Forming the Financial Reporting System of Issuers on the Basis of Taxonomy: Current Problems and Ways to Solve Them

Keywords: stock market, securities, issuer, financial statements, International Financial Reporting Standards (IFRS), taxonomy, XBRL format.


The use of standardized financial reporting formats in a form convenient for international investors, in particular on the basis of taxonomy, is becoming increasingly common in the world, given the significant role of transparency for public investment and automated processing of branched statistical information on financial instruments. Implementation at the state level of significant changes in procedures, deadlines, formats for reporting information should take into account both the proper legal regulation of such changes and the availability of working infrastructure for the formation and submission of reports, sufficient time to adapt to changes in reporting entities, auditors, IT companies. Despite repeated postponements of the transition of Ukrainian companies to taxonomy-based reporting, there are numerous difficulties in implementing this project. Thus, the article’s objective is due to legal, financial and technological risks for many taxonomy-based reporting entities and the uncertainty of current and future procedures for adapting international reporting requirements in XBRL format for their application in Ukraine.

The international experience of introduction of financial reporting on the basis of taxonomy is considered and the advantages of such format for all participants of information interaction (reporting subjects, state regulators, investors, financial intermediaries and users of financial services, subjects of information-analytical infrastructure) are determined.

The current lack of expected benefits for Ukrainian issuers and investors is justified due to the preservation of duplication of reporting information in various formats, disorder of deadlines and reporting procedures, delay and omission of difficulties in implementing the Financial Reporting System.

Measures are proposed to accelerate the efficiency of the Financial Reporting System, reduce legal and regulatory risks, avoid duplication of different forms and deadlines for reporting, expand the participants in the information interaction on the pilot launch of the project and prepare for regular taxonomy changes.

It is planned to analyze the actual impact of increasing financial disclosure requirements by issuers on the investment attractiveness of the Ukrainian stock market (primarily the equity segment) and the quality of its information infrastructure in the absence of noticeable interest of issuers in public raising capital and circulation of their securities in the regulated market.


Download data is not yet available.


Agarwal, U. P. (2011). XBRL: Zero to Pro in 2 Days. Taxmann Publications Pvt. Limited.

Bartley, J. W., Chen, Y. Al, & Taylor, E. Z. (2010). A Comparison of XBRL Filings to Corporate 10-Ks — Evidence from the Voluntary Filing Program. SSRN. Retrieved from

Blokdijk, G. (2015). XBRL – Simple Steps to Win, Insights and Opportunities for Maxing out Success. Complete Publishing.

Du, H., Vasarhelyi, M. A., & Zheng, X. (2013). XBRL Mandate: Thousands of Filing Errors and So What? Journal of Information Systems, 27 (1), 61–78. Retrieved from

Ghislain, F. (2020). The XBRL Book: Simple, precise, technical. Independently published. Retrieved from

Premuroso, R. F., & Bhattacharya, S. (2008). Do early and voluntary filers of financial information in XBRL format signal superior corporate governance and operating performance? International Journal of Accounting Information Systems, 9, 1–20. DOI:10.1016/j.accinf.2008.01.002

Pustylnick, I. (2015). Assessment of Feasibility of the Use of XBRL in Financial Research. Lambert Academic Publishing.

Boyko, R. V., & Voronko, R. M. (2020). Formuvannia ta podannia finansovoi zvitnosti u formati XBRL: stan, problemy ta perspektyvy vprovadzhennia v Ukraini [Formation and submission of financial reporting in XBRL format: condition, problems and implementation prospects in Ukraine]. Visnyk Lvivskoho torhovelno-ekonomichnoho universytetu. Ekonomichni nauky – Herald of Lviv University of Trade and Economics. Economic Sciences, 61, 51–56. Retrieved from [in Ukrainian].

Vakun, O. V., Horodyskyi, M. P., Hrabchuk, I. L., & Soloviov, B. S. (2020). Problemy vprovadzhennia standartu zvitnosti XBRL [XBRL reporting standard: implementation issues]. Problemy teorii ta metodolohii bukhhalterskoho obliku, kontroliu i analizu – Problems of Theory and Methodology of Accounting, Control and Analysis, 2 (46), 3–8. Retrieved from [in Ukrainian].

Gudzenko, N. M., Koval, N. I., & Plakhtii, T. F. (2018). Vplyv informatsiinykh potreb korystuvachiv na strukturu ta napovnennia finansovoi zvitnosti [The influence of information needs of users on the structure and filling of financial statements]. Ekonomika, finansy, menedzhment: aktualni pytannia nauky i praktyky – Economy, finances, management: Topical issues of science and practice, 5, 102–113. Retrieved from [in Ukrainian].

Umantsiv, Н., & Polovyk, Ye. (2020). Formuvannia zvitnosti u formati XBRL [Formation of XBRL reporting]. Ekonomichnyi visnyk universytetu – University economic bulletin, 46, 95–102. Retrieved from [in Ukrainian].

Pro bukhhalterskyi oblik ta finansovu zvitnist v Ukrainі: Zakon Ukrainy vid 16.07.1999 r. № 996-ХIV, stanom na 14.11.2020 r. [On Accounting and Financial Reporting in Ukraine. Law of Ukraine of July 16, 1999 № 996-ХIV as of November 14, 2020]. Retrieved from [in Ukrainian].

IFRS Taxonomy 2020. IFRS Foundation. Retrieved from

Portal of the FRS. Retrieved from [in Ukrainian].

Report on the implementation of the Strategy for the Development of the Financial Sector of Ukraine until 2025 for 2020. (2021). The National Securities and Stock Market Commission. Retrieved from [in Ukrainian].

FCA Policy Statement delays ESEF implementation and extends publication deadlines for listed companies. (2020). UK Accounting Plus. Retrieved from

Regulation (EU) 2021/337 of the European Parliament and of the Council of 16 February 2021 amending Regulation (EU) 2017/1129 as regards the EU Recovery prospectus and targeted adjustments for financial intermediaries and Directive 2004/109/EC as regards the use of the single electronic reporting format for annual financial reports, to support the recovery from the COVID-19 crisis. Official Journal of the European Union, 26.02.2021. Retrieved from

European Single Electronic Format (ESEF) – collected guidance. Reporting & assurance. (2021). Accountancy Europe. Retrieved from

Shyshkov, S.E. (2021). Rynok aktsii yak ekonomichnyi ta instytutsiinyi fenomen: Ukraina kriz pryzmu svitovykh realii [Equity Market as economic and institutional phenomenon: Ukraine from the perspective of international reality]. Ekonomika Ukrainy – Economy of Ukraine, 3, 61–86. [in Ukrainian].

Abstract views: 66
PDF Downloads: 73
How to Cite
Shishkov, S. Y. (2021). Forming the Financial Reporting System of Issuers on the Basis of Taxonomy: Current Problems and Ways to Solve Them. Statistics of Ukraine, 93(2), 109-118.