Taxonomy XBRL

Taxonomy XBRL

What? Why? How?
Taxonomy XBRL
What? Why? How?
The need-to-know facts
Starting from 2020 all companies committed to submit the IFRS reporting shall now present the IFRS financial statements for 2019 in Taxonomy XBRL format. This implies that this year companies shall assess their resources and technical capacity to switch to XBRL.
XBRL standard of financial reporting submission
XBRL Taxonomy Ukraine
Open, freely available international standard for exchanging business data, being the Western European standard of financial reporting submission under IFRS and US GAAP, to

standardise information used in the preparation of statements of different companies for further comparison and analysis.

Taxonomy is a grouping of XBRL data tags (elements).
IFRS Taxonomy Ukraine
Digital business reporting according to IFRS standards where the to-be-revealed data is systematised in order to comply with the unified data exchange format.
XBRL standard of financial reporting submission
Why so important?
All those committed to apply the IFRS standards shall submit the IFRS reporting for the year 2019 in the XBRL format.
In 2017 Verkhovna Rada of Ukraine adopted amendments to the Law "On Accounting and Financial Reporting in Ukraine" according to which in 2020 all companies committed to submit the IFRS reporting shall now present the IFRS financial statements for 2019 in Taxonomy XBRL format (the UA XBRL IFRS reporting taxonomy).

IFRS Taxonomy prepared in Ukrainian language shall be published on the Ministry of Finance of Ukraine website.

Therefore, as we speak, companies shall estimate their resource & technical capacity of XBRL adoption.
Where to begin?
Check the Company IT-systems for their capacity to adopt XBRL format when preparing the IFRS reporting in the currently applied accounting software.
Choosing Software
Free software product iXBRL Tool, or
Fee-based fully packaged product, or
Personal modules developed by software providers.
Tagging of reporting in compliance with the UA XBRL IFRS reporting taxonomy posted on the official site of the Ministry of Finance of Ukraine.
Choosing Software and Validation
Receive validation of e-reporting via free XBRL platform 'Arelle' (no error tracking) or via one of the fee-based servers with the error tracking function.
Submission of e-reporting
Submit e-reporting via the Financial Reporting System portal.
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