IFRS financial statements and iXBRL filing in Ukraine
We prepare annual IFRS financial statements and file them in the single electronic format (iXBRL) through the Ukrainian Financial Reporting System portal. We handle the mapping to the UA IFRS taxonomy, validate the package before submission and fix the tagging errors that get filings rejected.
- Registration and setup on the Financial Reporting System portal
- Mapping of your statements to the UA IFRS taxonomy
- Tagging of the notes, not only the primary statements
- Validation of the iXBRL package before filing
- Filing through the single-window portal
- Support if the filing is returned for correction
About 5,000 companies in Ukraine
Article 12-1 of the Accounting and Financial Reporting Act: public interest entities, public joint stock companies, extractive industry companies and companies in activities listed by the Cabinet of Ministers.
iXBRL based on the UA IFRS taxonomy
The taxonomy has two branches: a general one and a separate one for banking and insurance. The file is readable by both people and software, so any mismatch between the statements and the notes shows up immediately.
Tagging errors, not accounting errors
Most often: the wrong taxonomy element, mandatory fields left empty, note totals that do not agree with the primary statements, missing comparative periods and units of measure.
Statutory publication deadlines
Publish annual financial statements together with the auditor’s report no later than 30 April of the following year. The same applies to natural monopolies and extractive industry companies.
Publish annual statements with the auditor’s report no later than 1 June. The same deadline applies to parent companies of a large group that are not themselves large companies.
Counts as no publication at all. Statements are complete only together with the auditor’s report, so filing and audit have to be planned on one timeline.
IFRS reporting from the ledger to the auditor’s report
When the ledger is kept under Ukrainian standards but the statements are needed under IFRS.
So that you do not convert every year, but keep the books in the required shape from the start.
Without an auditor’s report the publication does not count. We check the criteria free of charge.
What clients ask most often
We already prepare IFRS statements in Excel. Is that enough?
No. The law requires filing in the single electronic format based on the taxonomy. The portal accepts neither Excel nor PDF. Your file is not wasted though: it is exactly what we tag.
Who is responsible if the filing is rejected?
We are. Correcting tagging errors and refiling are part of the engagement at no extra charge. If the reported figures themselves have to change, we agree that with you before refiling.
Do the notes have to be tagged?
Yes. The taxonomy covers far more than the primary statements. The notes are where mismatches usually appear, so we tag them in full rather than with a minimum set of tags.
Can you both prepare and audit the statements?
No, for two reasons. First, no firm may prepare a set of statements and then audit the same set: that is a direct threat to independence. Second, companies that file iXBRL fall under the statutory audit requirement, and we do not perform statutory audits at present while our quality control review is in progress. So our part here is preparation, tagging and filing, and the audit is done by your audit firm.
Request a proposal
Tell us the reporting year and whether you are already registered on the portal. We reply within 1 business day.