Government makes financial reports public

Businesses’ financial statements will become public. There is a paragraph about it in the Draft Resolution of Cabinet of Ministers No. 835 on open data. The document indicates the State Statistic Service and the State Fiscal Service of Ukraine as responsible for their publishing.

If the new version of Resolution No. 835 gets enacted, businesses’ financial statement data will be published on Ukraine’s Unified Open Data Portal.

Open financial statements will have the following benefits for Ukrainian businesses:

1. Increased transparency of execution of the agreements with contractors.
2. Correct assessment of the company's market share and its development in contrast to the key competitors.
3. Lower risk of dealing with shell companies.

Public availability of businesses’ financial statements is a crucial step toward unshadowing the data market. Hopefully, the State Statistic Service and the State Fiscal Service will approach their responsibilities with all appropriate diligence and promptness.