Ukraine

The corporate financial reporting framework in Ukraine is governed by the Joint Stock Company Law of 2008, the Law on Accounting and Financial Reporting in Ukraine of 1999 (as amended in 2011 and 2017), the Law on Audit of Financial Statements and Auditing of 2017, as well as laws and regulations governing financial institutions and securities market participants.

Accounting requirements

The Law on Accounting and Financial Reporting in Ukraine of 1999 regulates the provision of accounting services and authorizes the Ministry of Finance of Ukraine (MoF) to establish accounting standards for different types of companies depending on their size and public interest considerations.

In 2011, the law was amended to require the application of IFRS Accounting Standards by public companies, banks, and insurers. In 2017, the law was further amended to align the Ukrainian framework with European Union requirements in the area of accounting and financial reporting.

IFRS Accounting Standards, as officially translated and published on the MoF website (the MoF indicates that it has translated the 2022 version to date), are required for the following types of entities:

• public interest entities, including securities issuers, entities whose securities are admitted to trading, banks, insurers, private pension funds, and other financial institutions (except micro, small, and medium-sized entities);
• public joint stock companies;
• companies engaged in mineral extraction;
• entities defined as large by law; and
• entities conducting activities designated by the Cabinet of Ministers of Ukraine.

Other entities must apply either National Accounting Standards (NASs) or, where permitted, IFRS for Small and Medium-sized Entities, as translated and made publicly available by the MoF, together with other regulatory acts related to general accounting and financial reporting established by the Accounting Methodological Council (AMC) and the IFRS Council, which are advisory bodies under the MoF.

The NASs are based on International Accounting Standards and IFRS Accounting Standards but differ from the international standards.

Auditing requirements

According to the Law on Audit of Financial Statements and Auditing of 2017, statutory audits are mandatory for public interest entities, large enterprises, and medium-sized enterprises as defined in the Law on Accounting and Financial Reporting in Ukraine of 1999.

The Law on Audit of Financial Statements and Auditing of 2017 regulates the provision of auditing services by all auditors and audit entities regardless of ownership structure or activities.

The law requires the application of International Standards on Auditing (ISA) and other pronouncements issued by the International Auditing and Assurance Standards Board (IAASB), as translated into Ukrainian and made publicly available by the MoF.

Based on currently available public information, the jurisdiction continues to apply the 2016–2017 ISA translated into Ukrainian together with ISA 540 (Revised).

Statutory auditors and chief accountants of certain entities are the primary segments of the accountancy profession in Ukraine that are regulated at the state level. Other accountancy professionals may choose to join professional accountancy organizations (PAOs) and be subject to their regulation on a voluntary basis.

Auditors

The Law on Audit of Financial Statements and Auditing of 2017 defines the roles and responsibilities of the entities involved in the regulation of auditors, establishes the requirements for entry into the auditing profession, sets initial professional development (IPD) and continuing professional development (CPD) requirements, and prescribes the technical standards to be applied by auditors.

Under the Law, the requirements for entry into the auditing profession include a university degree, successful completion of the qualification examination demonstrating the required theoretical knowledge and competencies, and at least three years of practical experience in audit.

The certification of auditors is carried out by the Attestation Commission, which is responsible for developing regulations related to certification, accrediting independent evaluation and examination centers, approving examination programs, organizing the examination process, approving examination results, considering appeals, and establishing requirements for legal entities authorized to provide CPD training for auditors.

Regulations related to examinations and practical experience developed by the Attestation Commission are subject to approval by the Audit Public Oversight Board (APOB) and subsequently by the Ministry of Finance of Ukraine (MoF).

Examinations are conducted by independent assessment centers accredited by the Attestation Commission. PAOs, higher education institutions, and other entities may prepare candidates for the examination in line with approved programs, while candidates may also prepare independently.

All auditors are subject to CPD requirements. CPD may be provided by legal entities that comply with the requirements established by the Attestation Commission, including PAOs and audit firms whose programs are recognized by an IFAC member PAO.

Under the 2017 Law, all auditors and audit entities are subject to public oversight by the APOB. The APOB is responsible for the oversight of the registration of auditors and audit entities, implementation of International Standards on Auditing (ISA), certification and CPD of auditors, quality assurance (QA) reviews of statutory audits, and investigative and disciplinary proceedings and sanctions.

All auditors and audit firms must also be registered with the Audit Chamber of Ukraine (AChU) after completing the IPD requirements.

Under the oversight of the APOB, the AChU is delegated responsibility for the registration of auditors and audit entities, supervision of CPD for auditors serving non-public interest entities, QA reviews of statutory audits of non-public interest entities, and disciplinary proceedings in relation to such audits.

