The National Bank of Ukraine has approved the Methodological Guidelines On the Rules Governing the Compilation of Notes to Financial Statements (hereinafter the Methodological Guidelines), reads  NBU Board Resolution No.965, dated 29 December 2015.  This resolution is intended to ensure the compilation and disclosure of financial statements by Ukrainian banks in line with the requirements of the International Financial Reporting Standards (hereinafter the IFRS) and  to provide for the compilation of notes in a manner acceptable to banks.

“These Guidelines will help banks present information in financial statements in line with IFRS requirements using their own practices in compiling notes to financial statements while providing the users of financial statements with understandable and appropriate information,” said Director of the NBU Accounting Department Bohdan Lukasevych.

The Methodological Guidelines contain examples on how to disclose information in the notes in line with IFRS requirements. At the same time, a bank independently determines a format and structure of notes to financial statements, taking into account the size of a bank, types and amounts of operations it performs.