THE ANALYSIS OF THE PRAGMATIC ASPECTS OF THE FINANCIAL REPORTING SYSTEM ACCORDING TO IFRS IN XBRL FORMAT

Abstract

In Ukraine introduced a new financial reporting system (FRS) – presentation financial reporting by enterprises and organizations in a standardized electronic format іXBRL prepared according to the UA XBRL IFRS Taxonomy, the principle of "single window". This decision was made at government level through the implementation of a reporting system based on taxonomy 2020 for public joint stock companies and other entities, that are required to prepare and submit financial statements according to International Financial Reporting Standards.

Analyzed practical aspects of implementation the new system based on a survey of software platforms for such a system FRS (FRS.GOV.UA), which is the website for the reporting entities. The mechanism of providing electronic financial statements in iXBRL format in Ukraine. The formation mechanism for electronic financial statements in iXBRL format is an important task for both the reporting entities and state regulators. The developed mechanism can be improved in the future, as a result of monitoring the current state of the implementation of iXBRL format in Ukraine and the reaction to this process by its participants.

Installed users of the financial reporting system. Listed the peculiarities of the preparation, verification and submission of electronic format of the financial statements of the enterprise in the new system. Recommendations on the practical application of SFZ, decoded components of the taxonomy of the financial statements, which are presented graphically in the form of tables. Filed accounting the content of the taxonomy elements of a reporting, which explains the software requirements for elements of the financial statements of the enterprise (organization). The proposed technological means of filling out the tables. Illustrated taxonomy elements reporting on the basis of IFRS: the hierarchy of elements; the required format of these elements (text, date); references to paragraphs of the relevant IFRS, according to which these elements are revealed.

The results of the research can be used by enterprises (organizations) for improvement of the reporting process and identify possible errors in the transformation of accounting data into the new format reports.