On August 18, 2015, the Board of the National Bank of Ukraine adopted Resolution No. 540 On Amendments to NBU Board Resolution No 373, dated October 24, 2011 (hereinafter – Resolution) approving amendments to NBU Board Resolution No 373, dated October 24, 2011 and the Guidelines on the Compilation and Publication of Financial Statements by the Ukrainian Banks.

The Resolution has brought the interim (quarterly) financial reporting into line with the requirements of the International Financial Reporting Standard 34 “Interim Financial Reporting”.

From now on, interim financial reporting forms are fully in line with annual financial reporting forms, making it easier to compare information from financial statements covering different periods. Thus, inter alia, two more forms available in paper format have been added to the interim financial reporting:  the interim condensed statement of changes in equity and the interim condensed statement of cash flows.

The Resolution comes into effect from December 1, 2015. Therefore, starting from the first quarter of 2016, banks will compile quarterly financial statements under new requirements.

By the aforementioned date, banks will be required to finalize the business processes, which is required for a shift in accounting practices to enable the recording of transactions in accordance with the IFRS requirements and finalize the respective software suites.