Ukraine : Accounting and Auditing

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collection.link.10
https://openknowledge.worldbank.org/handle/10986/2111
collection.name.10
Accounting and Auditing Assessment
dc.contributor.author
World Bank
dc.date.accessioned
2013-07-23T15:55:20Z
dc.date.available
2013-07-23T15:55:20Z
dc.date.issued
2002-08-15
dc.date.lastModified
2021-04-23T14:03:16Z
dc.description.abstract
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.
en
dc.identifier
http://documents.worldbank.org/curated/en/2002/08/6595786/ukraine-report-observance-standards-codes-rosc-accounting-auditing
dc.identifier.uri
http://hdl.handle.net/10986/14471
dc.language
English
dc.language.iso
en_US
dc.publisher
Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
ACCOUNTING
dc.subject
ACCOUNTING POLICIES
dc.subject
ACCOUNTING PRACTICES
dc.subject
ACCOUNTING PRINCIPLES
dc.subject
ACCOUNTING RECORDS
dc.subject
ACCOUNTING STANDARDS
dc.subject
ATTEST FUNCTION
dc.subject
AUDITING
dc.subject
AUDITORS
dc.subject
AUDITS
dc.subject
BANK RESERVES
dc.subject
BANKING LAW
dc.subject
BANKING SECTOR
dc.subject
BANKING SUPERVISION
dc.subject
BANKING SYSTEM
dc.subject
CAPITAL MARKETS
dc.subject
CAPITALIZATION
dc.subject
COMMERCIAL BANKS
dc.subject
CONSOLIDATED FINANCIAL STATEMENTS
dc.subject
CONSOLIDATION
dc.subject
COOPERATIVE BANKS
dc.subject
CORPORATE GOVERNANCE
dc.subject
CORPORATE SECTOR
dc.subject
DEBT
dc.subject
DEPOSITS
dc.subject
EFFECTIVE GOVERNANCE
dc.subject
EQUITY CAPITAL
dc.subject
EXTERNAL AUDITORS
dc.subject
FINANCIAL ACCOUNTING
dc.subject
FINANCIAL INFORMATION
dc.subject
FINANCIAL INSTITUTIONS
dc.subject
FINANCIAL MANAGEMENT
dc.subject
FINANCIAL MARKETS
dc.subject
FINANCIAL REPORTING
dc.subject
FOREIGN EXCHANGE
dc.subject
INFLATION
dc.subject
INSURANCE
dc.subject
INSURANCE INDUSTRY
dc.subject
INTERNATIONAL ACCOUNTING STANDARDS
dc.subject
LAWS
dc.subject
LEGAL PROVISION
dc.subject
LEGAL PROVISIONS
dc.subject
LEGISLATION
dc.subject
LEGISLATIVE FRAMEWORK
dc.subject
LIQUIDITY
dc.subject
LITIGATION
dc.subject
LOAN LOSS PROVISIONS
dc.subject
MANDATES
dc.subject
MUTUAL FUNDS
dc.subject
NET ASSETS
dc.subject
NEW ENTRANTS
dc.subject
PRIVATIZATION
dc.subject
PRUDENTIAL REQUIREMENTS
dc.subject
PRUDENTIAL SUPERVISION
dc.subject
RATING AGENCIES
dc.subject
REGULATORY FRAMEWORK
dc.subject
SECURITIES
dc.subject
SHAREHOLDERS
dc.subject
STOCK EXCHANGES
dc.subject
STOCK MARKETS
dc.subject
SYSTEMIC RISK
dc.subject
TANGIBLE ASSETS
dc.subject
TAX ADMINISTRATION
dc.subject
TAX COLLECTION
dc.subject
TRADING
dc.subject
TRADING SYSTEMS
dc.subject
TRANSPARENCY
dc.subject
VALUATION OF FIXED ASSETS
dc.title
Ukraine : Accounting and Auditing
en
okr.crosscuttingsolutionarea
Public-Private Partnerships
okr.doctype
Economic & Sector Work :: Pre-2003 Economic or Sector Report
okr.doctype
Economic & Sector Work
okr.docurl
http://documents.worldbank.org/curated/en/2002/08/6595786/ukraine-report-observance-standards-codes-rosc-accounting-auditing
okr.globalpractice
Finance and Markets
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
000012009_20060214083541
okr.identifier.internaldocumentum
6595786
okr.identifier.report
35190
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/02/14/000012009_20060214083541/Rendered/PDF/351900UA0REV0Accounting0rosc1ukr.pdf
en
okr.region.administrative
Europe and Central Asia
okr.region.country
Ukraine
okr.sector
Finance :: General finance sector
okr.topic
Private Sector Development :: Business Environment
okr.topic
Finance and Financial Sector Development :: Financial Intermediation
okr.topic
Banks and Banking Reform
okr.topic
Financial Crisis Management and Restructuring
okr.topic
Private Sector Development :: Business in Development
okr.unit
Financial Management Unit (OPCFM)
okr.volume
1 of 1

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