NSSMC and EU FAAR: together towards international financial reporting standards

The Commission has been consistently implementing EU approaches to financial market regulation. One of the key steps is the launch of electronic financial reporting in XBRL format, implemented under the EU FAAR project with the support of the EU Delegation to Ukraine, in close cooperation with the Ministry of Finance and the National Bank of Ukraine.

In 2020–2024, with the participation of EU experts, the Ukrainian Taxonomy UA IFRS XBRL was created — which is a set of electronic files that allows companies to submit financial reports in accordance with international standards in a single digital format. This is a technical but critically important foundation for transparent interaction between business, government, and investors.

To ensure the full functioning of the new system:

● launched the Financial Reporting Collection Center — a single state hub for receiving and storing company reports in accordance with international standards;
● iXBRL Report – a free software product that enables companies to independently generate electronic reports – was launched;
● implemented a program to improve the qualifications of NSSMC specialists, ensuring the sustainability and further development of the XBRL infrastructure in Ukraine.

An important indicator of Ukraine’s achievements in implementing EU standards was the publication of financial statements by Ukrainian companies on the XBRL International platform. This is not just a technological upgrade, but a real breakthrough in the digitization of financial reporting and integration into the EU financial system.

The NSSMC, the Ministry of Finance, and the NBU continue to work together on the further development of electronic reporting. Starting in 2026, the Commission plans to transition completely to reporting in XBRL format only, submitted through the Collection Center.

We would like to express our sincere gratitude to the EU Delegation to Ukraine, the EU FAAR team (DAI Global), as well as to the Ministry of Finance and the NBU for their joint implementation of this ambitious and strategic reform.

Together, we are creating transparent and effective rules for the capital market.