Increasing number of Ukrainian companies face the necessity to bring their financial records and reporting systems in line with internationally recognized standards and requirements (IFRS) (IAS).

The need to adopt IFR Standards as a part of corporate practice is usually dictated by the targets which business wants to achieve. This may include:
• Flotation plans especially when flotation is planed to be on an internationally recognized market;

• Increasing corporate governing standards and transparency of business to potential private investors or allowing to benefit from excess to Western debt instruments;

• Improving quality of management which allows making an informed decision which effects company’s long term obligation.

A correct assessment of long-term obligations carried by a particular business includes specific issues which can not be recognized by a company accountant or financial director. Mostly such issues rise in connection with long term obligations to its own employees incurring as a result of local legislation effect applicable in a given territory. Therefore following International Standards:

• IFRS 19 “Employee Benefits” and
• IFRS 26 “Accounting and Reporting by Retirement Benefit Plans”

presuppose involvement of professional actuaries who help to bring the entire picture in line with unified reporting system.