On July 11, 2018, the Chamber of Auditors and Accountants of Ukraine together with the Institute of Certified Accountancy and Audit Professionals on the occasion of the Accountant's and Auditor's Day of Ukraine held a festive seminar on IFRS and ISA trends. The seminar was held in the conference hall of the National Academy of Sciences of Ukraine. “The Auditor of Ukraine” magazine was the information partner of the event.
About 100 auditors and accountants attended the seminar. And 50 participants joined its online broadcasting.
The seminar was divided into two thematic sessions. The first one was devoted to practical aspects of IFRS application. Special attention was paid to those came into force on January 1, 2018, and those ones will become effective from 2019.
The second one - ISA 2016-2017, which to be applied by auditors from July 1 this year.
Olena Kharlamova, the Vice-president of the Chamber of Auditors and Accountants of Ukraine, a member of the Auditor's Chamber of Ukraine, an internationally recognized expert on IFRS, in her speech on IFRS reminded that the circle of companies obliged to conduct accounting for International Financial Reporting Standards expanded after entering into force the Law of Ukraine “On Accounting and Financial Reporting”.
The expert also described how the IFRS implementation would affect the accounting system of companies and, gave the details of practical aspects of applying IFRS 9 “Financial Instruments”, IFRS 15 “Revenue from Contracts with Customers”, IFRS 16 “Leases”.
Oleksandr Kuzub, the President of the Institute of Certified Accountancy and Audit Professionals, a member of the Auditor's Chamber of Ukraine, an auditor with many years of practical experience, in his presentation outlined the general features of the International Auditing Standards revised in 2016-2017. The expert noted that those standards became the completion of the reform begun in 2010, aimed at improving the quality of the auditor’s report and increasing public confidence in auditors.
Oleksandr Kuzub made an emphasis on ISA 250 (revised) “Consideration of Laws and Regulations in an Audit of Financial Statements”, ISA 800 (revised) “Special Considerations ─ Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks” and ISA 805 (revised) “Special Considerations ─ Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement”.
It is important that the seminar participants had the opportunity to communicate directly with the lecturers and receive expert answers to their questions.
The event ended with informal communication, greetings with the coming professional holiday, and good mood.