VECTORS OF XBRL-REPORTING DEVELOPMENT IN UKRAINE
Cite as APA style citation
Nazarova K., Bondarenko K. Vektory rozvytku XBRL-zvituvannja v Ukrai'ni. ScientiaFructuosa. 2022. № 2. S. 81-93. https://doi.org/10.31617/1.2022(142)06
JEL Classification M42
NAZAROVA Karina,
DSc. (Economics), Professor, the Head of the Departmentof Financial Analysis and Audit
State University of Trade and Economics
19, Kyoto St., Kyiv, 02156, Ukraine
ORCID: 0000-0002-5019-9244
Ця електронна адреса захищена від спам-ботів. вам потрібно увімкнути JavaScript, щоб побачити її.
BONDARENKO Kostiantyn,
Post-graduate student of Department ofFinancialAnalysisand Audit
State University of Trade and Economics
19, Kyoto St., Kyiv, 02156, Ukraine
ORCID: 0000-0003-2581-0504
Ця електронна адреса захищена від спам-ботів. вам потрібно увімкнути JavaScript, щоб побачити її.
Problem. XBRL-reportingincreases the amount of disclosed information or reformats the presentation of financial data in a new way. The difference in the presentation of financial statements in the XBRL format states current issues that have not been investigatedregarding the correctness of the presentation of relevant reporting items.
The aim of the article is to analyze the problems in the field of companiesreporting with the introduction of mandatory XBRL-reporting.
Methods. Methodsofobservation, induction, synthesis, generalization were appliedin the article.
Results. The results of the study indicate spelling and conceptual errors in XBRL taxonomic reports, which significantly distort the presentation of operating profit. In addition, the analysis showed that the XBRL report combines operating and non-operating expenses, for example, exchange rate differences are presented together, and a unified list of reporting lines does not allow companies to focus on significant transactions at the financial statement level income.
Conclusions. The results indicate thatsuch reporting has significant deficiencies and may mislead the user if such user does not have comparable financial statements in accordance with IFRS confirmed by the auditor. For a variety of reasons, including presentation shortcomings, some audit firms have noted that the audit report is only for financial reporting and it can’t be appliedto the XBRL report.
Keywords: XBRL, IASB, taxonomy, Big4, audit, financial statements.
Nazarova K., Bondarenko K. Vektory rozvytku XBRL-zvituvannja v Ukrai'ni. ScientiaFructuosa. 2022. № 2. S. 81-93. https://doi.org/10.31617/1.2022(142)06
FREE FULL TEXT (PDF)
DOI: https://doi.org/10.31617/1.2022(142)06
JEL Classification M42
NAZAROVA Karina,
DSc. (Economics), Professor, the Head of the Departmentof Financial Analysis and Audit
State University of Trade and Economics
19, Kyoto St., Kyiv, 02156, Ukraine
ORCID: 0000-0002-5019-9244
Ця електронна адреса захищена від спам-ботів. вам потрібно увімкнути JavaScript, щоб побачити її.
BONDARENKO Kostiantyn,
Post-graduate student of Department ofFinancialAnalysisand Audit
State University of Trade and Economics
19, Kyoto St., Kyiv, 02156, Ukraine
ORCID: 0000-0003-2581-0504
Ця електронна адреса захищена від спам-ботів. вам потрібно увімкнути JavaScript, щоб побачити її.
VECTORS OF XBRL-REPORTING DEVELOPMENT IN UKRAINE
Introduction. In Ukraine, at the legislative level, a requirement has been introduced to submit XBRL-reportingon the relevant portal. The country follows the world practices of digitalization and unification of the reporting process. In 2021, companies for the first time submitted annual financial statements with an audit report in the form of an XBRL report according to the taxonomy for 2020.Problem. XBRL-reportingincreases the amount of disclosed information or reformats the presentation of financial data in a new way. The difference in the presentation of financial statements in the XBRL format states current issues that have not been investigatedregarding the correctness of the presentation of relevant reporting items.
