During 2019, PIEs (Public Interest Entities) will prepare financial statements and notes according to the IFRS in XBRL format and submit them to the National Securities and Stock Market Commission in Ukraine (NSSMC). The main beneficiaries of our project, the National Bank of Ukraine and other lead regulators
in Ukraine, will have access to the new system’s data, which is expected to improve the transparency of financial reporting.
Therefore, the open lecture was meant to introduce participants to the new reporting system, which will allow
for the reception, processing, verification and disclosure of financial statements of enterprises in a single electronic format prepared in accordance with international standards and taxonomy. More than 30 participants – among which were top-managers, financial managers and experts – attended the event.
One of the guest speakers for the open lecture was FINSTAR’s financial reporting expert, Mr Javier Mora Gonzalbez, who is also member of the ESMA working group for the Corporate Reporting Standing Committee.
The open lecture was also an opportunity for our project team to enable the understanding of the new procedures of the primary regulators of Ukraine’s financial markets — the Ministry of Finance, National Bank of Ukraine, National Commission for the State Regulation of Financial Services Markets, and National Securities and Stock Market Commission.
Our work in Ukraine continues to deliver and enhance the capacities of the Ukrainian Government to manage the new formats of financial statements and continue with reform in the financial sector.