TAXONOMY UA iXBRL: DISPLAY OF LEASE

Abstract

Introduction. The imperative of implementing the IFRS Taxonomy and presenting financial statements in iXBRL format has gained considerable prominence in recent years. Despite the wealth of available resources, including the official website frs.gov.ua, numerous unresolved questions persist, necessitating a focused exploration. This article addresses a pressing concern – the accurate reflection of lease transactions in footnotes in alignment with the IFRS Taxonomy. Purpose. The primary purpose of this article is to provide comprehensive insights into the intricate process of representing lease transactions in financial reporting. Specifically, the focus is on Taxonomic Note 832610 – «Lease», a pivotal element within the financial reporting structure. This note offers detailed guidance on adhering to IFRS standards, enabling market participants to precisely define and classify lease agreements, fostering unity of interpretation. Methods. To achieve the defined purpose, this article employs a methodical approach. It delves into the intricacies of Taxonomic Note 832610, outlining its key provisions and elucidating how it facilitates a systematic classification of lease agreements. The methods employed include an in-depth analysis of IFRS 16 requirements, emphasizing the amalgamation of financial and operating leases for lessees and the segregation for lessors. Results. The results of this exploration reveal the pivotal role played by Taxonomic Note 832610 in enhancing the clarity and accuracy of financial reporting related to lease transactions. It sheds light on the meticulous representation of assets, emphasizing the format conducive to data analysis and comparison. Conclusion. In conclusion, this article underscores the significance of the IFRS Taxonomy and iXBRL format in contemporary financial reporting. By focusing on the specific case of lease transactions, it highlights the critical guidance provided by Taxonomic Note 832610. The article concludes that in the current economic landscape, leveraging lease transactions strategically can effectively address capital shortages and the lack of modern equipment. The outlined procedure for representing assets and their disclosures in iXBRL format stands as a practical guide for market participants navigating the complexities of financial reporting in the evolving business environment.