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International Financial Management

The “Reverse” Route to Nasdaq: An Accounting Paradox Opening Doors for Ukrainian Business

The “Reverse” Route to Nasdaq: An Accounting Paradox Opening Doors for Ukrainian Business

Discover the "Backdoor Listing" strategy to Nasdaq via SPAC. A CFO explains the accounting of Reverse Mergers, IFRS 3 implications, and navigating NBU restrictions.
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06.11.2025Tags: Business Management, Financial analysis, Financial Planning, IFRS, Strategic Planning
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Contents

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  • A Practical Strategy: “Backdoor Listing”
  • Reporting Algorithm: The CFO’s Paradox
    • Step 1: Who Actually Bought Whom? (IFRS 3)
    • Step 2: Did We “Buy” a Business or a Listing? (IFRS 3 vs. IFRS 2)
      • Scenario A: The “Shell” Is a Real Business (e.g., a smaller operating company)
      • Scenario B: The “Shell” Is a SPAC (Only Cash and Listing)
    • Step 3: The Paradox in Separate Financial Statements (IAS 27)
  • Advantages and Risks for a Ukrainian Company
    • Advantages:
    • Risks and Mitigation:
  • How to Navigate NBU Currency Restrictions?
    • Tax Implications? Absolutely.
  • Conclusion
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