Financial sector regulators promote financial reporting by Ukrainian companies under international standards

The USAID Financial Sector Transformation Project officially transferred to the National Securities and Stock Market Commission (NSSMC) software that will allow 5,000 – 7,000 Ukrainian public interest entities to prepare financial statements in standardized iXBRL electronic format, in accordance with the UA XBRL IFRS Taxonomy. The NSSMC will make the software available free of charge.

XBRL (eXtensible Business Reporting Language) is a world standard of business information exchange. The National UA XBRL IFRS (International Financial reporting Standards) Taxonomy was first developed by the Ministry of Finance of Ukraine in 2018.

“The financial market will very soon see a new, modern period of submission of financial reporting by companies of public interest, which will take place with significantly new rules, facilities and realities. To do this, we will provide our companies with modern technical solutions that will help improve the quality of their reporting process. This system, in turn, will make it easier for regulators to process information, allowing to identify risks in advance and respond to them accordingly,” stated Timur Khromayev, Chairman of the NSSMC.

“The development of Ukraine’s financial market is closely linked to ensuring its transparency. Through a new electronic reporting system, the NSSMC and National Bank of Ukraine can exercise better supervision over the market, increase its transparency, and make information available to investors according to international standards,” emphasized Robert Bond, Chief of Party for the USAID Financial Sector Transformation Project.

The development of software for the preparation of financial statements in the iXBRL format was commissioned and funded by the USAID Financial Transformation Project at the request of the NSSMC. The software package was developed by Jevera, a Ukrainian IT company, which won an open competition for the IT services.

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About USAID

USAID is the world’s premier international development agency and a catalytic actor driving development results. USAID has partnered with Ukraine since 1992. For additional information about USAID, you may also visit its website: http://www.usaid.gov/ukraine or its Facebook page at: https://www.facebook.com/USAIDUkraine.

About the USAID Financial Sector Transformation Project

The USAID Financial Sector Transformation Project supports financial sector reform in Ukraine and provides assistance in the following focus areas: consumer lending, legal and regulatory reform, increasing access to finance in the non-bank financial sector; expanding digital finance solutions; and promoting better involvement of the people in financial markets and financial consumer protection. For more information about the USAID Financial Sector Transformation Project and its activities, please visit FST’s information page at: http://www.fst-ua.info/en/ and its Facebook page at: https://www.facebook.com/FSTProject.

iXBRL or Inline XBRL is a format that makes it possible to present in one document both human readable date and structured data for processing by software. Across the globe, iXBRL is used for the preparation of financial statements. iXBRL-document can be viewed using web browsers.