New accounting rules for banks come into force, according to NBU Board Resolution №17 On Approval of Accounting Rules of the Banks of Ukraine dated 28 February, Ukrainian News reports.
The rules determine the methodological principles of reflecting the income and expenditure information and the procedure of application of main accounting principles during the recognition of income and expenditure, except for those, which fall within the sphere of application of IFRS 9 Financial Instruments.
It is noted that the bank reflects in the accounting the formation and use of reserves for expected credit losses as per accounts receivable in accordance with the requirements of NBU’s regulatory act on accounting the operations with financial instruments in banks.
The resolution entered into force on March 2.
