On 6 August 2020, senior representatives from the Audit Public Oversight Body participated in the first Steering Committee meeting of the EU-funded project “Implementation of EU Practices for accounting, financial reporting and audit in Ukraine” (EU-FAAR). Also present were representatives from EU Delegation to Ukraine, from the EU Support Group for Ukraine in Brussels, the Ministry of Finance of Ukraine, the National bank of Ukraine, National Securities and Stock Market Commission and the project team.
The EU-FAAR project is an EU-funded project which will continue up to January 2023 providing targeted EU support for deepening of reforms in the areas of accounting, audit and financial reporting. The project will assist key counterparts to help to facilitate:
- More reliable, trustworthy and standardised accounting data, and financial statements made
available from commercial entities that are verified by competent auditors. This is in line
with international standards and the best EU and international practices; - Ukraine’s audit oversight regime being assessed for recognition by the EU as “equivalent” to the EU requirements;
- Electronic disclosure of financial statements by all relevant entities in the single electronic format as required by the Law of Ukraine “On accounting and financial reporting”.