The aim of the article is to analyze the problems in the field of companiesreporting with the introduction of mandatory XBRL-reporting.
Methods. Methodsofobservation, induction, synthesis, generalization were appliedin the article.
Results. The results of the study indicate spelling and conceptual errors in XBRL taxonomic reports, which significantly distort the presentation of operating profit. In addition, the analysis showed that the XBRL report combines operating and non-operating expenses, for example, exchange rate differences are presented together, and a unified list of reporting lines does not allow companies to focus on significant transactions at the financial statement level income.
Conclusions. The results indicate thatsuch reporting has significant deficiencies and may mislead the user if such user does not have comparable financial statements in accordance with IFRS confirmed by the auditor. For a variety of reasons, including presentation shortcomings, some audit firms have noted that the audit report is only for financial reporting and it can’t be appliedto the XBRL report.
Keywords: XBRL, IASB, taxonomy, Big4, audit, financial statements.
REFERENCES
- Zakon Ukrai’ny vid 16.07.1999 r. № 996-XIV Pro buhgalters’kyj oblik ta finansovu zvitnist’ v Ukrai’ni [Law of Ukraine of July 16, 1999 № 996-XIV On Accounting and Financial Reporting in Ukraine]. https://cutt.ly/IY1snKl [in Ukrainian].
- Taksonomija XBRL [XBRL Taxonomy]. PWC.https://cutt.ly/eY1sd01 [in Ukrainian].
- Dopomoga pry podanni finansovoi’ zvitnosti v formati іXBRL [Assistance in submitting financial statements in іXBRL format]. KPMG. https://cutt.ly/oY1saSf [in Ukrainian].
- Elektronna zvitnist’ v formati XBRL[Electronic reporting in XBRL format]. BDO Ukrai’na – BDO Ukraine. https://cutt.ly/rY1si9H [in Ukrainian].
- Richnyj zvit AT "Ukrzaliznycja". Integrovanyj zvit [Annual report of JSC Ukrzaliznytsia. Integrated report]. Ukrzaliznycja – Ukrzaliznytsia. https://cutt.ly/CY1gAd8 [in Ukrainian].
- 2020 r. Integrovanyj zvit AT "Ukrzaliznycja" (Zvit pro upravlinnja) [Integrated report of JSC Ukrzaliznytsia. (Management Report)]. Ukrzaliznycja – Ukrzaliznytsia. https://cutt.ly/JY1s4J5 [in Ukrainian].
- Integrovanyj zvit 2020. Finansovi ta nefinansovi pokazanyky. [Integrated report of 2020. Financial and non-financial indexes]. DTEK. Energija v dii’ – DTEK. Energy in action. https://cutt.ly/iY1fVXD [in Ukrainian].
- Kuznecova, S. O.,& Borysenko, S. O. (2018). Rozkryttja informacii’ pro osnovni zasoby pid chas formuvannja zvitnosti u formati XBRL [Disclosure of information on fixed assets during the formation of reporting in XBRL format]. Visnyk Odes’kogonacional’nogo universytetu. Serija: Ekonomika – Bulletin of Odesa National University. Series: Economics. (Vol. 23).(Issue4),(pp. 143-148). https://cutt.ly/rY1lAyP [in Ukrainian].
- Umanciv, G. V.,& Pol’ovyk, Je. V. (2020). Formatuvannja zvitnosti u formati XBRL [Formatting reports in XBRL format]. Ekonomichnyj visnyk universytetu – Economic Bulletin of the University, 46, 95-102. https://cutt.ly/CY1zDri[in Ukrainian].
- Ahmi, Aidi,& Mohd, Nasir Mohd Herry.(2019). Examining the Trend of the Research on eXtensible Business Reporting Language (XBRL): A Bibliometric Review. International Journal of Innovation, Creativity and Change.(Vol. 5). (Issue 2),(pp. 1145-1167). https://cutt.ly/VIQHTPG [in English].
- Taksonomija MSFZ [IFRS Taxonomy]. Nacional’nyj bank Ukrai’ny – National Bank of Ukraine. https://cutt.ly/LY1xivV [in Ukrainian].
