Ukraine to change submission rules for financial statements
The document imposing corresponding regulations has already been signed by the Heads of the National Bank of Ukraine, the Ministry of Finance, the National Commission for Regulation of Financial Services Markets, and the National Securities and Stock Market Commission. It stipulates a creation of a single online platform for filing, processing, and controlling the statements of those entities that are of public interest. In particular, the list of companies that will report in a new way includes banks, private actuarial pension funds, etc.
That being said, it will change both its submission and preparation. Financial statements will be governed by a single XBRL standard. It has long been accepted in developed countries in the West.
By doing so, the government hopes to facilitate the financial reporting and thus making it more transparent and accessible for investors.
This system is scheduled to launch in 2019. For more information about its functions, visit the websites of regulatory agencies mentioned above.