One of the priority data sets for business and society — corporate financial reporting — is now available on the Single Open Data Portal. For this to be possible, BRDO experts have been advocating for making this data set publicly available and have been involved in the development of relevant regulatory acts for more than a year and a half.
For citizens and entrepreneurs, open financial statements are the way to:
- stop the data breach and sale on the ‘shadow markets’;
- assess the risk of cooperation for contractors;
- check the credibility of employers;
- analyze the status of companies when purchasing real estate, transport, etc.
Making financial statements publicly available will also have a positive effect for the state, in particular:
- it will help to improve the transparency and openness ratings of the state. Using the example of the Prozorro system that has received many international awards, Ukraine can become a leading country in the field of open data and share experiences with other countries;
- it will raise the credibility of Ukraine as a digital state in the international arena;
- it will promote the development of the economy (creating open data-based products). As a result, the budget will be filled;
- it will help to comply with international FATF standards and providing support for the OECD to fight the laundering of proceeds and terrorism financing;
- it will improve Ukraine’s investment attractiveness;
- it will reduce the number of schemes in public procurement: it will facilitate the AMCU search for tenders with schemes by identifying front organizations that do not have the necessary financial capacity (direct requirement of para.4, part 1 of Art. 16 of the Law of Ukraine “On Public Procurement”);
- it will improve the quality of management decisions both at the state and business levels.
Of course, this will also unlock the creation and development of new open data-based services. We expect that from 1 to 3 million Ukrainians will use such data every month.
Exactly a year ago, BRDO experts and some non-governmental organizations appealed to the relevant data holders to publish and regularly update the financial statements of companies. Currently, our colleagues are analyzing the quality and completeness of published data.