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On March 19, 2024, Yurii Shapoval, Commissioner, chaired the eighth meeting of the Committee of 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 Audit Public Oversight Body of Ukraine, are working on the introduction of financial statements in a single electronic format according to the UA IFRS XBRL taxonomy.

«Together with our colleagues, we are constantly working to improve the mechanism for preparing and submitting financial statements. The NSSMC strives to make this process as unified and complete as possible, but at the same time to make it as simple and convenient as possible for all participants», – emphasized Yurii Shapoval.

The meeting noted the progress made in improving financial reporting in a single electronic format, including the joint development of the next annual electronic format of the UA IFRS XBRL Taxonomy for further use by reporting entities in preparing annual and interim financial statements.
They also discussed further plans for cooperation between the NSSMC, the Ministry of Finance, the NBU and APOB within the EU-FAAR project to develop the electronic format of the UA IFRS XBRL Taxonomy 2023, which will be used by reporting entities in the preparation of financial statements in electronic format for 2023, as well as the prospects for the introduction of corporate sustainability reporting in the future.
For more 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.

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