Norma is to be introduced for two years
The Ministry of Finance of Ukraine suggests to free companies from penalties for mistakes in financial statements, if the specified data submitted within three months after the main report, as Kommersant-Ukraine writes.
According to the law "On Amending Certain Laws of Ukraine on accounting", this rule will be introduced only for two years. It simplifies the work of accountants during the mass transfer of companies to international financial reporting standards.
Under this initiative, the company will provide refined financial statements replacing previously submitted on the basis of self-reported mistakes, or on results of audit. Specifically, p. 14 of the Law "On Accounting and Financial Reporting" is proposed to supplement with the norm: "If a company delivers refined financial statements and consolidated financial statements within three months from the date of the previous submission, sanctions do not apply".
Among other Ministry of Finance initiatives there is a norm, according to which financial statements and consolidated financial statements can not be included in other reports. The document also contains a mechanism for application of normative monetary valuation of right for permanent use of land for purpose of accounting to reduce burden on budget and ensure integration of land allocated to budget institutions, and public utilities on right for permanent use.