- Finansova zvitnist’ ta zvit nezalezhnogo audytora [Financial statements and independent auditor’s report]. Pryvatne akcionerne tovarystvo "Sentravis Prodakshn Jukrejn" – Centravis Production Ukraine Private Joint Stock Company. https://cutt.ly/rY1xEUQ [in Ukrainian].
- Zvit 30926946 PrAT "Sentravis Prodakshn Jukrejn" [Report 30926946 PJSC Centravis Production Ukraine]. Systema Finansovoi’ zvitnosti. Portal SFZ – Financial Reporting System. FRS portal. https://cutt.ly/IIQY89W [in Ukrainian].
- Mizhnarodnyj standart buhgalters’kogo obliku 1 Podannja finansovoi’ zvitnosti. [International Accounting Standard 1 Presentation of Financial Statements]. Ministerstvo finansiv Ukrai’ny – Ministry of Finance of Ukraine.https://cutt.ly/7Y1c0gE [in Ukrainian].
- Cyvil’nyj procesual’nyj kodeks Ukrai’ny: kodeks vid 18.03.2004, redakcija vid 19.12.2021 [Civil Procedure Code of Ukraine: Code of March 18, 2004, version of December 19, 2021]. Vidomosti Verhovnoi’ Rady Ukrai’ny – Information of the Verkhovna Rada of Ukraine. https://cutt.ly/RUEeKou [in Ukrainian].
- Zvit 00210602 PAT "EMSS"[Report 00210602 PJSC "EMSS"]. Systema Finansovoi’ zvitnosti. Portal SFZ – Financial Reporting System. FRS portal. https://cutt.ly/LIQRGmT [in Ukrainian].
- Zvit 03327664 PRAT "AK "Kyi’vvodokanal" [Report 03327664 PJSC "Kyivvodokanal"]. Systema Finansovoi’ zvitnosti. Portal SFZ – Financial Reporting System. FRS portal. https://cutt.ly/ZIQT6Ls [in Ukrainian].
- Zvit 00135390 PAT "Ukrnafta" [Report 00135390 PJSC "Ukrnafta"]. Systema Finansovoi’ zvitnosti. Portal SFZ – Financial Reporting System. FRS portal. https://cutt.ly/MIQYdep [in Ukrainian].
- Zvit 38324133 TOV "NovaPej"[Report 38324133 NovaPay LLC]. Systema Finansovoi’ zvitnosti. Portal SFZ – Financial Reporting System. FRS portal. https://cutt.ly/yIQYhLE [in Ukrainian].
- Zvit 21685485 AT "Sitibank" [Report 21685485 Citybank JSC]. Systema Finansovoi’ zvitnosti. Portal SFZ – Financial Reporting System. FRS portal. https://cutt.ly/XIQYlKN [in Ukrainian].
- Zvit 05763599 PrAT "NKMZ" [Report 05763599 PJSC "NKMZ"]. Systema Finansovoi’ zvitnosti. Portal SFZ – Financial Reporting System. FRS portal. https://cutt.ly/UIQYbkZ [in Ukrainian].
- Zvit 14323764 TOV MKTRK ICTV [Report14323764 ICTV LLC]. Systema Finansovoi’ zvitnosti. Portal SFZ – Financial Reporting System. FRS portal. https://cutt.ly/ZIQYHOu [in Ukrainian].
- Zvit 00379790 DP "Artemsil’"[Report 00379790 State Company "Artemsil"]. Systema Finansovoi’ zvitnosti. Portal SFZ – Financial Reporting System. FRS portal. https://cutt.ly/EIQYNaI [in Ukrainian].
- Zvit 32049199 TOV "Metro Kesh End Keri Ukrai’na"[Report 32049199 "Metro Cash & Carry Ukraine" LLC]. Systema Finansovoi’ zvitnosti. Portal SFZ – Financial Reporting System. FRS portal. https://cutt.ly/AIQUfgu [in Ukrainian].