The NSSMC makes public the Ukrainian taxonomy of financial reporting - the composition of the articles and indicators of financial reporting that are subject to disclosure by publicly owned enterprises. The publication of taxonomy on the site of the Commission and other regulators is the first concerted step in the introduction of a modern reporting system in Ukraine that is in line with the standards of economically developed countries.
XBRL's electronic reporting system simplifies reporting to enterprises, eliminates duplication of reporting by various government agencies, improves reporting and increases the effectiveness of oversight.
Taxonomy link: https://www.nssmc.gov.ua/documents/ua-xbrl-ifrs-2018/
Kateryna Rafalskaya, Director of the NSSMC Department states: "Implementation of the modern reporting system takes place according to the plan. The disclosure of the taxonomy we have been developing for more than two years will enable us to ensure the timely transition of financial, insurance companies, banks, and large businesses to reporting in XBRL format. "
Timur Khromaev, the chairman of the NSSMC said: "The transition to XBRL reporting will not only significantly improve the effectiveness of financial regulation in the country, but will also simplify data analysis, in particular, from foreign investors. The data is easy to machine and is a universal business language, easy to understand in all corners of the world. Ukraine becomes more open and accessible to investors ".
The system for submitting financial reporting in a single electronic format, XBRL, is being implemented by the NSSMC in Ukraine with the support of the USAID Transformation Financial Sector Project and the EU-FINSTAR Program.