Chief Accountants

The Law on Accounting and Financial Reporting in Ukraine of 1999 establishes the IPD requirements for chief accountants of public interest entities, including a university degree in economics, three years of practical experience in finance, accounting, and taxation, and no criminal record.

The National Securities and Stock Market Commission Regulation No. 793 of 2013 establishes the IPD requirements for chief accountants of listed entities, including a university degree, certification from an accredited educational provider, and five years of practical experience as a chief accountant, reduced to three years for those employed by banks.

Chief accountants of financial institutions must additionally comply with the requirements established under the National Commission for State Regulation of Financial Services Markets Regulation No. 1590 of 2004, as amended in 2018.

Other Accountancy Professionals

Professional accountants other than the categories noted above are not subject to state regulation. However, they may voluntarily join a PAO and become subject to its membership requirements and professional obligations.

PAOs may establish requirements for their members relating to education, ethical conduct, quality assurance reviews, and disciplinary processes.

According to the World Bank (2019), several professional accounting and auditing organizations operate in Ukraine. The Ukrainian Federation of Professional Accountants and Auditors (UFPAA) is the only IFAC member organization in the jurisdiction.

UFPAA offers a voluntary certification scheme for accountants at the Certified Accounting Practitioner (CAP) and Certified International Professional Accountant (CIPA) levels.

Under the Law on Audit of Financial Statements and Auditing of 2017, all auditors and audit entities in Ukraine are subject to public oversight carried out by the Audit Public Oversight Board of Ukraine (APOB).

APOB was established in accordance with Law No. 2258-VIII of 22 December 2017 and comprises the Supervisory Board of Audit Activities and the Quality Assurance Inspection.

APOB is responsible for the oversight of the registration of auditors and audit entities, adoption and implementation of International Standards on Auditing (ISA), certification and continuing professional development of auditors conducting statutory audits, quality assurance reviews of audit services provided by statutory auditors, and investigative and disciplinary proceedings, including the imposition of sanctions.

APOB also oversees the operations of the Audit Chamber of Ukraine (AChU), which is the mandatory professional organization for all auditors and audit entities in the jurisdiction.

The AChU, under the oversight of APOB, carries out delegated responsibilities in relation to the registration, quality assurance, continuing professional development, and disciplinary oversight of auditors conducting statutory audits of non-public interest entities.

APOB is a member of the International Forum of Independent Audit Regulators (IFIAR).

According to the World Bank (2019), several organizations are registered as professional accounting and auditing organizations in Ukraine. Only the current IFAC member organization is listed here.

The Ukrainian Federation of Professional Accountants and Auditors (UFPAA) is a non-governmental, self-regulatory body with voluntary membership, established in June 1996 in accordance with the Law on Associations at the first Congress of Accountants and Auditors of Ukraine.

According to UFPAA’s Charter, its objective is to represent the accountancy profession and to support the reform and development of accounting and auditing in Ukraine in line with international standards.

In addition to its membership in IFAC, UFPAA is a member of the Eurasian Council of Certified Accountants and Auditors and the Fédération Internationale des Experts-Comptables Francophones, and maintains cooperation agreements with several professional organizations at the national and international levels.

In accordance with the Law on Audit of Financial Statements and Auditing of 2017, mandatory quality assurance (QA) reviews are required for all statutory audits in Ukraine.

Audit firms that conduct statutory audits of public interest entities (PIEs) are subject to QA reviews every three years by the Audit Public Oversight Board (APOB).

QA reviews of audit firms carrying out statutory audits of non-public interest entities are conducted every six years by the Audit Chamber of Ukraine (AChU) under the oversight of the APOB.

Based on the legal and institutional framework currently in place, the QA review system is established and operational for all mandatory statutory audits and is assessed as being aligned with the requirements of SMO 1.

Current Status: Adopted

The initial professional development (IPD) and continuing professional development (CPD) requirements for auditors are established under the Law on Audit of Financial Statements and Auditing of 2017, while the requirements for chief accountants are set out in the Law on Accounting and Financial Reporting in Ukraine of 1999 and the National Securities and Stock Market Commission Regulation No. 793 of 2013.

For auditors, the requirements for entry into the profession include a university degree, successful completion of the qualification examination demonstrating the required theoretical knowledge and competencies, and at least three years of practical experience in audit.

For chief accountants of public interest entities, the legal requirements include a university degree in economics, three years of practical experience in finance, accounting, and taxation, and no criminal record. Chief accountants of listed entities are additionally required to hold a certificate from an accredited educational provider and demonstrate five years of practical experience as a chief accountant, reduced to three years for those employed by banks. No final assessment or continuing professional development requirements are established by law for this segment.

