The National Securities and Stock Market Commission (NCCPFR) is launching electronic financial reporting in XBRL format as part of the implementation of European approaches to financial market regulation,
This is reported by Finway
As banker Alena Shevtsova explains, this project is being implemented within the framework of the EU FAAR project with the support of the EU Delegation to Ukraine, in close collaboration with the Ministry of Finance and the National Bank of Ukraine.
As Alena Shevtsova reminded, from 2020 to 2024, with the participation of European experts, the Ukrainian Taxonomy UA IFRS XBRL was created — a set of electronic files that allows companies to submit financial statements in accordance with international standards in a single digital format. This is a technical but critically important foundation for transparent interaction between businesses, the state, banks, and investors.
According to the NCCPFR, the full functioning of the new system is implemented through the Financial Reporting Collection Center — a single state hub for receiving and storing reports from companies according to international standards.
A free software product, iXBRL Report, has also been established, enabling enterprises to independently generate electronic reports.
“An important indicator of Ukraine’s achievements in implementing European standards, including in banks, has been the publication of financial statements of Ukrainian companies on the XBRL International platform — this is not just a technological update, but a real breakthrough in the digitalization of reporting and integration into the European financial system,” notes Alena Shevtsova.
The NCCPFR, the Ministry of Finance, the National Bank, and banks continue to work together on the further development of electronic reporting. Starting from 2026, the Commission plans to fully transition to using reports only in XBRL format, submitted through the Collection Center.
According to Alena Shevtsova, a program for the professional development of NCCPFR specialists has been implemented, ensuring the sustainability and further development of the XBRL infrastructure in Ukraine.
It should be noted that a few days ago, the Association of Ukrainian Gambling Business Operators (AUOGB) officially began its work in Ukraine, declaring itself as an independent self-regulatory organization that unites leading licensed operators in the industry.
“The priority of the association, which unites white (legal) market operators, is honest and transparent business, blocking Russian illegal online casinos in Ukraine, and launching new industry standards in collaboration with the state agency ‘PlayCity’,” stated lawyer Sergey Grynyk.
In the lawyer’s opinion, the industry needs rethinking, a complete reboot, and entirely new approaches to conducting gambling business. The association is becoming the unified voice of the legal gambling business in the country and on the international stage.