UDP is switching to international financial reporting due to the requirements of the law

One of the Big Four auditors will perform the transformation of UDS reporting in accordance with International Financial Reporting Standards.

The UDS net income from the sale of products in 2022-2023 exceeds EUR 40 million, the book value of assets is EUR 20 million, and the number of employees is more than 250, the UDS reported.

Therefore, according to the requirements of the Law, the UDS is obliged to switch to international financial reporting in 2024. But this is not enough to receive financing from international partners. Consolidated reporting according to IFRS standards for the last two years is required. Not only for UDS, but also for all its subsidiaries.

Therefore, the UDS engages the auditor of the Big Four to jointly prepare a report for the past two years.

At the same time, the company is starting to train its employees so that in the future they can independently formulate IFRS.

Property valuation is an important component of international model reporting. The process has been running since December. UDS plans to complete the IFRS assessment in March.

IFRS allows an investor from any country to understand the business in which he invests or has already invested.

Previously, USM reported that the UDS had renamed vessels bearing Russian names, focusing on the Ukrainian cities under occupation.

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