Ukraine Stock Market to introduce XBRL

 

25 May 2006

 

 

Ukraine's Securities and Stock Market State Commission (SSMSC) announced that it plans to create a new system to enable companies to file financial reports based on XBRL technology.  The information will then be made available via a new database for both investors and issuers.

 

“This must be done, if we are to tap into foreign markets”, SSMSC Commissioner Ivan Nesterenko said, according to a report in the newspaper Kommersant Daily. 

 

The system is being developed by the U.S. Agency for International Development (USAID), which will help fund the deployment.  It will be free for both issuers of data and investors.

 

SSMSC officials recognised that it will take at least a year to have the new system up and running, Kommersant reported.  It would be necessary to develop a legal framework and to unify reporting, and also to train staff on XBRL technology.

 

Kommersant said that a further factor would be the need to persuade issuers to adopt the system and release statements publicly.  This might require further legal steps.

 

Source:  Kommersant Daily

 

 

Announced by:

Peter Calvert

XBRL International

 

 

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