Yurii Shapoval, Commissioner, took part in a regular meeting of the EU-FAAR project

Yurii Shapoval,Commissioner, participated in a regular meeting of the Steering Committee of the EU-FAAR project «Implementation of EU Practices for Accounting, Financial Reporting and Audit in Ukraine».

The meeting participants welcomed the Resolution of the EU Delegation to Ukraine to continue EU support for reforming the accounting and auditing sector within the EU-FAAR project «Implementation of EU Practices for Accounting, Financial Reporting and Audit in Ukraine».

Within the framework of the project, the NSSMC, together with the National Bank of Ukraine, the Ministry of Finance of Ukraine, and the Public Oversight Body for Audit Activities, continue to work on the introduction of financial statements in a single electronic format according to the UA IFRS XBRL taxonomy.

The meeting noted the progress made in improving financial statements in a single electronic format, including plans to release in the near future the next version of the electronic format of the UA IFRS Taxonomy XBRL for further use by reporting entities in preparing financial statements in electronic format.

The meeting also discussed further plans for cooperation between the NSSMC, the Ministry of Finance, the NBU, and OSNAD within the EU-FAAR project to further implement reforms in the field of accounting and auditing, as well as the prospects for introducing corporate sustainability reporting.

Background information:
EU-FAAR «Implementation of EU Practices for Accounting, Financial Reporting and Audit in Ukraine» is a project funded by the European Union and implemented by a consortium led by DAI, aimed at ensuring the implementation and strengthening of reforms in the areas of accounting, auditing and financial reporting.