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Third annual Ukrainian Financial Leadership Summit held; sponsored by Deloitte

On 25-27 September 2012, the Ukrainian Financial Leadership Summit, organised by Adam Smith, was held in Kyiv for the third consecutive year. In its three years, the Summit has already become the leading communication platform for professionals in the Ukrainian financial sphere. Among the speakers at the Summit were CFOs of leading Ukrainian enterprises and banking institutions, such as SCM, Smart Holding, Group DF, TNK-BP, Vinner Group, Unicredit Bank and many more.

This year’s event was sponsored by Deloitte. Given the fact that the implementation of international financial reporting standards (IFRS) across businesses  has become one of the most important topics in the present-day financial environment, Deloitte specialists held a one-day seminar during  the Financial Leadership Summit, dedicated to analysing some of the key issues facing CFOs during the implementation of IFRS in Ukrainian enterprises. The seminar was conducted by some of Deloitte’s senior managers, Yevgenia Nogovitsyna and Olga Shamrytska.

While we were working on our seminar programme, we tried to look at the process of IFRS transition through the CFO’s eyes. Therefore, top priority was given, not to the IFRS transition technique, but to the numerous pitfalls often facing companies during their transition process. Among the key aspects of IFRS transition discussed during the seminar were the division of roles and responsibilities between the financial department and operating units of the company, the technical capacity of software, the quality of analytical information, the availability of qualified personnel, the companies’ readiness for transparency and much more”, said Ms. Nogovitsyna. 

However, Ms. Shamrytska is confident that all efforts aimed at overcoming these difficulties are entirely justified: "It’s like a free pass to a new ‘adult life’ for businesses. The implementation of international standards within a company allows its management to find a common language with the representatives of financial institutions and investors around the globe, giving the company access to cheaper resources and enabling it to gain public trust.”  

Dmitriy Anufriev, a Partner from Deloitte’s Corporate Finance Services department, took on the role of moderator during a debate on the subject of the increasing role of private equity funds as a source of financing. The debate was attended by a number of leading investment funds, including Horizon Capital, Advent International Ukraine, A1 and Tungsten Capital. The debate touched upon the issues of added value introduced by investment funds, approaches to making investment decisions under the current conditions, the directions in which the Ukrainian companies can increase their investment attractiveness for private equity funds, and the expectations of portfolio companies’ CFOs.

Due to the difficult economic conditions, Ukrainian companies’ management, and CFOs in particular, face a number of challenges, which include planning their companies’ operations with a degree of uncertainty, maintaining constant control over expenses and the effectiveness of business processes, and searching for optimal sources of debt and equity financing”, emphasised Mr. Anufriev. He added that in times of economic instability the CFO’s role is becoming increasingly important; however, there is also a significant increase in what is required of a CFO. “This is why Deloitte’s professionals go the extra mile to share our firm’s global experience and knowledge in the financial management sphere and provide support to our clients at all stages of the company’s activity”, the Deloitte Partner stated.


Ruslana Pisotska
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