Submission of financial statements in accordance with IFRS in electronic format iXBRL
XBRL (eXtensible Business Reporting Language) is an international standard for financial statements under IFRS in electronic form.
This format is commonly used in the world, as it allows to process large amount of qualitative and quantitative indicators. It is based on metadata outlined in taxonomy and it described relationships between concepts.
Taxonomy is a classification system that can be used to identify and structure information in order to facilitate its search and processing by the user.
Taxonomy UA XBRL IFRS is a taxonomy of financial statements under international financial reporting standards in Ukraine, approved by the Ministry of Finance of Ukraine, which is adapted to the peculiarities of financial reporting in Ukraine and also includes the auditor's report and management report.
Who should report in iXBRL format?
- The Public Interest Entities
- Public Joint-Stock Companies
- Businesses that carry out activities in extractive industries
- Entities that perform economic activity by types, the list of which is defined by the Resolution No. 419 of the Cabinet of Ministers
What steps are needed to file e-reporting?
- Registration at the portal of the Financial Reporting System
- XBRL software selection
- Preparation of financial statements under IFRS taxonomy in iXBRL format
- Validation of reporting in iXBRL format
- Signing a file with financial statements in iXBRL format
- Formation of financial reporting package
- Filing financial statements
Penalty for failure to report in electronic format iXBRL
Article 163 of the Code of Ukraine on Administrative Offences
- Violation of the procedure for promulgating financial statements or consolidated financial statements together with the audit report entails imposing a fine from one thousand to two thousand nontaxable Minimums of income of citizens (17,000 — 34,000 UAH).
- Repeated (during the year) violation, provided for in part one of this article, for which the person has already been subjected to administrative penalties, — entails imposing a fine from two thousand to three thousand non-taxable minimums of income of citizens (34,000 — 51,000 UAH).
We underline that XBRL electronic reporting is equally important as a paper copy. Therefore, the management of the company is responsible for its correctness and reliability.
BDO experts in Ukraine are ready to provide comprehensive support to companies that prepare reporting under IFRS and must submit it in iXBRL format.
Services of BDO in Ukraine:
- Preparing iXBRL file
- Validation of iXBRL file prepared by the client with Altova validator
- Support in preparing to automating process of unloading iXBRL file
- Consultations on XBRL
Such important issues should be delt by specialists who are qualified in both XBRL and IFRS.