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