The project, which is named "Implementation of EU practices for accounting, financial reporting and audit in Ukraine", will help the Ministry of Finance of Ukraine and Regulators to build accounting and audit policies, and procedures to ensure trustworthiness and appropriate quality of financial reports and audit services. The project will also facilitate best practice regulation of company accounting (Component 1), auditing (Component 2) and electronic filing of company accounts (Component 3)

Enhancing transparency and business climate, thus facilitating domestic and foreign direct investment in the private sector, as well as closer integration of Ukraine into the European and global economies.

• More reliable, trustworthy and standardised accounting data and financial statements are available from commercial entities and are critically verified by competent auditors, in line with international audit standards and best EU and international practices;
• Financial reporting and auditing rules developed for different types and sizes of entities, as required by the Law of Ukraine "On accounting and financial reporting".
• Ukraine's audit oversight regime is recognised by the EU as "equivalent" or "adequate" (meaning that the Ukraine’s statutory auditors and audit firms listed on the market of a Member State but headquartered in Ukraine can be exempted from being subject to a Member State's oversight system, when the Commission has assessed beforehand that third country's oversight system and reaches the conclusion that it ensures similar "equivalent" high-quality audits to those carried out in the EU).
• Electronic disclosure of standardised financial statements is implemented by all entities, from which it is required by the Law on Accounting and Financial Reporting.