Ministry of Economy of Ukraine
State-owned enterprises will now report in the electronic form
21.01.2019 | 17:15 | Directorate for relations with state bodies and publicOn January 11, the Ministry of Economic Development and Trade of Ukraine along with the Ministry of Finance of Ukraine adopted a joint decree on the launch of a single database for automated collection, analysis and compilation of financial statements and information on fiscal risks of state-owned enterprises in the electronic form. This initiative aims to simplify the procedure for collecting and analyzing the reporting of state-owned enterprises, generalize and submit it to the Ministry of Economic Development and Trade of Ukraine and the Ministry of Finance of Ukraine, as well as make it convenient for public to use the aggregate financial information of state-owned enterprises.
For the time being there are 3,385 state-owned enterprises registered in Ukraine and controlled by central public authorities, of which 1,618 enterprises are active and managed by 84 authorities. One governing authority controls from 1 to 324 enterprises. The following documents are submitted to the authorized governing authority: financial statements – quarterly and annual, information on the efficiency of state-owned property management (monitoring), financial plans and reports on the implementation thereof, strategic plans, investment plans, separate reports at the request of the authorized governing authority. According to the applicable law, all plans and reports of state-owned enterprises shall be provided in paper form.
Today, the Ministry of Economic Development and Trade of Ukraine and other state-owned enterprises spend a lot of time and human resources to simple mechanical work related to transferring data from paper reports to spreadsheets. The waiver of paper document flow in favor of electronic one, as well as automated collection of the reports in the ready electronic form will enable the governing authorities to free additional resources and save time for qualitative analysis of the reporting data and effectively use the state-owned property instead of usual mechanical processing.
According to the draft, the Ministry of Economic Development of Trade of Ukraine is proposed to use the uniform reporting file formats to unify data from reports, an electronic digital signature to certify the source, as well as the control system for filling in the documents.
Implementation of this project will enable prompt monitoring of financial and economic activity of state-owned enterprises and to reveal fiscal risks for more efficient management of state-owned property.
The public portal, which will display the aggregated results of state enterprises in the electronic form, will be launched in 2019.
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