The Resolution of the National Securities and Stock Market Commission (NSSMC) “On Approval of Requirements for Disclosure of Financial Statements in XBRL Format for Reporting Entities that are Capital Market Participants and Professional Participants of Organized Commodity Markets” entered into force on 24.06.2025.
XBRL (eXtensible Business Reporting Language) is an international standard designed for the electronic submission of financial statements in accordance with International Financial Reporting Standards (IFRS). This approach enables the processing of large volumes of qualitative and quantitative indicators, ensures the tagging of financial data, and facilitates accurate processing, automation, transparency, and data sharing. The new rules establish a unified approach to IFRS-based reporting, enhancing investor and regulator confidence.
The new requirements apply to reporting entities that prepare financial and consolidated financial statements under IFRS and are subject to state regulation and supervision by the NSSMC. These include the issuers of securities, persons providing collateral for securities, corporate rights advisors, and professional participants in capital and organised commodity markets. However, these requirements do not apply to the companies that are already regulated by the National Bank of Ukraine.
According to the regulator, the document aims to address the following key issues:
- Specifying the procedure for reporting entities to ensure compliance with the requirements of the legislation on the submission of financial statements and consolidated financial statements to the Financial Reporting Collection Centre (FRCC)
- Specifying the procedure for Commission employees to ensure the administration of financial reporting processes in XBRL format and electronic user accounts in the FRCC
- Determining the status of financial statements submitted to the FRCC as those submitted to the NSSMC
- Making it mandatory to use the UA IFRS XBRL electronic taxonomy file for reporting in accordance with international standards
- Setting up requirements for the disclosure of certain financial reporting indicators in accordance with IFRS.
The transition to submitting financial statements in XBRL format is not only a legal requirement but also an opportunity for companies to improve the efficiency of their reporting processes, ensure transparency, and align with IFRS.
BDO in Ukraine has extensive expertise in XBRL and IFRS and is ready to provide full support to companies required to submit financial statements in this format. We assist clients at every stage of iXBRL file preparation and offer consultations on all matters related to XBRL. Contact us and entrust these important matters to professionals with the necessary qualifications and experience in IFRS and XBRL.
