Electronic reporting in XBRL format

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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

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.

 

Key Contact

Roman Gruba

Roman Gruba

Head of Accounting Advisory and TS
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Related Publications

  • What are XBRL and iXBRL?

XBRL (eXtensible Business Reporting Language) is an international standard for electronic financial reporting that makes data machine-readable, structured, and easily analysable by computers.

iXBRL (Inline XBRL) is a reporting format in which XBRL tags are embedded directly into an HTML report, making it suitable for both human-readable presentation and machine processing.

  • Why submit reports in XBRL format?

•    Submitting reports in XBRL ensures:

•    Automatic data processing and validation

•    Comparability of indicators across companies

•    Quick access to financial information for investors and regulators

•    Increased transparency and accuracy of reporting

  • Who is required to submit reports in XBRL / iXBRL format?

The obligation to submit reports in iXBRL format applies to:

•    Public interest entities

•    Public joint-stock companies

•    Entities operating in extractive industries

•    Other companies, in accordance with Resolution No. 419 of the Cabinet of Ministers of Ukraine

  • What are the consequences of failing to submit reports in iXBRL format?

Violation of the reporting disclosure procedure may result in penalties ranging from one to three thousand non-taxable minimum incomes (approximately UAH 17,000 to UAH 51,000).

  • Does the content of reports change when switching to XBRL?

No. The reporting format does not change the content of financial statements; it only structures the data so that it can be automatically processed and analysed.

  • Is special software required for XBRL preparation?

Yes. Specialized tools or converters are required to create a correctly tagged XBRL/iXBRL file in accordance with the applicable taxonomy.

  • Can a company voluntarily submit reports in XBRL format?

Yes. Even when adopting IFRS voluntarily, a company may submit reports in XBRL to enhance transparency or to comply with the requirements of a group of companies.

XBRL (eXtensible Business Reporting Language) — an international standard for structured electronic financial reporting.

iXBRL (Inline XBRL) — a format of XBRL in which tags are embedded directly into an HTML report, enabling simultaneous human-readable presentation and machine processing.

Taxonomy — a set of metadata and rules that define the structure of financial information for specific standards, particularly IFRS.

UA XBRL IFRS — the Ukrainian XBRL taxonomy for financial reporting in accordance with IFRS, adapted to national requirements.

International Financial Reporting Standards (IFRS) — global standards for financial reporting that ensure comparability and transparency.

FRCC — a financial reporting system through which reports are submitted in XBRL format (in Ukraine, via the corresponding platform).

 Tag — a marker in an XBRL file indicating a specific financial item according to a defined taxonomy.

XBRL validation — the process of verifying the correctness of the file’s structure and its compliance with taxonomy requirements.