In today’s world, where globalization is growing day by day, attracting investment is becoming one of the key strategies for a country’s development. In this context, initiatives aimed at improving access to financial information of enterprises are gaining importance. One of such initiatives is the integration of open data of financial statements of Ukrainian companies into the international database XBRL International, which will help improve the investment climate in Ukraine and provide international investors with access to business reports of Ukrainian companies.
XBRL International, as an international non-profit organization, plays a key role in ensuring transparency and improving business reporting around the world. The organization has an important mission to promote the development of electronic reporting standards that allow companies to publish their financial information in a clear and uniform format.
One of the initiatives of XBRL International is the creation of a public website https://filings.xbrl.org. This initiative is aimed at creating a single point of access to financial information in a clear and convenient format. This website is a unique resource where financial reports of companies from around the world are published. Here investors, analysts, and other stakeholders can access financial information, compare data between different companies, and make an objective analysis. The idea of introducing a single point of access to corporate financial information for investors was supported by the European Union, and the experience of the international financial reporting database was taken into account when the European Securities and Markets Authority (ESMA) decided to introduce the European Single Access Point (ESAP).
Since November 2023, there has been a significant overcoming of barriers to access to financial information of Ukrainian companies due to the integration of open data previously available on the website of the Financial Reporting System of Ukraine (https://frs.gov.ua/). This data is now available on the international financial reporting portal XBRL International.
«Integration of open data of financial statements of Ukrainian companies into the international portal XBRL International is a key step to ensure accessibility and transparency of financial information. Such an initiative is important for the post-war development of Ukraine, as it contributes to the creation of a favorable investment climate and the development of Ukrainian business in the international market. We are confident that this initiative will contribute to the development of Ukrainian business in the international market and building an open and competitive economy of the country», said Yurii Shapoval, Commissioner.
Submission of Ukrainian financial statements to the international portal XBRL International opens up huge opportunities and prospects for Ukraine. Firstly, it is an important prerequisite for Ukraine’s further integration into the global financial environment and accession to the European Single Access Point (ESAP). This step will allow Ukraine to become part of a single European financial reporting area, contributing to the unification of standards and improving openness and transparency standards.
Second, such integration will open new horizons for the development of the Ukrainian economy and improve the country’s investment climate. Attracting international investment is a key element for stable economic development and support for innovative projects in any country. This integration will create favorable conditions for foreign investors and contribute to Ukraine’s influential participation in the international business community.
According to Vitalii Bezkrovnyi, Head of the Department for the Functioning of the XBRL Financial Reporting Center, this initiative will provide an opportunity to assess the technical capability of the Financial Reporting System software to join ESAP, which will become mandatory after Ukraine joins the European Union. This means that Ukraine will be ready to implement European standards and norms in the field of financial reporting and auditing, which will contribute to the development of the Ukrainian financial system and increase its competitiveness in the global market.
Such an initiative could be implemented as a result of cooperation between the NSSMC and the EU technical assistance project «Implementation of EU Practices for Accounting, Financial Reporting and Audit in Ukraine» (EU-FAAR), which most effectively helped to establish mutual understanding between Ukrainian and European experts, as well as exchange of best practices and best practices. The most important result of cooperation with this project, implemented by DAI, is the creation of a stable and efficient accounting and auditing system in Ukraine that meets international standards. Most importantly, the implementation of European standards will increase transparency and trust in Ukraine’s financial sector, contributing to economic development and maintaining stability in the country.
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