Training “Transition to International Financial Reporting Standards and Restatement of Financial Statements”

During August and September 2018, PwC Academy delivered a two-day corporate training course under the training programme “Transition to International Financial Reporting Standards and Restatement of Financial Statements”. 

The training participants included representatives of industrial companies such as Status Trade, Dmitrovskiy Mining and Processing Works, Zaporozhye Titanium & Magnesium Works, SSP “Nika-Tera”, Nika-Grain, Nika Trans Logistics, Urgagro NPK, Mizhrichynskiy Mining and Processing Works, Valki-Ilmenit, Motronovskiy Mining and Processing Works, Rivneazot, Sumykhimprom, Girkhimprom and Nika-Agrotrade.       

The situation in Ukraine was addressed, and newly adopted and current IFRS effective in 2018 as well as IFRS expected to be adopted in 2019 were presented. The training modules delivered to participants covered the Conceptual Framework for IFRS Financial Reporting, presentation of financial statements, accounting policies, changes in accounting policies and correction of prior-year errors. In addition, Ukrainian GAAP were compared with IFRS with key material differences highlighted.

As part of the training, a special focus was given to specific Standards including IFRS 16, Leases, IFRS 15, Revenue from Contracts with Customers, IFRS 9, Financial Instruments, IFRS 1, First-time Adoption of International Financial Reporting Standards, IAS 8, Accounting Policies, Changes in Accounting Policies and Errors, IAS 19, Employee Benefits, etc. Specific considerations were given to application of the Standards and typical application errors.  

The participants were offered an opportunity not only to learn the training content but also to comply with IFRS requirements and to restate financial statements in accordance with IFRS (including reporting period adjustments made under IFRS and adjustments to prior-year retained earnings in connection with transition to IFRS) based on practical examples as well as to discuss relevant issues with PwC experts.