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. Last Updated: 07/27/2016

Kiev Accounting Law

KIEV -- Ukraine plans to pass by May a law on transition to International Accounting Standards from currently used Soviet-era methods, an official from parliament's committee on economic policy said Wednesday.

"A draft law on new accounting standards has already been discussed in our committee," said Yury Yekhanurov, the panel's deputy head. "We plan to submit it to parliament for the first reading in March and adopt it sometime in May."

He said Ukrainian accountants will be trained by year's end to work with the new standards.