NSSMC will update financial reporting requirements: market participants are welcome to discuss

On 08 August 2025, the Commission, at its meeting, approved a Resolution that removes ambiguity in the submission of financial statements to the Commission as part of reporting data or when providing administrative services and establishes that, in accordance with the Law of Ukraine “On Accounting and Financial Reporting in Ukraine,” financial statements and consolidated financial statements in accordance with international standards are prepared on the basis of the financial reporting taxonomy in accordance with international standards (a single format for the preparation and presentation of financial statements — XBRL).

It is expected that from November 2025, all participants in the capital market and organized commodity markets that prepare financial statements in accordance with international standards will have the right not to submit financial statements to the Commission, but will be required to submit financial statements exclusively in XBRL format to the Financial Reporting Collection Center (FRCC), as provided for by Cabinet of Ministers of Ukraine Resolution No. 419 dated 28 February 2000 (as amended by the Cabinet of Ministers of Ukraine Resolution No. 1327 dated 29 November 2022).

Why this is important

According to the Cabinet of Ministers of Ukraine Resolution No. 419 dated 28 February 28 2000 (as amended by the Cabinet of Ministers of Ukraine Resolution No. 1327 dated 29 November 2022), financial statements prepared in accordance with international financial reporting standards had to be submitted to the FRCC in XBRL format. However, by the Commission’s regulatory acts governing some market segments (asset management companies (KUAs), traders, depository institutions, etc.), even before the entry into force of the Law of Ukraine No. 2115 dated 03 March 2022 “On the Protection of the Interests of Entities Submitting Reports and Other Documents during Martial Law or a State of War” and amendments to the Law of Ukraine “On Accounting and Financial Reporting in Ukraine” No. 2435-IX dated 19 July 2022, the requirement for enterprises to submit their financial statements in XML format was already introduced.

Therefore, until the Law of Ukraine No. 4196 dated 09 January 2025 “On the Specifics of Regulating the Activities of Legal Entities of Certain Organizational and Legal Forms During the Transition Period and of Associations of Legal Entities” comes into force (on 28 August 2025), enterprises still have had the right not to submit to the Commission financial statements as part of their reporting data, and if they choose to submit them, they are allowed to choose the format for disclosing data to the Commission.

After the new version of the Law of Ukraine No. 4196 comes into force (on 28 August 2025), the process of preparing, submitting, and publishing financial statements will have to be brought into full compliance with legal requirements, namely the Law of Ukraine “On Accounting and Financial Reporting in Ukraine,” as well as the Cabinet of Ministers of Ukraine Resolutions No. 419 dated 28 February 2000, and No. 845 dated 11 August 2023.

What changed:

•⁠ ⁠The requirement to submit financial statements in XML format for companies that prepare financial statements in accordance with international standards is abolished.
•⁠ ⁠The only mandatory format for all companies that prepare financial statements in accordance with international standards is XBRL, and submissions are made to the Financial Reporting Collection Center.

You are welcome to join discussion

The NSSMC is open to dialogue with market participants. We invite all professional participants to join the discussion of changes to ensure that the transition is as clear as possible and without technical difficulties.

Proposals and comments are accepted until 05 September 2025 at: [email protected]

You can find the draft Resolution following the link.