Ukraine—Implementation of EU Practices for Accounting, Financial Reporting, and Audit

[Since the Russian invasion in February 2022, DAI’s programs in Ukraine have had to adapt their modes of operation and in some cases their underlying activities and objectives. This project description remains generally accurate but should be read with that caveat in mind.]

Economic and political turbulence in Ukraine’s recent past have not only disrupted the country’s macroeconomic and financial stability, but also undermined its investment climate, access to financial services for citizens and businesses, trade performance, and job creation.

The European Union (EU)-funded project works to address the various technical barriers that stand in the way of Ukraine’s economic development and success. Ukraine’s public and private sectors require further reform to develop an economy that can deliver balanced and sustainable growth that brings the country closer to Europe.

The project aims to enhance Ukraine’s transparency and business climate, facilitating domestic and foreign direct investment in the private sector and more closely integrating Ukraine into the European and global economies. Improvements to Ukraine’s business and investment climate will make the country a more attractive destination for the new capital needed to transform the economy and place state finances on a stable foundation.

Sample Activities

• Harmonize legislation to remove the outstanding discrepancies between the updated Accounting Law and other legislation.
• Implement regulations (such as bylaws, instructions, and manuals) developed for the amended Law of Ukraine on Accounting and Financial Reporting.