On April 18, 2018, Tetiana Novytska, CFO of Arricano Real Estate Plc, took part in the IFRS Forum - the II Conference «IFRS: Implementation Practices», an important business event for professionals responsible for preparing financial statements in accordance with international standards.
IFRS Forum speakers - representatives of KPMG in Ukraine, EY, Finance Solutions Group, Velta Llc, Poznyakyzhylbud and others - presented their results and international developments on innovations in IFRS, approaches for the optimization of reports preparation, ways to counter fraud, shared experience in preparing reports, experience of transition to IFRS and other practical cases.
Tetiana Novytska made a presentation on «IFRS: Budget Development Experience and Practical Suggestions», which focused on the competent budget development organizational issues, on the need to integrate the budget with the company's key business processes, on the relevance of building a model and the procedure for reconciling the budget with departments. The speaker cited the example of Arricano, which uses the digital document management system, including, among other things, the transactions' initiation and coordination with the budget, as well as the reporting system for IFRS and management accounting with automated budgeting process. In Arricano, which has been a public company since 2013, the company's development strategy, including the financial strategy, is the basis for decision-making, for the innovations' introduction, including in financial matters.
CFO of Arricano stressed the importance of financial literacy in the modern world. Tetiana believes that being financially sophisticated is a necessary competence for all non-financial professionals, who are in contact with budgets in companies with IFRS-statements. «In order to improve the financial literacy, at Arricano we use the systematic approach and the entire set of tools - from individual explanations, special thematic trainings on the basics of finance and accounting, to the creation of regulations and instructions that contribute to understanding, clarity and speed of the budgeting process», - Tetiana Novytska shares her experience.
International financial reporting standards are among the tools that influence the investment climate improvement in the country, the increase of confidence in companies from foreign investors. «The IFRS in Ukraine are not obligatory for all companies, but those companies that have implemented or are implementing this system demonstrate a readiness for fundamental changes and their choice of a civilized way of development», - sums up CFO of Arricano.