Certification of auditors is carried out by the Attestation Commission, with regulations on examinations and practical experience subject to approval by the Audit Public Oversight Board (APOB) and the Ministry of Finance of Ukraine (MoF).

All auditors are subject to CPD requirements approved by the APOB and MoF. CPD may be provided by legal entities that comply with the requirements established by the Attestation Commission, including professional accountancy organizations and audit firms whose programs are recognized by an IFAC member organization. The Audit Chamber of Ukraine (AChU) is also authorized to provide CPD to its members.

According to the World Bank’s National Education Initiatives – Ukraine (2019), the IPD and CPD requirements for accountancy professionals could be further strengthened to align fully with the latest International Education Standards (IES), particularly in relation to professional ethics, professional skills, assessment of professional competence, and output-based CPD requirements.

Professional accountants other than auditors may voluntarily join a professional accountancy organization and become subject to its educational requirements. In this regard, the Ukrainian Federation of Professional Accountants and Auditors (UFPAA) offers voluntary certification at the Certified Accounting Practitioner (CAP) and Certified International Professional Accountant (CIPA) levels.

While the World Bank (2019) indicates that UFPAA’s certification program aligns broadly with the IES, the extent to which the latest IES requirements are fully incorporated across all segments of the profession is not clear.

Accordingly, the jurisdiction is assessed as Partially Adopted, as the educational requirements demonstrably align with the IES only for certain segments of the profession and do not yet fully meet the current IES requirements for all aspiring and professional accountants.

Current Status: Partially Adopted

According to the Law on Audit of Financial Statements and Auditing No. 2258-VIII of 2017, statutory audits are mandatory for public interest entities, large enterprises, and medium-sized enterprises, as defined in the Law on Accounting and Financial Reporting in Ukraine of 1999.

The law requires the application of International Standards on Auditing (ISA) and other pronouncements issued by the International Auditing and Assurance Standards Board (IAASB), as translated into Ukrainian and made publicly available by the Ministry of Finance of Ukraine (MoF).

Publicly available information indicates that Ukraine has continued to update its ISA framework beyond the 2016–2017 translated set, including the completion of the Ukrainian translation of ISA 600 (Revised) in 2025 and ongoing translation work on additional IAASB standards.

However, it is not yet demonstrably clear that the full suite of ISA currently in effect as of the time of the assessment has been adopted and made effective for all mandatory audits. Accordingly, the jurisdiction is assessed as Partially Adopted.

Current Status: Partially Adopted

The Law on Audit of Financial Statements and Auditing No. 2258-VIII of 2017 requires auditors and audit firms in Ukraine to comply with the International Code of Ethics for Professional Accountants (including International Independence Standards), as translated into Ukrainian and published by the Ministry of Finance of Ukraine (MoF). Publicly available information indicates that the MoF has translated and published the 2022 International Code of Ethics.

Accountancy professionals other than auditors are not regulated at the state level but may choose to join a professional accountancy organization and become subject to its requirements. The Ukrainian Federation of Professional Accountants and Auditors (UFPAA), an IFAC member, reports that its members must comply with the International Code of Ethics.

However, information is not publicly available to demonstrate that the current Code has been adopted and made applicable to all professional accountants in the jurisdiction, including other professional accountancy organizations and chief accountants subject to legal requirements. Accordingly, the jurisdiction is assessed as Partially Adopted.

Current Status: Partially Adopted

The Ministry of Finance of Ukraine (MoF) is responsible for establishing public sector accounting standards in the jurisdiction.

According to the World Bank/CFRR PULSE Ukraine assessment (2024), Ukraine applies accrual-basis national public sector accounting standards for the preparation of financial reports of budget institutions, administrators, and social funds, while budget execution reporting continues to be prepared on a cash basis.

The national public sector accounting standards are based on International Public Sector Accounting Standards (IPSAS) and have been progressively modernized as part of Ukraine’s broader public financial management reform agenda.

The reform process has been implemented within the framework of the Strategy for the Reform of the Public Financial Management System for 2017–2020 and the Strategy for the Modernization of the Accounting and Financial Reporting System in the Public Sector through 2025, under which the MoF has continued updating national standards with reference to IPSAS and translating relevant IPSAS pronouncements into Ukrainian.

While Ukraine’s public sector accounting framework is substantially aligned with IPSAS and operates on an accrual basis for core financial reporting, IPSAS in their entirety have not been formally adopted for application by all public sector entities. Accordingly, the jurisdiction is assessed as Partially Adopted.

Current Status: Partially Adopted

The Law on Audit of Financial Statements and Auditing of 2017 establishes the legal framework for the investigation and discipline of auditors and audit entities in Ukraine.

