Systematization of processes: The Government approved the Procedure for the Functioning of the Financial Reporting Center

The NSSMC (National Securities and Stock Market Commission) informs that on 11.08.2023, the Cabinet of Ministers of Ukraine approved the Procedure for the Functioning of the Financial Reporting Collection Center by Resolution No. 845 (https://www.kmu.gov.ua/npas/pro-zatverdzhennia-poriadku-funktsionuvannia-tsentru-zboru-finansovoi-s845-110823).

The Procedure was developed at the initiative of the NSSMC and is aimed at:
– regulatory and technical support for the functioning of the Financial Reporting Collection Center,
– defining its basic organizational principles of functioning,
– establishing the function of the NSSMC within the operational management of the Center,
– defining the basic principles of acceptance of financial statements and consolidated financial statements,
– determining the NBU’s powers to establish requirements for disclosure of certain financial reporting indicators in XBRL format by banks and non-banking financial services market participants (whose regulation is within the NBU’s powers)
– determining the NSSMC’s powers to set disclosure requirements for participants in capital markets and organized commodity markets.

The adoption of this resolution by the Government ensures the functioning of reliable and efficient capital markets and the strengthening of the domestic financial services market. This is another step towards Ukraine’s integration into the global financial environment through the application of a unified financial reporting system based on the international financial reporting taxonomy.