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Results of the IFRS Forum "Through transparency to sustainable development"

30 July 2020

In July, IFRS Forum - 2020: "Through transparency to sustainable development: new realities of the profession" was held, which was organized by the Federation of Professional Accountants and Auditors of Ukraine (FPBAU) and the Audit Chamber of Ukraine (APU).

BDO in Ukraine acted as the general partner of the event.

The Forum was dedicated to the professional holiday - the Day of the Accountant and Auditor of Ukraine.

Since the event was held remotely, the auditors, accountants, financial directors and heads of enterprises from all over Ukraine could take part in it.

For three days, 400 attendees have been listening to 34 speakers, including representatives of BDO in Ukraine.

Alla Savchenko - President of BDO in Ukraine, was moderating the Digital Transformation section. Alla noted the importance of studying international experience and the resource that exists in Ukraine. She has also advised to deal with the issues of business digitalization, without delaying for the future.

Katerina Rafalskaya, IFRS partner, spoke about the system for implementing XBRL reporting. Katerina also shared information about the issues that were discussed at the "25th European XBRL Digital Week".

Andrey Borenkov, Head of Advisory, together with a representative of the partner company ImuniWeb, discussed issues of business cyber security. What should you pay attention to first of all, so as not to address the consequences of cyber attacks, but to prevent their onset.

Another colleague of ours, Tatiana Parkhomchuk, Head of business analytics department, talked on "Symbiosis of management and accounting in SAP Business One." SAP Business One is an ERP system that helps automate processes in a company. And Tatiana told how this program can significantly simplify the work of accountants and auditors, as well as the significant competitive advantage that it gives today.

Phillip Arrow was invited as a special guest from BDO France. Phillip focused on the specifics of the work of accounting and audit specialists, on the risks and challenges in the profession that arise in connection with COVID-19 and, in general, with the transition of professional activities to the digital era.

Other issues were covered during the forum:

  • Regulatory innovations and warnings
  • IFRS / XBRL reporting: recent trends
  • Non-financial reporting: is it important?
  • Audit: present and future
  • Tax innovations and warnings
  • Updated educational standards for professional accountants and Code of Ethics
  • The power of digital transformation of the accounting profession

Just to mention that this was not the first IFRS Forum held by the Federation of Professional Accountants and Auditors of Ukraine. It is organized every year and brings together the best representatives of business areas to share their experience and discuss current issues.

More information about the forum results can be viewed here.