Yurii Shapoval, Commissioner: The use of XBRL format has a positive impact on attracting investment to Ukraine

Yurii Shapoval, Commissioner, took part in the regular meeting of the Steering Committee of the EU-FAAR project «Implementation of EU Practices for Accounting, Financial Reporting and Audit in Ukraine».

Within the framework of the project, NSSMC, together with the National Bank of Ukraine, the Ministry of Finance of Ukraine, and the Public Oversight Body for Audit Activities, continue to work on the introduction of financial statements in a single electronic format according to the UA IFRS XBRL taxonomy.

During the working meeting, the progress made in improving financial statements in a single electronic format was noted. In particular, the plans to release the next version of the electronic format of the UA IFRS XBRL Taxonomy in the near future for further use by reporting entities in preparing financial statements in electronic format.

The meeting also discussed the necessary steps of cooperation between NSSMC, the Ministry of Finance, the NBU and OSNAD within the EU-FAAR project to further implement reforms in the field of accounting and auditing, as well as the prospects for introducing corporate sustainability reporting.

In addition, last week, the first training sessions were held for NSSMC and NBU staff to strengthen their capacity to update the annual electronic taxonomy formats.

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EU-«Implementation of EU Practices for Accounting, Financial Reporting and Audit in Ukraine» is a project funded by the European Union and implemented by a consortium led by DAI, aimed at ensuring the implementation and strengthening of reforms in the areas of accounting, auditing and financial reporting.