One of the Big Four auditors will perform the transformation of UDP’s reporting according to IFRS standards!
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Over the past two years, we have become a LARGE ENTERPRISE as defined by the Ukrainian Law on Accounting.
Specifically, our net income from product sales in 2022-2023 exceeds 40 million euros, the balance sheet value of assets is 20 million euros, and we employ more than 250 workers.
Therefore, according to the law’s requirements, UDP is obliged to transition to international financial reporting in 2024. However, to obtain financing from international partners, this alone is insufficient. We need consolidated reporting according to IFRS standards for the last two years. Not only for UDP but also for all our subsidiaries.
That’s why we are engaging the world’s best consultants and jointly preparing the report for the last two years.
At the same time, we are starting the training of our employees so that in the future, they can independently prepare IFRS reports.
An important component of forming international standard reporting is the evaluation of assets. The process was initiated in December. We plan to complete the evaluation according to IFRS standards in March.
Why is the availability of IFRS so important to our investors?
IFRS allows an investor from any country to understand the business in which they are investing or have already invested.
I have no doubts that UDP is the best investment opportunity, so we are eagerly awaiting the completion of the consultants’ work.
