Financial institutions adopt EU reporting standards

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Banks and non-bank financial institutions (insurance companies, credit unions, pawn shops, and other financial companies) are switching to the preparation and submission of their financial statements on the basis of the International Financial Reporting Standards (IFRS) Taxonomy in accordance with the XBRL (eXtensible Business Reporting Language) international standard. This was reported by the National Bank of Ukraine.

“Financial institutions are going to use the XBRL format to prepare annual, consolidated and interim (quarterly) financial statements, which will replace the various current approaches to disclosing reporting indicators,” the statement said. “This will improve the reporting of Ukrainian financial institutions and will enable to structure financial data in accordance with the IFRS Taxonomy in a single electronic format that is compatible with European and international standards.”

The National Bank is implementing reforms of the financial statements of banks and non-bank financial institutions, in particular the project on “Implementation of EU Practices for Accounting, Financial Reporting and Audit in Ukraine” (hereinafter – the EU-FAAR project), with the support of the European Union.

Collaboration between the National Bank of Ukraine and the EU-FAAR project includes, inter alia, the standardisation of submission of financial statements in electronic form, as well as of reliable and comparable financial data in accordance with the internationally recognised IFRS Taxonomy in the XBRL format.

The progress made by the National Bank in cooperation with the EU-FAAR project has been recognised by XBRL International, the organisation that sets this standard.

“The team of the National Bank, together with the EU-FAAR project, is working effectively and efficiently to improve reporting of the financial sector. This will allow our country to join the international community of states in which reporting entities prepare high-quality financial statements in the XBRL format,” Bohdan Lukasevych, Accounting Department Director at the National Bank of Ukraine, said during the second meeting of the EU-FAAR Project Steering Committee on February 17, 2021. “We are pleased to pursue our high-quality cooperation with the EU-FAAR project and to make progress in achieving this challenging and ambitious task together.”

Lukasevych added that the introduction of financial reporting in the single electronic format in accordance with the requirements of the International Accounting Standards Board (IASB) is currently one of the complex and, at the same time, priority reforms of the financial sector.

According to the National Bank of Ukraine, the introduction of financial reporting based on the IFRS XBRL Taxonomy has the following advantages for Ukraine:

– improving transparency of financial reporting and performance of reporting entities;

– an open and freely available standard for exchanging business information;

– increasing investment attractiveness due to understandable for the international community and comparable structured financial data.

Read also “E-commerce 2020: the total purchases amount for the year in Ukraine increased by 41%”

Translated by Anna Voronina

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