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New NR(S)A 1 "General Requirements for Financial Reporting"


The Ministry of Finance approved the Order #73 from 07.02.2013 "On approval of National Regulation (Standard) of Accounting 1 "General Requirements for Financial Reporting"

According to the Order, Order of the Ministry of Finance of Ukraine from 31.03.1999, № 87 "On approval of Regulations (Standards) of accounting", registered in the Ministry of Justice of Ukraine on 21.06.1999 under #391/3684 (as amended) loses its validity, namely:

• R(S)A 1 "General Requirements for Financial Reporting";

• R(S)A 2 "Balance sheet";

• R(S)A 3 "Income Statement";

• R(S)A 4 "Statement of Cash Flows";

• R(S)A 5 “Equity report".

Order № 73 from 07.02.2013 introduces new forms of financial statements that are as close to the IFRS (Annex 1 to the NR(S)A)

• Balance sheet (statement of financial position);

• Income statement (statement of total income);

• Statement of cash flows (direct method);

• Statement of cash flows (Indirect method);

• Equity report.

Appendix 2 to the NR(S)A 1 contains similar forms for consolidated financial statements. Recall that parent companies used conventional forms with reflection of information in particular lines before changes.

Compositions of financial statements, timing and frequency of its presentation have not changed. As before, quarterly forms must be submitted no later than the 25th of month following the reporting quarter and annual - not later than February 9 of the following year.

Form and order of presentation of financial statements of small businesses and representative offices of foreign business entities also have not changed. They still serve contracted financial statements in balance sheet and income statement, form and procedure for making that is determined in R(S)A 25 "Financial Report of small business", approved by the Order of the Ministry of Finance from 25.02.2000, #39.

Clause 4 sec. 2 of NR(S)A 1 indicates that company may not represent items for which there is no disclosure (except in cases where such information was in previous reporting period). As to specify additional information not required by approved form of reports, NR(S)A 1 allows you to add articles to preservation of their names and code lines from the list of additional items in financial statements set out in Annex 3 to the NR(S)A 1, if the line meets the following criteria:

- Information is material;

- Assessment of item can be reliably measured.

According to the NR(S)A 1, balance sheet reflects assets, liabilities and equity of enterprise. In cases provided by regulations, a separate balance sheet is drawn up.

Income statement discloses information on revenues, expenses, income, other comprehensive income and comprehensive income for reporting period.

Statement of cash flows presents data on cash flows from operating, investing and financing activities. Preparation of financial statements and consolidated financial statements can select one of the ways of report: under direct or indirect method by using appropriate form of report.

Statement of shareholders' equity discloses changes in net worth of enterprise during reporting period. Company should attach a report on equity for the previous year to annual report in order to provide comparative analysis of information in this report.

New reporting forms now contain four-digit codes lines, some lines are cut, and also added new lines to approximate forms of statements NR(S)A with the requirements of IFRS.

Also NR(S)A 1 found that businesses that use under the laws of international standards for financial reporting in accordance with IFRS 1 "First-time Adoption of International Financial Reporting Standards" and served the first annual financial statements in accordance with international standards, in the balance of lead information at the beginning and end of the reporting period and the date of transition to international financial reporting standards.

In addition, it is determined that the International Financial Reporting Standard for Small and Medium Enterprises can use companies that are required to apply IFRS in accordance with the law, as well as companies that make that decision on their own. Application of International Financial Reporting Standard for Small and medium enterprises are not allowed to enterprises that are not within the scope of its application. Businesses using International Financial Reporting Standard for Small and Medium Enterprises for preparation of financial statements, use report forms approved by NR(S)A 1.

According to section 2-3 p. 4 of NR(S)A 1, financial statements must mention information, disclosure of which is required by national regulations (standards) of accounting and international financial reporting standards and/or other regulatory legal acts on accounting of the Ministry of Finance. Information to be disclosed, must lead directly to financial statements or in notes to financial statements.

Also, provisions of the NR(S)A state that legal entities (other than banks and public institutions) are required to submit financial statements in accordance with the law, apply new forms of financial reporting, beginning with reports for the I quarter of 2013 and in the following periods.

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