In Ukraine will introduce unified financial reporting system for the financial market. The national Bank of Ukraine (NBU) reported on the official website.
A Memorandum regarding the development and implementation of financial reporting system (the reporting in XBRL format) signed by the heads of the Ministry of Finance, NBU, the securities Commission and the financial services Commission.
“The main task of the regulators – the introduction in Ukraine a new financial reporting System, which will allow for the receipt, processing, verification, and disclosure of financial statements of entities in a single electronic format,” says the NBU.
The system will offer a single standard reporting depending on the types of activities of companies and will be equipped with a single window for submission. It is expected that it will launch in 2019 and will be implemented on the basis of the securities Commission.
Under the law, to file financial statements under the new system companies will be of public interest: the issuers whose securities are admitted to trading; banks; insurers; non-state pension funds; other financial institutions and enterprises that belong to large enterprises.
The list does not included professional participants of the stock market. “The securities Commission insists on the need to correct this problem”, – said the head of the securities Commission Timur Limp.
Companies that carry out several types of professional activities, and are regulated by different regulators, will not need to submit statements for each of the regulators separately.