State-owned enterprise (SOE) Ukrspecexport, part of the Ukroboronprom State Concern, plans from 2019 to switch to international financial reporting standards (IFRS) after an independent financial audit of the company conducted by Baker Tilly, the press service of Ukroboronprom reported on Friday.

According to the report, the audit found that the financial accountability of the special exporter for 2017, compiled with Ukrainian Accounting Standards, reliably reflects the financial condition of the company, its financial results and cash flows for the period in all material aspects, apart from the issues described in the section "Basis for expressing a qualified opinion."

Ukroboronprom said that SOE Ukrspecexport was the first company of the public concern among large SOE incorporated in the concern that conducted an independent financial audit. The choice of the audit company was made in accordance with the criteria for state-owned enterprises of the first group approved by government resolution No. 390 dated June 4, 2015.

"At present, independent financial audits at different stages are held at other companies of the concern. The auditors are given access to all required information and reporting," the concern said.