One of the key elements in the reform of the Ukrainian financial sector has been the improvement of market transparency by introducing more efficient financial reporting methods. In line with the standards adopted by European regulatory bodies, the previous EU-FINSTAR project has supported Ukrainian financial regulators in the introduction of a new financial reporting framework based on IFRS and XBRL standards.
Since 2015, the EU-FINSTAR project has been supporting the MoF and three financial market regulators to develop Ukrainian versions of the IFRS XBRL taxonomy. As a result of this cooperation, in December 2018, the Ministry of Finance, National Securities and Stock Market Commission (NSSMC), National Bank of Ukraine (NBU) and the National Commission for Regulation of Financial Services Markets in Ukraine (NCRFSM) published the new standard for financial reporting, the Ukrainian IFRS Taxonomy (UA IFRS Taxonomy), as part of the implementation of a new reporting framework using a single electronic format. The UA IFRS Taxonomy is to be used by the PIEs (Public Interest Entities) and other entities as defined in the regulations issued by the MoF for preparing their financial statements and explanatory notes according to the IFRS standards in XBRL electronic format.
The general objective is to enable the Ukrainian regulators in the financial sector (Ministry of Finance (MoF); National Bank of Ukraine (NBU); National Commission for Securities and Stock Market (NCSSM); and National Commission for Regulation of Financial Services Market (NCRFSM).) to introduce the financial reporting standards according to XBRL taxonomies.