Introducing financial reporting in a single electronic format is one of the challenging and priority areas of financial sector reforms supported by EU for the last few years and is an area of cooperation with the National Securities and Stock Market Commission, Ministry of Finance of Ukraine and National Bank of Ukraine.
Currently, this area of EU-compliant reform is implemented by the NSSMC with the support of the EU-funded project EU-FAAR “Implementation of EU Practices for Accounting, Financial Reporting and Audit in Ukraine”.
The cooperation of the NSSMC and the EU-FAAR project is aimed at facilitating implementation of the requirements of the amended Law of Ukraine on Accounting and Financial Reporting. These cover, in particular, the requirement to report reliable and comparable financial data using internationally-recognized IFRS XBRL (eXtended Business Reporting Language) taxonomies.
The introduction of IFRS XBRL reporting brings many benefits, including increasing transparency of financial statements and enhancing investment attractiveness by reporting structured financial data in a single electronic format that will be comparable and compatible with EU and international standards. The XBRL standard is implemented worldwide to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
The NSSMC, together with the project, are effectively and efficiently working on introducing this new reporting format. They are committed to improving reporting in the public interest and joining the international community of countries producing qualitative digital financial reporting. The progress reached through mutual cooperation between NSSMC and EU was recently recognized by XBRL International, the global standard-setting organization.
The upcoming plans for cooperation between NSSMC, MoF, NBU and APOB in the framework of EU-FAAR project were discussed during the second Steering Committee of the EU-FAAR project on February 17th 2021.
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