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ccounting principles and procedures in Ukraine are regulated by the "Special Rules for the Organization of Accounting in Ukraine" (the "Accounting Rules") approved by Decision No. 250 of the Cabinet of Ministers of Ukraine on April 3, 1993.

he following summarizes a number of the relevant provisions from the Accounting Rules:
(a) Compliance with the Accounting Rules is mandatory for all Ukrainian enterprises regardless of their form of ownership. The Ministry of Finance is responsible for establishing the official accounting methods in Ukraine and is empowered to issue special regulations from time to time regarding the same.
b) Official books and accounting records are to be maintained in the national currency of Ukraine. Transactions in foreign currency are to be recalculated into local currency at the official exchange rate of the National Bank of Ukraine ("NBU") in effect at the moment of the transaction. A parallel entry may be made in the actual currency of the transaction.

(c) The director general of an enterprise is responsible for organizing bookkeeping and accounting procedures. Accounting is carried out by the accounting department, headed by a Chief Accountant, or by an outside organization if the enterprise does not have an accounting department.

(d) The fiscal year for all enterprises begins on January 1 and ends on December 31. For newly organized enterprises, the first fiscal year begins on the date of registration and ends on December 31. If the enterprise is registered later than October 1, its first fiscal year ends on December 31 of the following year.
    Ukraine-Today.com    
 

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