JEVERA is working on the development of software for financial reporting in iXBRL format

In June, companies of public interest will be able to compile their reports in a new format

Ukrainian IT company JEVERA has been selected to develop software that will allow public interest entities to prepare financial statements in iXBRL format in accordance with the UA IFRS XBRL taxonomy. Software development is expected to be completed in June this year.

In accordance with the requirements of the Law of Ukraine “On Accounting and Financial Reporting in Ukraine”, public interest entities, from January 1, 2021 must submit financial statements through a “single window” to all regulators in a unified electronic format iXBRL, prepared in accordance with Taxonomy UA XBRL IFRS. The financial reporting system is created on the basis of the Financial Reporting Collection Center, the operational management of which is carried out by the NSSMC.

The software development was commissioned and funded by the USAID Financial Sector Transformation  Project at the request of the National Securities and Stock Market Commission and other government institutions that are users of the Financial Reporting System, including the Ministry of Finance of Ukraine, the National Bank of Ukraine, Natskomfinposlug, and the Civil Service statistics. The request to purchase software development services was announced in December 2019 and lasted until January this year.

Information

JEVERA has been successfully developing software for business both in Ukraine and abroad for ten years. More than 70 IT specialists work on the development of comprehensive corporate solutions for the company’s customers.

The Law of Ukraine “On Accounting and Financial Reporting in Ukraine” includes large enterprises, banks, insurance companies, private pension funds, other financial institutions (except those belonging to micro and small enterprises), credit enterprises, which are of public interest, unions, joint-stock companies, the shares of which have been publicly offered and / or the shares of which have been admitted to trading on the stock exchange, certain business entities operating in the extractive industries. The total number of such enterprises is about 5,000.

In December 2019, the Ministry of Finance of Ukraine approved the Ukrainian taxonomy of financial statements Taxonomy UA XBRL IFRS 2019 – the composition of items and indicators of financial statements to be disclosed by reporting entities.