Ukraine : Accounting and Auditing
This report provides an assessment of accounting and auditing practices in Ukraine, within the broader context of institutional capacity available, for ensuring high-quality financial reporting. Since its independence in 1991, Ukraine has made comm...
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| Format: | Pre-2003 Economic or Sector Report |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2002/08/6595786/ukraine-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14471 |
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okr-10986-144712021-04-23T14:03:16Z Ukraine : Accounting and Auditing World Bank ACCOUNTING ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARDS ATTEST FUNCTION AUDITING AUDITORS AUDITS BANK RESERVES BANKING LAW BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM CAPITAL MARKETS CAPITALIZATION COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION COOPERATIVE BANKS CORPORATE GOVERNANCE CORPORATE SECTOR DEBT DEPOSITS EFFECTIVE GOVERNANCE EQUITY CAPITAL EXTERNAL AUDITORS FINANCIAL ACCOUNTING FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL REPORTING FOREIGN EXCHANGE INFLATION INSURANCE INSURANCE INDUSTRY INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGAL PROVISION LEGAL PROVISIONS LEGISLATION LEGISLATIVE FRAMEWORK LIQUIDITY LITIGATION LOAN LOSS PROVISIONS MANDATES MUTUAL FUNDS NET ASSETS NEW ENTRANTS PRIVATIZATION PRUDENTIAL REQUIREMENTS PRUDENTIAL SUPERVISION RATING AGENCIES REGULATORY FRAMEWORK SECURITIES SHAREHOLDERS STOCK EXCHANGES STOCK MARKETS SYSTEMIC RISK TANGIBLE ASSETS TAX ADMINISTRATION TAX COLLECTION TRADING TRADING SYSTEMS TRANSPARENCY VALUATION OF FIXED ASSETS This report provides an assessment of accounting and auditing practices in Ukraine, within the broader context of institutional capacity available, for ensuring high-quality financial reporting. Since its independence in 1991, Ukraine has made commendable progress regarding accounting and auditing standards, especially in the banking sector. Nonetheless, gaps exist between Ukrainian and International Accounting Standards (IAS), whereby compliance with Ukrainian accounting standards do not result in the same level of transparency, and comparability in financial statements that IAS mandates. These gaps include accounting standards applicable to commercial, and industrial enterprises (especially disclosure requirements), insurance companies, and, to a lesser extent, credit institutions. In addition, several instances of non-compliance in the application of Ukrainian Accounting Standards were noted. These were compounded by sometimes ineffectual mechanisms for enforcing compliance. Compliance gaps were noted in all sectors, although compliance by large credit institutions appears to be better than average. Although Ukrainian Standards on Auditing were assessed to be largely consistent with International Standards on Auditing (ISA), the analysis detected some important differences. Furthermore, the legal auditing framework is unclear, and sometimes conflicts with the auditing standards. In addition, the assessment detected instances of non-compliance with Ukrainian Standards on Auditing; in this regard, the existing enforcement mechanisms require improvement. Immediate steps are recommended to ensure effective enforcement of established statutory requirements and auditing standards. The report provides policy recommendations, specifically focusing on strengthening enforcement mechanisms to ensure compliance with established accounting and auditing requirements. Moreover, suggestions have been made for important elements of a regulatory framework for the auditing profession, namely, restructuring the statutory regulator of the auditing profession under an effective governance structure. 2013-07-23T15:55:20Z 2013-07-23T15:55:20Z 2002-08-15 http://documents.worldbank.org/curated/en/2002/08/6595786/ukraine-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14471 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Pre-2003 Economic or Sector Report Economic & Sector Work Europe and Central Asia Ukraine |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARDS ATTEST FUNCTION AUDITING AUDITORS AUDITS BANK RESERVES BANKING LAW BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM CAPITAL MARKETS CAPITALIZATION COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION COOPERATIVE BANKS CORPORATE GOVERNANCE CORPORATE SECTOR DEBT DEPOSITS EFFECTIVE GOVERNANCE EQUITY CAPITAL EXTERNAL AUDITORS FINANCIAL ACCOUNTING FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL REPORTING FOREIGN EXCHANGE INFLATION INSURANCE INSURANCE INDUSTRY INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGAL PROVISION LEGAL PROVISIONS LEGISLATION LEGISLATIVE FRAMEWORK LIQUIDITY LITIGATION LOAN LOSS PROVISIONS MANDATES MUTUAL FUNDS NET ASSETS NEW ENTRANTS PRIVATIZATION PRUDENTIAL REQUIREMENTS PRUDENTIAL SUPERVISION RATING AGENCIES REGULATORY FRAMEWORK SECURITIES SHAREHOLDERS STOCK EXCHANGES STOCK MARKETS SYSTEMIC RISK TANGIBLE ASSETS TAX ADMINISTRATION TAX COLLECTION TRADING TRADING SYSTEMS TRANSPARENCY VALUATION OF FIXED ASSETS |
