From December 1 2015, banks in Ukraine are required to fully transition to the International Financial Reporting Standards (IFRS). Successful transition and implementation of IFRS in Ukraine's banking sector will depend on the ability of both those responsible for arriving at financial estimations and preparing financial statements, and for banking supervisors to understand and confidently apply the key principles of IFRS.
The new International Financial Reporting Standard 9 (IFRS 9) Financial Instruments comes into effect starting January 1, 2018, for all entities reporting under the IFRS. This new standard is the biggest change in 10 years in the accounting for financial instruments, fundamentally redrafting the accounting rules, replacing the incurred loss impairment model with a more forward looking expected loss model, as well as bringing new methodology for financial instruments classification.
Over 32 representatives from Central Banks, Banking Supervisory Agencies, and Insurance Supervisory Agencies from 13 countries from Europe and Central Asia attended the Executive IFRS for Regulators Workshop on 26 and 28 November 2018, at the hotel Intercontinental in Vienna. The workshop was one of the several events around the 2018 Ministerial Conference, that took place on 27 November 2018, and was specifically directed at financial supervisors and regulators. This workshop was jointly organized by the World Bank Centre for Financial Reporting Reform (CFRR) and the IFRS Foundation.