Changes to the UA IFRS XBRL Taxonomy 2023: Important Updates for Users

Taxonomy Update

On December 27, 2024, the Financial Reporting System Management Committee, established under Memorandum No. 102/15 on the development and implementation of the financial reporting system, approved the electronic format of the UA IFRS XBRL Taxonomy 2023 (v.1.1). This format was developed as part of the EU-FAAR project (“Implementation of EU Accounting, Financial Reporting, and Auditing Practices in Ukraine”) and has been approved for further use by reporting entities when preparing electronic financial statements for the year 2023 and interim financial statements in 2024.

Source link: FRS.gov.ua

Our team has prepared a detailed overview of the changes in the UA IFRS XBRL Taxonomy 2023 to help you better understand the key updates and save time.

 

Key Changes in the Taxonomy:

Main changes related to all taxonomies (general 210_310 and 220_320, for insurance companies 210_310 and 220_320, and banking taxonomy):

  1. [110000] General Information on Financial Statements
    • A tag for identifying the KVED code has been added.
  2. [210000] Statement of Financial Position / [220000] Statement of Financial Position (in Liquidity Order)
    • Two new tags have been added:
      • Fixed assets, including right-of-use assets.
      • Right-of-use assets.
    • These changes enhance the transparency of financial reporting and ensure compliance with IFRS 16.
  3. [510000] Statement of Cash Flows, Direct Method
    • The following tags have been removed:
      • Premiums received and claims paid, annuities, and other policy payments.
      • Claims paid and premiums received related to insurance and reinsurance contracts.
    • These changes are driven by the requirements of IFRS 17 “Insurance Contracts”.
  4. [610000] Statement of Changes in Equity
    • The following contexts have been excluded:
      • Catastrophe reserve [component].
      • Equalization reserve [component].
      • Discretionary participation features reserve [component].
  5. [800200] Notes – Revenue and Expense Analysis
    • Tags related to earned premiums and reinsurance, as well as tags connected to other components of comprehensive income, have been removed.
    • These changes stem from updates to IFRS 17 and IFRS 9.
  6. [800500] Notes – List of Notes
    • The tag “Disclosure of significant accounting policies [text block]” has been excluded.
  7. [800600] Notes – List of Accounting Policies
    • The report has been completely excluded in the updated taxonomy version.
    • Recommendation: Replace all tags previously used in this report with tags from [800610] Notes – List of Significant Information on Accounting Policies.
  1. [810000] Notes – Corporate Information and Statement of Compliance with IFRS
    • Tags removed:
      1. Disclosure of significant aspects of accounting policies.
      2. Explanation of measurement bases applied in preparing financial statements.
    • Tags added:
      1. Disclosure of information on long-term liabilities with covenants.
      2. Carrying value of long-term liabilities with covenants.
  2. [811000] Notes – Accounting Policies, Changes in Accounting Estimates, and Errors
    • Tag removed: “Interest Rate Benchmark Reform – Phase 2”.
    • New contexts added:
    1. Disclosure of accounting policies.
    2. Long-term liabilities with covenants.
    3. Lease liabilities in sale and leaseback transactions.
    4. Voluntary changes in accounting policies.
    5. New IFRS standards.
    6. Accounting estimates.
  3. [819100] Notes – First-Time Application
    • Tag added: “Reclassification of financial assets to assets held for sale”.
  4. [822390-03] Notes – Financial Liabilities
    • Tags added:
    1. Disclosure of information on financial instruments.
    2. Disclosure of information on long-term liabilities with covenants.
    3. Types of covenants.
  5. [822390-09] Notes – Hedging
    • Tags added:
    1. Nominal amount of the hedging instrument.
    2. Nominal amount of other hedging instruments.
  6. [822390-10] Notes – Amount of Credit Risk Designated as at Fair Value Through Profit or Loss
    • Tag added:
      • Disclosure of general information about hedge accounting.
  7. [822390-20] Notes – Financial Assets and Liabilities as of the Date of Initial IFRS 9 Application
    • Several tags added for disclosures related to financial instruments and changes in the measurement categories of financial assets and liabilities upon the initial application of IFRS 9.
  8. [822390-21] Notes – Financial Assets and Liabilities Affected by Changes to IFRS 9 Regarding Prepayment Features with Negative Compensation
    • Significant tags removed related to:
      • Fair value.
      • Changes and reclassifications of financial instruments in the context of IFRS 9’s initial application.
    • Tags and taxonomy elements added related to:
      • Disclosure of financial liabilities affected by IFRS 9 amendments on prepayment features with negative compensation.
  9. [831150] Notes – Revenue from Contracts with Customers
    • Tags removed:
    1. Goods sold directly to customers.
    2. Goods sold through intermediaries.
  10. [834120] Notes – Share-Based Payment Agreements
    • Removed:
      • 48 tags related to disclosure of the indirect valuation of the fair value of goods or services received during the period for stock options granted.
    • Added:
      • Tags disclosing information about:
        • Fair value of stock options.
        • Valuation models for stock options.
        • Characteristics and assumptions used in stock option calculations.
    • Purpose of changes:
      • Ensure more detailed disclosures about the fair value valuation of stock options.
      • Increase transparency in financial reporting regarding financial instruments and their valuation.
  11. [836500] Notes – Insurance Contracts
    • The report has been excluded due to the expiration of IFRS 4.
    • Recommendation: Use [836600] Notes – Insurance Contracts (IFRS 17).
  12. [861000] Notes – Analysis of Other Comprehensive Income by Item / [861200] Notes – Share Capital, Reserves, and Other Equity Interests
    • Removed:
      • Reserve contexts that do not comply with IFRS 17 requirements.
  13. [880000] Notes – Additional Information
    • Tags related to time intervals have been excluded.

Changes Specific to Taxonomies for Insurance Companies 210_310 and 220_320:

 

  • In the report [210000] Statement of Financial Position for the taxonomy of insurance companies 210_310 and the report [220000] Statement of Financial Position, Ordered by Liquidity for the taxonomy of insurance companies 220_320:

Tags related to receivables and payables for insurance and reinsurance contracts, indirect and current reserves, and acquisition costs have been removed.

The removal of these tags is associated with updates to IFRS 17 (Insurance Contracts) and adaptation to new requirements for the assessment and classification of assets and liabilities in the context of insurance contracts, including the formulation of reserves, deferred costs, and receivables and payables in insurance companies.

  • In the report [310000] Statement of Comprehensive Income, Profit or Loss by Function of Expense for the taxonomy of insurance companies 210_310 and the report [320000] Statement of Comprehensive Income, Profit or Loss by Nature of Expense for the taxonomy of insurance companies 220_320:

Tags such as Net Income from Insurance Premiums, Signed Premiums, Income (Expense) from Changes in Unearned Premium Reserves, and others have been removed to comply with IFRS 17 requirements.

  • [836500] Notes – Insurance Contracts

Note that this report has been completely excluded in the new version of the taxonomy. This is due to the expiration of IFRS 4. Starting from January 1, 2023, insurers can no longer apply IFRS 4 in their financial reporting. Instead, they must apply IFRS 17 for the recognition, measurement, and disclosure of information about insurance contracts.

Tags from this report should be replaced with tags from the report [836600] Notes – Insurance Contracts (IFRS 17).