After a significant amount of preparation and planning,Ukraine this week announced plans to move towards a “Hub and Spoke”based single financial reporting system using XBRL.

Following passage of new aounting laws (using IFRS for disclosure),the Ukrainian authorities,including the Ministry of Finance,the National Bank of Ukraine,the National Securities and Stock Markets mission (NSSMC)and the National mission for the Regulation of Financial Services have agreed a new -ordinated approach to reporting.Financial statements prepared in XBRL will be filed with the NSSMC and the data then distributed to the other agencies that need this information.The data will also be publicly available,improving transparency in this market.panies impacted by the changes,expected to me into effect in 2019,include:

Listed mpanies;

Banks;

Insurers;

Non-state pension funds;

Other financial institutions,and

Certain large enterprises

You can read more about the update in the press release here.The press release is in Ukaranian,but your choice of Web autotranslate should do the trick.

From XBRL International’s perspective,this kind of llaboration amongst regulators to move to single digital reporting based on open standards is a sensible way of ntrolling administrative burden,and keeping implementation sts down.Kudos to the local and international team that has been working on this effort for several years.

中文新闻：乌克兰将统一报告模式