; to the development of accounting and audit in Ukraine. • initiating relationships between ACCA and professional accounting and regulatory Company experts participate in professional bodies. Alexei Kredisov discussions on adoption of IFRS in Ukraine Managing Partner for Ukraine and provide expertise in connection with the In Ukraine, companies and government 19A Khreschatyk Street, Kyiv, Ukraine, 01001 entry into force of the relevant legislation. are looking for the right way to finance +380 (44) 490 3000 EY audits financial statements and promotes infrastructure development projects. Project [email protected] best international practices among Ukrainian finance is one of the financing options available www.ey.com businesses. Vladimir Dabizha, Partner to sponsors of long-term investment projects. at EY, participates in a series of events dedicated The services our specialists offer include to IFRS implementation by Ukrainian companies. advisory on public private partnerships, business Mr. Dabizha is also a member of the advisory plan and financial model development, financial EY is a global leader in assurance, tax, transaction committee on adoption of IFRS at the Ministry analysis and transaction structuring, raising and advisory services. of Finance of Ukraine and the advisory committee finance and assistance with negotiations. on accounting and auditing matters at the EY today is an international organization with 728 National Securities and Stock Market Commission. EY supports lobbying activities of the European offices in 150 countries. In the CIS we currently Business Association, the British-Ukrainian have 4,800 personnel working in 21 offices. In the early 2000s EY, together with the EU TACIS Chamber of Commerce and the American EY has 23 years of experience providing audit Program and the Ministry of Finance of Ukraine, Chamber of Commerce aimed at enhancement and advisory services for public and private assisted with: of Ukraine’s collaboration with the EU and the companies in Ukraine. USA. The editors of the practical science edition “Independent AUDITOR” are pleased to inform you that a free on-line access is provided to the information available on our website: economics research papers and scholarly articles in English written by Ukrainian specialists and experts in the field.You can also find information about Ukrainian scientists, university departments and faculties, professional associations and civil society organizations, audit and accounting, etc. on our website. We encourage academics, scientists and researchers to share their knowledge and insights, to become a part of a wider professional network, to find fellow thinkers among Ukrainian scientists. Accounting and audit reforms Implemented with the help of international donors

FINREP-II is a follow-up to the Supporting the efforts of the Ministry of Finance of Ukraine, the Accounting Chamber, the highly successful USAID of Ukraine in implementing internationally State Treasury Service, the State Financial Financial Sector Rehabilitation recognized technologies for preparing IFRS Inspectorate, the State Fiscal Service, the State statements. Financial Monitoring Service, leading scholars, Project (FINREP). and representatives of non-governmental Deutsche Gesellschaft für organizations for implementing principles The goal of USAID/FINREP-II is to increase Internationale Zusammenarbeit of preparing financial accounts based financial sector stability and restore public trust (GIZ) GmbH on International Public Sector Accounting in financial markets through monitoring financial Standards (IPSAS) and learning about practical sector legislation, deposit guarantee system aspects of applying the accrual method reform, pension reform, accounting reform, The GIZ is currently working on behalf of four in Germany and Great Britain. Special focus increasing financial literacy and consumer German ministries and the European Union is made on opportunities for using the accrual protection, and promoting the empowerment (EU) at 16 locations in Ukraine, with more than accounting data in public administration. of women in business. USAID/FINREP-II accounting 90 national and international staff. Around 40 CIM reform activities include: experts and returning experts are providing The implementation of corresponding reforms support for the public administration, chambers will make it possible to bring Ukraine closer Supporting the efforts of the Ministry of Finance of commerce and SMEs. The GIZ office in Kyiv to European accounting and reporting standards. of Ukraine in implementing International opened in 2009. Financial Reporting Standards (IFRSs) at the national level by including the standards In the field of accounting we cooperate for in the legal and regulatory framework, raising implementation of accrual basis of accounting public awareness, and supporting international in the public sector under the Public Finance cooperation in this area. Reform Support Project. This includes cooperation with the Ministry of Finance Ukraine