Reporting in XBRL format: new requirements in play for commodity exchanges

The NSSMC amended the Regulations on the procedure for compiling, submitting, and publishing reporting data by commodity exchanges. Among other things, once the Resolution comes into force, they will be required to submit financial and audit reports in XBRL format.

The purpose of these changes is to harmonize the procedure for submitting financial reports by commodity exchanges with the requirements established for all professional participants in the capital market in accordance with Ukrainian legislation and international standards.

Here are the main changes coming into effect on 01 November:
● commodity exchanges are required to submit financial and audit reports in XBRL format, in accordance with the taxonomy of financial reporting under international standards;
● reports will be submitted through the Financial Reporting Collection Center, administered by the NSSMC.

Note that switching to reporting in XBRL format will be taking place gradually. The Commission continues to work to improve the quality of financial reporting, ensure effective supervision of capital markets and organized commodity markets, and promote transparency and confidence in financial information.