REUTERS
The National Bank of Ukraine (NBU) from January 1, 2018 to March 31, 2018 inclusively will not apply measures against Ukrainian banks for violations of reporting rules and compliance regulations, according to the NBU website.
The regulator refers to Resolution No. 1, effective as of January 17, 2018.
The document concerns violations related to the implementation of the International Financial Reporting Standard 9 Financial Instruments (IFRS 9).
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As UNIAN reported earlier, the NBU obliged banks to switch to IFRS 9 Financial Instruments from January 1, 2018, which involves a change in the chart of accounts, the final deployment of banks' software complexes, as well as the updating of accounting and reporting rules.
According to the regulator's preliminary estimates, the transition period is not expected to have any significant impact on capital of most financial institutions.