30 October 2018
Ukraine Selects Vizor Software for Financial Reporting System based on iXBRL
Vizor selected for landmark reporting system at the Ukraine Securities and Stock Market Commission. The system will see reporting entities use Inline XBRL to make regular filings.
Today, Vizor Software announced that DAI Global LLC (DAI) has awarded the company the contract for the delivery and support of a Financial Reporting System based on Inline XBRL (iXBRL) instance documents for Ukrainian Financial Regulators. Vizor will provide an integrated software system allowing the reception, processing, validation and disclosure of financial statements from reporting entities and their audit reports, ensuring market transparency and information disclosure by market participants. It will be based on iXBRL instance documents, prepared according to the Ukrainian IFRS 2018 Taxonomy.
“Vizor is delighted to have been selected for this project after such an extensive international tender process. The use of iXBRL for annual financial statements is very significant as it aligns with EU plans for ESEF but will be implemented in the coming months, significantly ahead of it becoming the norm across Europe in January 2020.” Commented Conor Crowley, CEO of Vizor.
The Financial Reporting System will be managed by the National Securities and Stock Market Commission (NSSMC), acting as a hub for the collection of audited financial statements from the reporting entities, the validation of reported data and the distribution of the information to the involved participant regulators. Other financial regulators to use the reporting system include the National Bank of Ukraine, the National Commission on State Regulation of Financial Services Market (NCSRFSM) and the Ministry of Finance.
The Financial Reporting System is comprehensive and includes the following capabilities:
- The system will allow the reception of iXBRL instance documents, prepared by the reporting entities, according to taxonomies defined by the NSSMC.
- The system will allow the processing and validation of iXBRL instance documents, based on the validation rules defined by the NSSMC.
- The system will allow for extracting the data from iXBRL instance documents and storage of the financial information in a staging area.
- Based on the type of reporting entity, the financial data will be extracted to the internal data warehouse of the NSSMC and/or sent to the regulators responsible for the specific reporting entity.
- The system will provide external users of the participating regulators the ability to monitor the status of the fulfilment of reporting requirements of their reporting entities.
- The system will allow external users to access financial information of market participants following the disclosure rules defined by the NSSMC, in a consistent, human-readable image of the structured data in iXBRL format.
The project is part of the USAID funded Financial Sector Transformation (FST) Project which aims to increase public confidence in the banking system; transforming the non-bank financial sector regulatory environment, including the Ukrainian capital markets.
For more information on automating iXBRL data collections please visit Vizor Software’s website.