On December 27, 2024, an important decision was made in financial reporting. The Financial Reporting System Management Committee approved the use of the new electronic format of the UA Taxonomy of IFRS XBRL 2023.
This format will become mandatory for financial reporting:
The new financial reporting format will improve accounting processes in Ukraine by making them more transparent, accurate, and in line with international standards. Companies can use a modern electronic approach to generating financial statements that provides:
The electronic file of the taxonomy is now available for download. For further information, please visit the official Financial Reporting System website.
Tips for companies: How to effectively implement the new format of the UA Taxonomy of IFRS XBRL 2023?
To assist in preparing for these changes, BDO in Ukraine recommends the following tips:
A thorough analysis of the structure and rules for preparing financial statements in XBRL format will help you avoid common mistakes.
To successfully use the UA IFRS XBRL 2023 Taxonomy format, you need to make sure that your reporting software supports the UA IFRS XBRL 2023 Taxonomy.
The staff must be prepared for the transition to the new format. Conduct specialized trainings for accountants or use the services of training specialists. Experts of BDO in Ukraine are ready to share their knowledge and experience to help your staff quickly adapt to the new standards.
The date of the mandatory submission of financial statements in XBRL format will be announced once the Financial Reporting System (FRS) is finalized. Check the official website regularly for the latest news: www.frs.gov.ua.
BDO in Ukraine is a leader in consulting, accounting, and financial reporting. We assist companies in adapting to new conditions by working in accordance with international standards. Collaboration with us ensures:
We will help your business stay abreast of financial changes.
Make sure to adapt your reporting to new requirements and maintain your competitive advantage by ordering the submission of IFRS financial statements in the iXBRL electronic format from BDO in Ukraine.
- for the full reporting period of 2023
- for the interim periods of 2024.
Why was the UA IFRS XBRL 2023 format introduced?
The new financial reporting format will improve accounting processes in Ukraine by making them more transparent, accurate, and in line with international standards. Companies can use a modern electronic approach to generating financial statements that provides:
- Unification of financial data across the country and international practices
- Reduction of the risk of errors through strict adherence to the reporting structure
- Transparency and ease of information exchange between companies, auditors and regulators.
The electronic file of the taxonomy is now available for download. For further information, please visit the official Financial Reporting System website.
Tips for companies: How to effectively implement the new format of the UA Taxonomy of IFRS XBRL 2023?
To assist in preparing for these changes, BDO in Ukraine recommends the following tips:
1. Familiarize yourself with the new requirements.
A thorough analysis of the structure and rules for preparing financial statements in XBRL format will help you avoid common mistakes.
2. Check the technical readiness of the equipment.
To successfully use the UA IFRS XBRL 2023 Taxonomy format, you need to make sure that your reporting software supports the UA IFRS XBRL 2023 Taxonomy.
3. Organize training for the team.
The staff must be prepared for the transition to the new format. Conduct specialized trainings for accountants or use the services of training specialists. Experts of BDO in Ukraine are ready to share their knowledge and experience to help your staff quickly adapt to the new standards.
4. Monitor official updates.
The date of the mandatory submission of financial statements in XBRL format will be announced once the Financial Reporting System (FRS) is finalized. Check the official website regularly for the latest news: www.frs.gov.ua.
Why choose BDO in Ukraine?
BDO in Ukraine is a leader in consulting, accounting, and financial reporting. We assist companies in adapting to new conditions by working in accordance with international standards. Collaboration with us ensures:
- Professional assistance with the transition to XBRL format
- Accounting system adaptation to IFRS
- Training of accountants, auditors and financial professionals
- Individual approach to each client.
We will help your business stay abreast of financial changes.
Make sure to adapt your reporting to new requirements and maintain your competitive advantage by ordering the submission of IFRS financial statements in the iXBRL electronic format from BDO in Ukraine.
