Today a lot of Ukrainian companies need to adjust their financial reports and records to the standards and requirements that are recognized in other countries (IFRS, IAS).
Business targets often demand IFR Standards to become a part of company’s corporate practice. The examples of these targets are:
- The company plans a flotation to the international market;
- Improvement of company’s governing standards, making business transparent for potential investors, getting benefits from Western debt instruments;
- Plans to improve management quality which helps taking informed decisions about long term obligations.
To make a correct evaluation of company’s long-term obligations isn’t easy because of specific issues, which are difficult to recognize for financial director or accountant. Such issues are usually connected with long term obligations to company’s employees, resulting from local legislation./p>
The following Standards need IAS actuarial valuation by professionals:
- IFRS 26 “Accounting and Reporting by Retirement Benefit Plans”
- IFRS 19 “Employee Benefits”
IFRS actuarial calculations (IAS actuarial calculations) will help with bringing the whole picture in line with unified system of reporting.