FINANCIAL STATEMENTS FOR SMALL AND MEDIUM-SIZED ENTITIES’: UKRAINE AND WORLD EXPERIENCE
DOI:
https://doi.org/10.31713/ve4202025Keywords:
small and medium-sized entities, Financial Statements, micro-entity financial reporting, International Financial Reporting Standard (IFRS) for small and medium-sized entities’ (SMEs), EU Directives.Abstract
In Ukraine large undertakings and the individual business entitiesdefined by main accounting law have experience of preparing financialreports by IFRS. However accounting reformation declared in The Strategy of IFRS application applies to all business entities including smallbusinesses. Thus it’s necessary to define differentiated approaches to therequirements of the preparation of Ukrainian businesses financial reportsaccording to Ukrainian or International standards. In Ukraine, a newbusinesses classification into micro, small, medium and large businesseswas introduced. Micro and small enterprises may independently determine the appropriateness of information disclosure in the financial statements: simplified financial statements or a complete set. Domestic small businesses may also prepare financial statements in accordance with the International Financial Reporting Standard for small and medium-sized entities (IFRS for SMEs). These are companies that are required to apply IFRS in accordance with the law, and those companies that have made such a decision voluntarily. However, in Ukraine small and micro undertakings financial statements are focused primarily on the fiscal services needs. While in European countries a small business reporting is aimed at meeting the information needs of investors, creditors, owners.According to the EU Directive, micro, small and medium-sizedbusinesses should compile a condensed balance sheet and a condensedincome statement, notes. Generally there are no significant differences inthe information structure disclosed in the Statement of Financial Positionand Income Statement in Ukraine and EU countries. However, the financial statements formation methodology is different. We consider the national legislation should be harmonized with IFRS for small and medium-sized entities. Its not only contains provisions on the financial statements presentation, but also explains important aspects of accounting for small and medium businesses.References
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