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The accounting reform program in Ukraine was developed in early 1998, with the objective of introducing international accounting standards into the economic and legal environment. As a part of this program, important changes were planned for the financial reporting framework in the country; however, according to a 2007 paper by Gorizkaya, this objective was not achieved. On October 24, 2007 the Cabinet of Ministers approved a new Strategy on Application of International Accounting Standards in Ukraine. The new Strategy, according to Gorizkaya, envisions introduction of IFRSs on a state level through the amendment of existing laws and regulations, preparation of an official translation of the 2008-2009 version of IFRSs, development of simplified accounting requirements for small enterprises, and raising of the educational level of accountants, among other issues. According to the Strategy, by 2010 IFRSs will be required for the preparation of consolidated accounts of listed companies, banks, and insurance companies. The Strategy also specifies that IFRSs applicable in Ukraine will be those approved by Regulation No 1606/2002 of the European Parliament and of the Council. It is anticipated that other companies will be permitted to use international standards or Ukrainian Accounting Standards (UASs), which are expected to be revised and expanded to correspond to IFRSs. Although based on IFRSs, UASs differ from IFRSs in a number of important areas, according to a number of publications on the subject.

According to the 2007 Ukrainian Federation of Professional Accountants and Auditors (UFPAA) self-assessment, under the Law on Auditing Activities, audits have to be conducted in accordance with auditing standards based on International Standards on Auditing (ISAs) issued by the International Federation of Accountants (IFAC) and approved by the Chamber of Auditors (UCA). In turn, the UCA through the Resolution No. 122 "On the Procedure for Applying IFAC Standards on Auditing and Ethics" adopted IFAC standards on auditing and ethics as national standards. According to a 2007 UFPAA self-assessment, the most recent translation of ISAs was finalized in 2006 by an Expert Committee. The Ukrainian Association of Certified Accountants and Auditors stated that the revised 2006 IFAC Code of Ethics was also translated. A 2007 PricewaterhouseCoopers Doing Business Guide states that the following types of entities are required to have their financial statements audited: banks, insurance companies, joint stock companies, bond issuers, investment funds, trusts and other financial enterprises, brokers and traders, and other companies that are required to publish their financial statements, while entities not falling within these categories are under no legal obligation to perform an audit.