The Audit Public Oversight Board (APOB) is directly responsible for investigating and disciplining auditors and audit entities carrying out statutory audits of public interest entities (PIEs).

The Audit Chamber of Ukraine (AChU), under the oversight of the APOB, is responsible for the investigation and discipline of auditors and audit entities carrying out statutory audits of non-public interest entities.

According to information provided by the AChU, the investigative and disciplinary system for auditors is broadly aligned with the requirements of SMO 6, except that the AChU’s disciplinary committee is composed solely of auditors, which limits full alignment with best practices relating to independence and public interest representation.

Accountancy professionals other than auditors and chief accountants of selected entities are not regulated at the state level but may choose to join a professional accountancy organization and become subject to its disciplinary arrangements.

In 2019, the Ukrainian Federation of Professional Accountants and Auditors (UFPAA) conducted a self-assessment of its investigative and disciplinary system and reported less than full compliance with the requirements of SMO 6. Areas identified for improvement included the separation of investigation and disciplinary functions, linkage with quality assurance review findings, the range of available sanctions, the existence of an independent appeal mechanism, and public transparency of disciplinary outcomes.

Information is not publicly available to demonstrate that all other professional accountancy organizations in the jurisdiction maintain investigative and disciplinary systems aligned with SMO 6 best practices.

Accordingly, the jurisdiction is assessed as Partially Adopted, as an investigative and disciplinary system is established and operational for certain segments of the profession but does not demonstrably meet all SMO 6 requirements across all professional accountants.

Current Status: Partially Adopted

The Law on Accounting and Financial Reporting in Ukraine of 1999, as amended, regulates the provision of accounting services and authorizes the Ministry of Finance of Ukraine (MoF) to establish accounting standards for different categories of entities based on size and public interest considerations.

The MoF is responsible for the translation and publication of IFRS Accounting Standards in Ukrainian. The IFRS Council, established under the MoF, serves as an advisory body and supports the review and proofreading of IFRS translations.

Publicly available information indicates that the MoF has translated and published the 2022 version of IFRS Accounting Standards. (mof.gov.ua)

IFRS Accounting Standards are required for application by publicly accountable entities, including securities issuers, entities whose securities are admitted to trading, banks, insurers, private pension funds, other financial institutions, public joint stock companies, companies engaged in mineral extraction, large entities as defined by law, and other entities designated by the Government.

Other entities are required to apply the National Accounting Standards (NASs) adopted by the MoF or, where permitted, IFRS for Small and Medium-sized Entities, as translated and published by the MoF, together with other regulatory acts issued by the Accounting Methodological Council (AMC) and the IFRS Council.

While the NASs are based on International Accounting Standards and IFRS Accounting Standards, they differ from the international standards and apply primarily to entities that are not publicly accountable.

Accordingly, the jurisdiction is assessed as Adopted, as IFRS Accounting Standards in effect as of the time of the assessment are required for domestic publicly accountable entities in line with the 2026 adoption definition.

Current Status: Adopted

Relevant Organizations

• Audit Public Oversight Body of Ukraine (APOB)
• Audit Chamber of Ukraine (in Ukrainian)
• Ministry of Finance
• National Securities and Stock Market Commission of Ukraine
• Ukrainian Federation of Professional Accountants and Auditors (UFPAA)

Relevant Legislation

• Law on Audit of Financial Statements and Auditing No. 2258-VIII, 2017
• Law on Accounting and Financial Reporting in Ukraine, 1999 (as amended in 2020)
• Law on Joint Stock Companies, 2008
• Law of Ukraine on Financial Services and State Regulation of Financial Service Markets
• NSCMC Regulation On Approval of Procedures on Education and Final Assessment on the Securities Market Specialists in Ukraine No. 215, 1996
• NSCMC Regulation on Defining the Professional Requirements for the Chief Accountants of the Professional Participants of the Securities Market No. 793,” 2013

Relevant Publications

• IFIAR, Member Profile: APOB, 2025.
• IFRS Foundation, “IFRS Application Around the World?Jurisdictional Profile: Ukraine,” July 2022.
• Ministry of Finance of Ukraine, International Code of Ethics for Professional Accountants (including International Independence Standards)
• Ministry of Finance of Ukraine, Translation of IFRS Accounting Standards 2022
• UFPAA, SMO Action Plan, 2020.
• World Bank, Report on the Observance of Standards and Codes (ROSC): Accounting and Auditing—Ukraine, 2008.
• World Bank/CFRR, National Education Initiatives – Ukraine (2019)
• World Bank/CFRR, PULSE Ukraine Report, 2024