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XBRL reporting in Ukraine… What was before and what do we have now?

19/ 10/ 2021
  Approximately 80 iXBRL files for 2020 have been submitted to the Financial Reporting System (SFS) as of September 2021. 15% of them were prepared by the experts of BDO in Ukraine. There are also prepared iXBRL files, which companies have not yet submitted to SFS. As noted by BDO experts, the System never failed checking every file including nowadays. We remind you that XBRL (eXtensible Business Reporting Language) is an international standard for the electronic presentation of financial statements under IFRS. But lets start first from... XBRL reporting has been postponed several times. But after communicating with some parties involved in the project, it became clear that in 2021, in one way or another, the process will be launched. And on the eve of the New Year holidays, on December 30, 2020, information on filing UA XBRL IFRS Taxonomy statements for 2020 has been posed at the SFS website (more details here). At that time, the state was developing an updated version of the electronic format of the 2020 IFRS Taxonomy UA XBRL. A team of experts from BDO in Ukraine was also actively involved in this process and tested available software for preparing iXBRL files, as well as software solutions for validating (checking) the generated files. Another matter that had to be resolved was — what should the client receive (besides the iXBRL file itself) so that the client and his auditor could understand and check the generated file? This was important because iXBRL reporting is not a one-time event, but a routine process that repeats every 3 months. Therefore, experts need to understand not only how the file was generated, but also how to generate the same file in each subsequent period. The option to make a standard template for all, — when the client’s reporting is downloaded and the site generated iXBRL reporting, — was not suitable, because each company has its own individual reporting and disclosures. Therefore, it was decided to “mark up” the reporting, i.e. when transferring data, to indicate the number of the form, table, line of iXBRL forms where the data was inserted from the reporting. This decision was good for all BDO customers in Ukraine.   Digital solutions are now being implemented in all directions, and filing financial statements under IFRS is no exception. iXBRL reporting is still only developing and will be gradually improved. But it’s the beginning and today the experts of BDO in Ukraine already have experience in preparing e-reporting for companies from oil and gas industry, production, agro-industry, IT, distribution and asset management companies. Several projects for mining, retail and pharmaceutical companies are already being developed. And whom do you trust to prepare e-reporting for your company?

Approximately 80 iXBRL files for 2020 have been submitted to the Financial Reporting System (SFS) as of September 2021. 15% of them were prepared by the experts of BDO in Ukraine. There are also prepared iXBRL files, which companies have not yet submitted to SFS. As noted by BDO experts, the System never failed checking every file including nowadays.

We remind you that XBRL (eXtensible Business Reporting Language) is an international standard for the electronic presentation of financial statements under IFRS.

But let’s start first from…

XBRL reporting has been postponed several times. But after communicating with some parties involved in the project, it became clear that in 2021, in one way or another, the process will be launched. And on the eve of the New Year holidays, on December 30, 2020, information on filing UA XBRL IFRS Taxonomy statements for 2020 has been posed at the SFS website (more details here).

At that time, the state was developing an updated version of the electronic format of the 2020 IFRS Taxonomy UA XBRL. A team of experts from BDO in Ukraine was also actively involved in this process and tested available software for preparing iXBRL files, as well as software solutions for validating (checking) the generated files.

Another matter that had to be resolved was — what should the client receive (besides the iXBRL file itself) so that the client and his auditor could understand and check the generated file? This was important because iXBRL reporting is not a one-time event, but a routine process that repeats every 3 months. Therefore, experts need to understand not only how the file was generated, but also how to generate the same file in each subsequent period.

The option to make a standard template for all, — when the client’s reporting is downloaded and the site generated iXBRL reporting, — was not suitable, because each company has its own individual reporting and disclosures. Therefore, it was decided to “mark up” the reporting, i.e. when transferring data, to indicate the number of the form, table, line of iXBRL forms where the data was inserted from the reporting. This decision was good for all BDO customers in Ukraine.  

Digital solutions are now being implemented in all directions, and filing financial statements under IFRS is no exception. iXBRL reporting is still only developing and will be gradually improved. But it’s the beginning and today the experts of BDO in Ukraine already have experience in preparing e-reporting for companies from oil and gas industry, production, agro-industry, IT, distribution and asset management companies. Several projects for mining, retail and pharmaceutical companies are already being developed.

And whom do you trust to prepare e-reporting for your company?

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