The EU has funded a five-year, €2.97m technical assistance project “Implementation of EU practices for accounting, audit and financial reporting in Ukraine”, which now came to an end, having successfully supported Ukraine in enhancing the quality and reliability of companies’ reporting and financial data.

"High-quality company financial information is key to underpinning transparency and the business climate in Ukraine, thus facilitating domestic and foreign direct investment in the private sector. By helping Ukraine to match EU norms and best practices in reporting, accounting and auditing, the EU supports not only Ukraine’s EU accession track, but also the future economic growth that would be essential for the recovery and reconstruction after the war ends", - Henrik Huidtfeldt, Head of Section for Public Finance, Business Support, and Social Policies at the EU Delegation to Ukraine, commented.

“Working with the EU-FAAR project, we have advanced on the path of implementing reforms,  and explored international experience in financial reporting, accounting, auditing and the introduction of sustainability reporting. The EU-FAAR project has continued its cooperation under the challenging conditions of martial law in Ukraine, supporting the institutional capacity of regulators. The Ministry of Finance of Ukraine expresses its interest in initiating a new technical assistance project for the period until 2030, as joint policy development in the relevant areas will demonstrate the support of the European Union for the Government of Ukraine”, - Svitlana Vorobey, Deputy Minister of Finance, key EU-FAAR Beneficiary, commented.

Headline achievements supported by the project include: 

• Launching a strategy for a range of reforms to implement new EU requirements for sustainability reporting
• Operationalisation of audit public oversight, evidenced by Ukraine becoming the first country to be admitted as a formal Observer to the Committee of European Audit Oversight Bodies 
• Launching the first financial reporting in a single electronic format (eXtensible Business Reporting Language - XBRL) in Ukraine
• Publication of Ukrainian companies’ electronic format annual financial reporting on the XBRL International hub
• Establishing close relations with a range of European and international peer organisations 
• Facilitating more than 35 events, attended by more than 12,900 participants, and 23 project trainings and study tours with more than 900 participants from project stakeholders

Background information: 

The project was implemented by DAI, a leading global public sector consultancy. Key stakeholders include the Ministry of Finance, the National Securities and Stock Market Commission, the National Bank of Ukraine, the Audit Public Oversight Board and the Audit Chamber.

For additional information, please contact Yulia Yurchenko via Yuliya_Yurchenko@dai.com or at +38  095 727 63 86