XBRL reporting

Who needs to submit reporting under IFRS in Ukraine

• Enterprises of public interest
• Enterprises operating in extractive industries
• Enterprises that conduct economic activity according to the types from the list set forth in Resolution No. 419 of the Cabinet of Ministers dated January 28, 2000.

Other enterprises may voluntarily choose IFRS for accounting and financial reporting.

Penalties for not reporting

Penalties are provided for failure to submit reports in electronic XBRL format. For example, for the first non-submission, the fine is from one to two thousand non-taxable minimum incomes of citizens (17,000-34,000 UAH), and from two to three thousand (34,000-51,000 UAH) for a repeated violation.

EBS specialists provide such services

• Transformation of the client’s financial statements into XBRL format
• Provision of consultations and support in the transformation of reporting
• Initial development of notes to IFRS reporting

The advantage of preparing reports in this format is not only the absence of fines, because such reporting is more attractive to investors due to its transparency and accessibility. In addition, thanks to the XBRL taxonomy, that is, a system that allows classifying and structuring a large amount of information, it became possible to process databases with a large number of indicators.

Get consultation

Should contractors be involved in transitioning to an electronic reporting format? Our answer is unequivocal: yes. And here’s why

• You will receive professional assistance in converting XBRL financial statements in accordance with all IFRS requirements and taking into account practical experience;
• You will not need to purchase special software for transformation and validation of reporting;
• You minimize the risk of redrafting the financial statements for the previous period thanks to the consultations of experts who are oriented in all requirements.