With reference to adoption of the new International Financial Reporting Standard (IFRS) and amending the effective IFRSs, the NBU Board of Directors has approved by the above mentioned Resolution the Procedure of preparation and publication of financial reporting by the banks of Ukraine, which is compulsory for the banks starting from preparation, submission and publication of their quarterly financial reporting for the 1st quarter of 2009, annual and consolidated statements for the year 2008. Meanwhile, the NBU specifies that Ukrainian banks are entitled to prepare, submit and publish their annual and consolidated financial reporting for the year 2007 in compliance with the requirements of this Resolution.
The Procedure has been developed in compliance with the Laws of Ukraine “On Banks and Banking Activity”, “On Accounting and Financial Reporting in Ukraine”, being based on the main requirements for disclosure of information in the financial reporting in compliance with IFRS, the National Accounting Standards (NAS) and regulatory and legislative acts of the National Bank of Ukraine.
The Resolution came into effect on January 29, 2008.
With reference to adoption of the new International Financial Reporting Standard (IFRS) and amending the effective IFRSs, the NBU Board of Directors has approved by the above mentioned Resolution the Procedure of preparation and publication of financial reporting by the banks of Ukraine, which is compulsory for the banks starting from preparation, submission and publication of their quarterly financial reporting for the 1st quarter of 2009, annual and consolidated statements for the year 2008. Meanwhile, the NBU specifies that Ukrainian banks are entitled to prepare, submit and publish their annual and consolidated financial reporting for the year 2007 in compliance with the requirements of this Resolution.
The Procedure has been developed in compliance with the Laws of Ukraine “On Banks and Banking Activity”, “On Accounting and Financial Reporting in Ukraine”, being based on the main requirements for disclosure of information in the financial reporting in compliance with IFRS, the National Accounting Standards (NAS) and regulatory and legislative acts of the National Bank of Ukraine.
The Resolution came into effect on January 29, 2008.