The National Bank of Ukraine (NBU) has brought interim (quarterly) financial reports of banks completely in line with the requirements of International Financial Reporting Standards (IFRS), the regulator has said on its website.
Resolution No. 540 of Aug. 18 that approved amendments to the NBU’s resolution No. 373 of Oct. 24, 2011 and the list of rules on drawing up and publishing the financial reports of Ukrainian banks has been posted on the NBU’s website, which takes effect from Dec. 1, 2015.
“Thus, starting from the first quarter of 2016, banks will draw up interim financial reports under new requirements,” the regulator said.
According to the resolution, from now on the forms of interim financial reports will correspond to the requirements of annual reports which would facilitate the comparison of information in financial reports.
Two more forms have been added to the interim financial report in paper form: the interim abridged report on changes to owned capital, and the interim abridged report on the movement of monetary funds.
The central bank told Interfax-Ukraine that previously, the quarterly report included the report on the financial state of affairs, the report on financial results, potential liabilities of banks and separate indicators of banks’ operations. The new requirements have been introduced under 34 IFRS standard.
The regulator said that banks are to organize their work to improve business processes to switch to IFRS in full and update the relevant software.