| spellingShingle |
ACCOUNTING ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARDS ATTEST FUNCTION AUDITING AUDITORS AUDITS BANK RESERVES BANKING LAW BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM CAPITAL MARKETS CAPITALIZATION COMMERCIAL BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION COOPERATIVE BANKS CORPORATE GOVERNANCE CORPORATE SECTOR DEBT DEPOSITS EFFECTIVE GOVERNANCE EQUITY CAPITAL EXTERNAL AUDITORS FINANCIAL ACCOUNTING FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL REPORTING FOREIGN EXCHANGE INFLATION INSURANCE INSURANCE INDUSTRY INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGAL PROVISION LEGAL PROVISIONS LEGISLATION LEGISLATIVE FRAMEWORK LIQUIDITY LITIGATION LOAN LOSS PROVISIONS MANDATES MUTUAL FUNDS NET ASSETS NEW ENTRANTS PRIVATIZATION PRUDENTIAL REQUIREMENTS PRUDENTIAL SUPERVISION RATING AGENCIES REGULATORY FRAMEWORK SECURITIES SHAREHOLDERS STOCK EXCHANGES STOCK MARKETS SYSTEMIC RISK TANGIBLE ASSETS TAX ADMINISTRATION TAX COLLECTION TRADING TRADING SYSTEMS TRANSPARENCY VALUATION OF FIXED ASSETS World Bank Ukraine : Accounting and Auditing |
| geographic_facet |
Europe and Central Asia Ukraine |
| description |
This report provides an assessment of
accounting and auditing practices in Ukraine, within the
broader context of institutional capacity available, for
ensuring high-quality financial reporting. Since its
independence in 1991, Ukraine has made commendable progress
regarding accounting and auditing standards, especially in
the banking sector. Nonetheless, gaps exist between
Ukrainian and International Accounting Standards (IAS),
whereby compliance with Ukrainian accounting standards do
not result in the same level of transparency, and
comparability in financial statements that IAS mandates.
These gaps include accounting standards applicable to
commercial, and industrial enterprises (especially
disclosure requirements), insurance companies, and, to a
lesser extent, credit institutions. In addition, several
instances of non-compliance in the application of Ukrainian
Accounting Standards were noted. These were compounded by
sometimes ineffectual mechanisms for enforcing compliance.
Compliance gaps were noted in all sectors, although
compliance by large credit institutions appears to be better
than average. Although Ukrainian Standards on Auditing were
assessed to be largely consistent with International
Standards on Auditing (ISA), the analysis detected some
important differences. Furthermore, the legal auditing
framework is unclear, and sometimes conflicts with the
auditing standards. In addition, the assessment detected
instances of non-compliance with Ukrainian Standards on
Auditing; in this regard, the existing enforcement
mechanisms require improvement. Immediate steps are
recommended to ensure effective enforcement of established
statutory requirements and auditing standards. The report
provides policy recommendations, specifically focusing on
strengthening enforcement mechanisms to ensure compliance
with established accounting and auditing requirements.
Moreover, suggestions have been made for important elements
of a regulatory framework for the auditing profession,
namely, restructuring the statutory regulator of the
auditing profession under an effective governance structure. |
| format |
Economic & Sector Work :: Pre-2003 Economic or Sector Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Ukraine : Accounting and Auditing |
| title_short |
Ukraine : Accounting and Auditing |
| title_full |
Ukraine : Accounting and Auditing |
| title_fullStr |
Ukraine : Accounting and Auditing |
| title_full_unstemmed |
Ukraine : Accounting and Auditing |
| title_sort |
ukraine : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2002/08/6595786/ukraine-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14471 |
| _version_ |
1764427527948861440 |