What accounting requirements are there for businesses in Ukraine?
It is a legal requirement that all businesses maintain proper books of accounts for taxation purposes. Although in practice tax officials sometimes refuse accounting that is kept offline, in books, official legislation states that small enterprises, with up to 50 employees, are not legally required to do their accounting online. Nowadays, however, it is of course common practice to do accounting digitally.
Ukraine has implemented a set of accounting requirements under the name of the National Accounting Standards, which are primarily based on the International Financial Reporting Standards (IFRS). According to these National Accounting Standards, a financial year for a Ukrainian enterprise is a calendar year and accounting material destined for Ukrainian tax authorities is to be written in Ukrainian language.
According to KPMG, the key Ukrainian accounting principles are as follows:
Accounting is based on historical costs, which are inflation-adjusted
Directives are provided to maintain a degree of uniformity and continuity of accounts
Accounts are to be composed in accordance to the National Accounting Standards
Information about the adoption of the IFRS in Ukraine is to be found on the website of the Ministry of Finance of Ukraine
This site contains several forms (in Russian) that can serve as a template for your everyday bookkeeping and the settlement of balances at the end of a period.