Filing of 2020 reporting in XBRL format in Ukraine

This message states that entities defined in part two of Article 12¹ of the Law of Ukraine "On Accounting and Financial Reporting in Ukraine" file financial statements for 2020, first quarter, first half of the year and nine months of 2021 in the manner and terms determined by the legislation, according to the forms approved by the Order of the Ministry of Finance of Ukraine dated 07.02.2013 No. 73 "On approval of the National Regulation (Standard) of Accounting 1 "General Requirements for Financial Reporting", and banks file financial statements in the forms determined by the National Bank of Ukraine.

Watch short video about BDO in Ukraine

In doing so, such entities shall also prepare financial statements in electronic format based on the UA XBRL IFRS Taxonomy 2020 and file them to the Financial Reporting Center, having previously registered therein.

Currently, specialists continue to develop an updated version of the electronic format of the UA XBRL IFRS Taxonomy 2020. It is planned to preliminary complete the update by the end of January 2021.

In connection with the above, on 24 December 2020, the Committee on Management of the Financial Reporting System, which was created in accordance with the Memorandum of Understanding on the Development and Implementation of Financial Reporting System between the Ministry of Finance, the National Securities and Stock Market Commission, the National Bank, the State Statistics Service, UNAD and the State Tax Service, decided to recommend to financial market regulators within their powers, ensure the necessary measures to extend the deadlines for filing financial statements and consolidated financial statements based on the UA XBRL IFRS Taxonomy 2020, with the Financial Reporting Center for 2020, first quarter, first half and nine months of 2021 and not to apply sanctions for failure to file such reports by business entities within the timeframes determined by legislation during 2021.