Next Steps For Ukrainian Standardisation
Ukraine have been moving towards mandating XBRL for financial reporting for some time now and this week the National Commission on Securities and Stock Markets (NKTSBFR) announced that the new financial reporting system will officially be launched on 18 June 2019.
The new digital financial reporting mandate makes use of the IFRS taxonomy, and will affect all public interest organisations, including banks. As of January 1 2020 entities will be required to submit XBRL formatted financial statements to the National Securities and Stock Market Commission (NSSMC), vastly improving access to data, exchange of business information and transparency.
Accompanying the launch of the new financial reporting system in June will be a corresponding software package and a website hosting information and guides for users. The regulator encourages local companies to begin preparing financial statements according to the new financial reporting standards and to register for an account.
The goal of the new financial reporting system is to offer all users access to consistent, comparable, reliable and high-quality reports that are prepared in accordance with international standards. This should make Ukrainian business more efficient, more transparent and more appealing to international investment as analysis and forecasting should become simpler and more accurate.
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