FORMATION AND SUBMISSION OF FINANCIAL REPORTING IN XBRL FORMAT: CONDITION, PROBLEMS AND IMPLEMENTATION PROSPECTS IN UKRAINE

Abstract

The article studies the current state of implementation of IT in the accounting system, namely: in the pro-cess of forming and submitting of financial reporting. Digital financial reporting will change accounting practices in the coming years, and changes will be in data presentation technologies. In 2021, all enterprises in Ukraine that submit financial reporting in accordance with International Financial Reporting Standards must submit it in the XBRL taxon-omy format. The article reveals the technology of presenting financial statements in iXBRL format, which is a modern and understandable standard for the exchange of financial information between various interested users from anywhere in the world. The current state, problems and implementation prospects of a new digital standard for financial report-ing - iXBRL in Ukraine are considered. The modern software for the formation and submission of financial reporting in iXBRL format to the FRS portal is analyzed. The main advantages and disadvantages of using different methods of forming and presenting of financial reporting in iXBRL format are identified. Recommendations on the process of im-plementing the financial reporting system in iXBRL format are provided. It is concluded, that at the current stage of information technologies development in Ukraine, each company can choose its own way to the XBRL format of finan-cial reporting submission. However, before deciding to move to XBRL reporting, it is necessary to: analyze and verify enterprise’s IT-systems for the ability to generate financial reporting in XBRL format; to map or compare reporting information from own IT-system and extended taxonomy UA XBRL IFRS; perform XBRL validation using existing soft-ware (for example, Arelle) or on the company's own internal software.