The National Bank of Ukraine (NBU) has reviewed requirements to disclosing information in banks’ financial statements pending introduction of International Financial Reporting Standard 9: Financial Instruments (IFRS 9).

Thus, the NBU Board approved Resolution No. 34 On Approval of Amendments to the Instruction on the Procedure for Compiling and Publishing Financial Reports of Banks of Ukraine dated 4 April 2018.

The purpose of this instrument is to provide for:

• disclosure of information in banks’ financial statements in accordance with IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures
• compliance with the Law of Ukraine On Accounting and Financial Reporting in Ukraine regarding submission of the Management Report.

Following the approval of the Resolution users will have access to complete and trustworthy financial statements of Ukrainian banks in order to make important economic decisions.

Resolution No. 34 enters into effect from 7 April 2018.