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Andrei Busuioc from the World Bank Centre for Financial Reporting Reform (CFRR) gave a presentation summarizing the main findings of the recent Accounting and Auditing Report on the Observance of Standards and Codes (read the A&A ROSC 2008) for Ukraine. Irina Babich from the World Bank office in Ukraine then made a presentation analyzing the quality of financial statements produced by state-owned enterprises. This drew on the World Bank's recent review of the governance of state-owned enterprises in Ukraine.
On 3 December 2010, Volodymyr Bogatyr, Deputy Minister of Justice of Ukraine, moderated a roundtable to discuss how to improve corporate reporting in Ukraine. Participants included representatives from the Ministry of Finance, the National Bank of Ukraine, the State Commission for Regulation of Financial Markets, the State Commission on Securities and the Stock Market, professional bodies for accountants and auditors in Ukraine, academic institutions and the World Bank.
The A&A ROSC found that, although Ukraine had made significant progress in improving the quality of financial reporting in recent years, further measures were needed in order to bring Ukraine closer to international best practice. In particular, the number of professional accountants and auditors has increased but there are still not enough of these specialists to meet the economy's needs. Although the A&A ROSC made a number of recommendations to improve the framework and institutional arrangements for financial reporting, the report stressed that effective implementation of the legal and regulatory framework was required to raise the quality of corporate financial reporting in Ukraine.
The representatives of the financial regulatory bodies agreed that Ukraine should accelerate the process of adopting International Financial Reporting Standards (IFRS) for public interest entities. They also suggested that a national council be set up to co-ordinate the implementation of reforms in financial reporting. This body should pay particular attention to the infrastructure required to support the use of modern reporting standards and the need for improved professional education and training. In response, officials from the Ministry of Finance informed the roundtable that the Ministry intended soon to amend the Law on Accounting and Financial Reporting in Ukraine to make IFRS the accounting standard for the largest and most economically important companies.