On January 11, the Ministry of Economic Development and Trade and the Ministry of Finance adopted a joint decree on the launch of a single database for the automated collection, analysis and compilation of financial reports and information on fiscal risks of state-owned enterprises in e-form. This initiative aims to simplify the procedure for collecting and analyzing the reporting of state-owned enterprises, integration and submission to the Ministry of Economic Development and Trade and the Ministry of Finance, as well as to make it practicable for the public the use of aggregated financial information compiled by state-owned enterprises.

In Ukraine today there are registered 3385 state-run enterprises under the control of central executive authorities. Of these, 1,618 are operating and managed by 84 bodies. One governing body supervises 1 to 324 enterprises. The following documents are submitted to the authorized management body: financial statements - quarterly and annual, information on the effectiveness of the management of the state property (monitoring), financial plans and reports on their implementation, strategic plans, investment plans, individual reports at the request of the authorized management body. According to the current legislation, all plans and reports of state enterprises are provided in paper form.

Today, the Ministry of Economic Development and Trade and the other authorities managing state-owned enterprises spend unnecessarily a lot of time and human resources on simple mechanical work of transferring data from paper reports to spreadsheets. Abandoning of paperwork in favor of the electronic, as well as the automated reporting process already in the ready electronic form, will enable the management bodies to free up additional resources and save time for a qualitative analysis of the reporting data and the effectiveness of using state property instead of their mechanical handling.

According to the draft, the Ministry of Economic Development and Trade is offered to use uniform file formats for reports to unify data from reports, an electronic digital signature for the certification of the source, as well as a control system for document filling.

Implementation of the aforesaid project will enable the more fast monitoring of financial and economic activity of state enterprises and revealing fiscal risks to ensure more efficient management of state property.

The public portal, which will display the aggregated results of state enterprises in electronic form, will be launched in 2019.