For 3 months, NBU released banks from corrective actions due to the implementation of IFRS-9.
From January 1 to March 31, 2018 inclusive, the National Bank will not apply corrective measures to the banks for violating the rules of reporting and complying with standards, UNIAN reports.
As reported on NBU’s website with reference to Resolution №1, which enters into force on January 17, the decision relates to the violations, associated with implementation of the International Financial Reporting Standard (IFRS) 9 “Financial instruments”.
According to NBU’s estimates, this decision will ensure the gradual transition of Ukrainian banks to the application of IFRS-9.
As UNIAN reported, the National Bank obligated the banks to implement the International Financial Reporting Standard 9 “Financial instruments” from January 1, 2018, that provides for the change of plan of accounts and the finalization of program complexes of banks as well as the renewal of accounting and reporting rules.
According to the preliminary estimates of the regulator, the significant impact from the transition of banks to this standard on the capital of most financial institutions is not expected.
