On February 24, the Verkhovna Rada of Ukraine adopted the Law of Ukraine "On Amendments to Article 9 of the Law of Ukraine 'On Accounting and Financial Reporting in Ukraine' Regarding the Simplification of the Execution of Primary Documents for the Provision of Services".

The changes will introduce significant simplifications to the documentation of business transactions, including:

• the company's right to prepare primary documents without specifying the job titles and surnames of the responsible persons and without requiring signatures of authorized persons; accordingly, the preparation of work / service acceptance certificates signed by both parties to the transaction will no longer be mandatory;

• the possibility of issuing invoices (bills) based on completed transactions for settlement purposes, which will be sufficient for recording such transactions in accounting records.

This rule will apply exclusively to three types of business transactions:

• services;

• works;

• lease.

It may be used from the first day of the month following the month in which the aforementioned law is published.

However, the above simplified documentation procedure may not be applied to transactions involving:

• funding from the state or municipal budgets;

• lease of state-owned or municipal property;

• construction contracts;

• design and survey works;

• donations or humanitarian aid.

The adopted law is currently awaiting the signature of the Chairman of the Verkhovna Rada of Ukraine before being forwarded to the President of Ukraine. The law must be signed and officially promulgated, or returned for reconsideration, within 15 days of its receipt.