We, representatives of non-governmental organizations and experts in open data, appeal to the State Tax Service of Ukraine, the State Statistics Service of Ukraine, the Ministry of Justice of Ukraine and the Ministry of Digital Transformation to publish and regularly update financial statements of companies in open data formats.
On January 1, 2018, the Law of Ukraine “On Amendments to the Law of Ukraine “On Accounting and Financial Reporting in Ukraine” regarding Improving Certain Provisions” No.2164-VIII entered into force. Under this law, financial statements of enterprises can not be classified as a trade secret, confidential information, and the restricted information, except as provided by law. Financial reporting is not subject to restrictions on the dissemination of statistical information.
Holders of data on financial statements of companies (all legal entities) are the State Tax Service, the State Statistics Service of Ukraine and the Ministry of Justice of Ukraine. Under the current legislation, it is the information of public interest, so it should be published on the data.gov.ua portal and provided at the request of legal entities and individuals under the procedure stipulated by the Law of Ukraine “On Access to Public Information”.
However, there are some significant problems:
Financial statements of companies are the information of public interest, so it should be made public in the format of open data. This principle is enshrined in the Directive 2013/34/EU. Ukraine has undertaken to comply with this requirement (paragraph 830 of the Action Plan on Implementation of the Association Agreement with the EU).
European countries, in particular the United Kingdom, have a successful experience in publishing financial statements of companies and can, therefore, serve as a great example for Ukraine to follow.
Publication of open data on financial statements will have a positive effect on the state, in particular:
There is no need to create additional resources to publish financial reporting data, as there is a state open data portal data.gov.ua.
Business associations support the publication of companies’ financial statements in the format of open data for the following reasons:
Therefore, we call on:
the State Tax Service and State Statistics Service to publish and regularly update the financial statements of companies in machine-readable formats, and the Ministry of Digital Transformation to promote the publication of this information in open data formats (as the body responsible for open data policy).
the Cabinet of Ministers of Ukraine to include financial statements of companies in the list of open data sets defined by the Resolution of the Cabinet of Ministers of Ukraine No.835 of 2015.
For our part, we are ready for constructive cooperation to reform Ukraine’s open data policy effectively and provide expert and informational support for publication of companies’ financial statements.
Signatories of the appeal:
The appeal is open for signature. Let us know if you would like to join: firstname.lastname@example.org or +380509979360
This material is prepared by the Better Regulation Delivery Office (BRDO), an independent expert and analytical center funded by the European Union under the FORBIZ project and within the framework of EU4Business Initiative.