Digital financial reporting: NSSMC presents an approach to integrating IFRS into XBRL

Representatives of the National Securities and Stock Market Commission participated in the international conference Global Changes 2026: IFRS, Taxes, and Security, discussing the development of financial reporting in Ukraine and its harmonization with EU approaches.

Vitaliy Bezkrovny, Head of Operation of the XBRL Financial Reporting Collection Center Division of the NSSMC, spoke about the Commission’s role in the implementation of electronic financial reporting and the integration of International Financial Reporting Standards (IFRS) into XBRL format.

According to him, IFRS are based on principles and the professional judgment of an accountant, which allows for flexible disclosure of financial information but at the same time makes it difficult to compare data across different companies. That is why XBRL format was introduced globally — an electronic language for financial reporting that allows financial data to be structured and each indicator to be marked with specific tags. This enables the rapid processing of large volumes of financial information, its analysis, and its use for making investment and regulatory decisions.

In Ukraine, the implementation of XBRL is carried out by the Financial Reporting Collection Center, coordinated by the NSSMC in cooperation with the Ministry of Finance of Ukraine, the National Bank, the State Tax Service, the State Statistics Service, and the Public Oversight Authority for Auditing Activities (OSNAD).

An important component of the system is the IFRS Taxonomy — an electronic catalog of financial reporting elements and the rules for their marking. It is the taxonomy that defines the structure of financial data in XBRL format and ensures its comparability and the possibility of automated analysis. At the same time, the number of indicators provided for by the taxonomy significantly exceeds that of traditional financial reporting forms, ensuring a more detailed disclosure of financial information.

As Vitaliy Bezkrovny noted, submitting financial statements in XBRL format is already mandatory for companies that apply IFRS. This approach not only increases the transparency of financial data but also introduces new requirements for the accounting profession, since working with electronic reporting also requires digital skills.

He also emphasized that the development of electronic financial reporting is a key element of Ukraine’s integration into the European financial area and creates the necessary conditions for boosting investor confidence and attracting investment in the recovery and development of Ukraine’s economy.