Accounting Reform in Ukraine

The CIPA Examination in Ukraine Project assisted the Cabinet of Ministers with development of a strategy for implementing International Financial Reporting Standards for all listed joint stock companies, banks, and insurance companies starting 2010.

The project assisted the Ministry of Finance in completing its license agreement with International Accounting Standards Board allowing the Government of Ukraine the rights to publish International Financial Reporting Standards (IFRS) in Ukrainian.

Two professional associations of accountants and auditors established with project support: 1) the Ukrainian Federation of Professional Accountants and Auditors (UFPAA) and 2) the Ukrainian Association of Certified Accountants and Auditors (UACAA). UACAA membership has grown from 42 members (in 2004) to about 1,120 (in 2010). UACAA has become a center of excellence among practicing accountants and auditors, and is self-sustaining.

Comprehension

I. Answer the questions

1. What is successful business to your opinion?

2. What five basic functions do business employees provide?

3. It accounting an important functional area for business?

4. Who are accounting courses important for all professionals?

5. What accounting careers do you know?

6. What problems do not-for-profit accounting units have?

7. What are the main responsibilities of internal auditors?

8. Who are the external and internal stakeholders of business?

9. What are customer satisfaction and employee empowerment?

II. Substitute the words by the definition.

1. It is concerned with issues such as global markets and customer satisfaction.

2. It is the functional area responsible for managing the financial resources of the business.

3. It is often called the language of business.

4. It provides such services as taxation, auditing, management consulting.

5. It refers to accounting in the individual business unit.

III. Talking points.

1. Which occupational area would you like to work in our future job?

2. Explain the difference between private and public accounting?

3. Interview a marketing, management, or finance instructor to determine the role that individuals with these particular backgrounds play within an organization. Describe what you have discovered.

Date: 2015-01-02; view: 901