Ukraine's National Commission on Securities and Stock Market approved a decision to remove ambiguity on how financial statements are submitted, confirming that financial statements and consolidated financial statements prepared under International Financial Reporting Standards (IFRS) must be prepared using the IFRS taxonomy and submitted in a single format, XBRL. From November 2025, capital market and organised commodity market participants that prepare financial statements under international standards will be able not to submit financial statements to the Commission, but will be required to submit them exclusively in XBRL format to the Financial Reporting Collection Center. The changes abolish the requirement to submit IFRS financial statements in XML format and align the submission approach with Cabinet of Ministers Resolution No. 419 (as amended by Resolution No. 1327), while pointing to the need for full compliance from August 28, 2025 following the entry into force of the updated Law No. 4196 and related requirements under the Law of Ukraine "On Accounting and Financial Reporting in Ukraine" and Cabinet of Ministers Resolutions No. 419 and No. 845. Proposals and comments on the draft decision are invited until September 5, 2025.
Ukraine National Commission on Securities and Stock Market 2025-08-11
Ukraine National Commission on Securities and Stock Market abolishes XML filings and requires IFRS financial statements to be submitted in XBRL to the Financial Reporting Collection Center
Ukraine's National Commission on Securities and Stock Market mandates that financial statements under International Financial Reporting Standards (IFRS) be submitted exclusively in XBRL format to the Financial Reporting Collection Center from November 2025. This change eliminates the XML format requirement and aligns with Cabinet of Ministers Resolution No. 419 and the updated Law No. 4196. Full compliance is expected by August 28, 2025.