EU-FAAR Project: Ukraine's Financial Sector Prepares for Integration into the European Space.

The Ministry of Finance of Ukraine has announced the results of cooperation with the project 'Implementation of EU Practices in Accounting, Financial Reporting, and Auditing in Ukraine' (EU-FAAR), which aims to align national legislation with European standards in the financial sector. Since 2015, the Ministry of Finance has been cooperating with EU technical assistance projects to implement European norms in the financial sector. This has contributed to the fulfillment of a number of conditions of the Association Agreement with the EU and prepared the financial sector for further integration into the European space. Key achievements within the project include providing consultations and conducting trainings on non-financial reporting and sustainable development reporting, implementing the electronic format of financial reporting UA IFRS XBRL Taxonomy, organizing public events, training sessions, and study tours for finance specialists, as well as improving the procedures for preparing and submitting financial reporting in accordance with EU requirements. Ukraine continues to reform its financial sector and implement European legislation in order to get closer to membership in the European Union. The Ministry of Finance plans to launch a new EU technical assistance project to implement sustainable development reporting standards, which will promote transparency and compliance of Ukrainian businesses with international requirements.