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23.10.2018 | 16:34

Vizor Software is to assist with XBRL implementation

Vizor Software will assist to implement XBRL for reporting in accordance with IFRS

Vizor Software (Dublin) is one of the largest world companies providing SupTech solutions for financial supervisors and transborder information exchange for tax authorities. The company is to assist Ukraine with implementation of the system to collect, process and disclose information in XBRL.

"Another step to implement XBRL is taken. Vizor Software was selected during the long-term tender among contractors and systems," Chairman of the National Securities and Stock Market Commission (NSSMC) Timur Khromaiev wrote.

He recalled that on October 5, 2017, amendments to the Law On Accounting and Financial Reporting in Ukraine were approved. According to the Law the enterprises of public interest will be obliged to complete financial reporting in accordance with IFRS and disclose it in XBRL format since 2019. 

"NSSMC and Smida will ensure the functioning of information disclosure system," Khromaiev noted. 

He also specified the implementation of the new system is financially supported by USAID project "Financial Sectro Transformation in Ukraine" and technical assistence of EU-FINSTAR project.

XBRL (eXtensible Business Reporting Language) is an open standard to exchange business information. The standard's opennes means teh companies-users of XBRL are not required to buy licenses and pay for its use. XBRL standard was developed by XBRL International Inc. to exchange business information between business systems. It's widely used in many countries by securities regulators, tax and registration authorities as well as by national statistics agencies. 

References in the article: financial reporting, ifrs, vizor software, xbrl
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