Ukraine makes companies’ financial statements public, increases transparency

The State Tax Service of Ukraine has made public the financial statements of all companies that file tax reports. This step was required by the Resolution of the Cabinet of Ministers of Ukraine No. 407 of 3 March 2021 (“Resolution № 407”).

Resolution No. 407 amended two other resolutions of the Cabinet of Ministers of Ukraine (the “CMU“), namely:

Resolution of the CMU “On Approval of the Regulation on Data Sets to be Published in the Form of Open Data” No. 835 of 21 October 2015 and
Resolution of the CMU “Some Issues of Disclosure of Public Information in the Form of Open Data” No. 867 of 30 November 2016.

Resolution No. expanded the list of data sets that shall be published:

the State Statistics Committee shall publish financial statements of companies submitted under the Law of Ukraine “On Accounting and Financial Reporting in Ukraine”; and
the State Tax Service shall publish financial statements (balance sheet and statement of financial results), submitted as an appendix to the annual tax reporting.

Publication of financial statements will benefit all companies that consider doing business with a Ukrainian party, as it will allow a better understanding of the financial state of the contract counterparty.

The described data to be published by the State Tax Service, will be disclosed on two websites:

Ukraine has high levels of government data transparency, most recently ranking number 17 in Europe according to the Open Data Maturity Report 2020.

Other useful data sets that are available for research on a Ukrainian company include:

Publication of financial statements in the open data form, as reported, is a commitment made by Ukraine under the Action Plan on implementation of the 2014 Association Agreement between Ukraine and the European Union.

The full text of Resolution No. 407 (in Ukrainian) is available here.