Completing the transition to IFRS in the Ukrainian Banking Sector

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.

Contributing to financial stability: Encouraging greater dialogue between key players in the banking sector

Story Highlights

  • When supervisors and external auditors of financial institutions collaborate, they can both do their jobs better and ensure greater transparency and soundness in the financial system.
  • The World Bank organizes events and offers publications and tools to help supervisors and external auditors in the banking and insurance sectors communicate better and work together.
  • To support this important collaboration, the World Bank held the Supervisors' Exchange Forum in Vienna, Austria, in September 2016 where it introduced the 

Financial Sector Workshop in Belarus: IFRS 9 and Dialogue between Regulators and Auditors

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.

Georgian small and medium businesses embrace for transition to IFRS for SMEs

Starting 2018, Georgian small and medium enterprises (SMEs) will transition to IFRS for SMEs. This important step is expected to raise financial transparency of Georgian businesses, increasing their opportunities for investment and simplifying access to credit. To support the local business community and assist SMEs in this important change, the Georgian Service for Accounting, Reporting and Auditing Supervision (SARAS) has launched a series of education events to raise awareness about the Standard and collaborate with the wider stakeholder groups in the country.

Helping Businesses to Access Credit and Attract New Investment

Serbian Finance Minister and other government and EU representatives discuss reform progress and share experiences

  • Serbian Finance Minister Dusan Vujovic joined senior representatives from the World Bank Centre for Financial Reporting Reform (CFRR) program beneficiary countries, CFRR development partners including the European Commission, and the Governments of Austria, Switzerland and Luxembourg, as well as World Bank/CFRR representatives in Brussels on 29 March 2017.
  • The meeting was convened to discuss financial reporting reform progress in countries in the Wester

KAREP continues to provide access to improved knowledge and tools for supervisory staff of the National Bank of the Kyrgyz Republic

Supervisory staff of the National Bank of the Kyrgyz Republic (NBKR) are better equipped with the knowledge and tools on International Financial Reporting Standards (IFRS) requirements. A four-day training program focused on IFRSs specifically used in banking sector was delivered with KAREP support between February 01 and 08, 2022.

IFRS Update for Regulators

A two-day virtual forum for banking and insurance regulators was delivered by the CFRR on December 13 and 14, 2021 under two flagship regional programs: Strengthening Auditing and Reporting in the Eastern Partnership (STAREP) and the Road to Europe Program of Accounting Reform and Strengthening Institutions for Small and Medium Enterprises (REPARIS for SMEs). Representatives of regulators from Kazakhstan and the Kyrgyz Republic also joined the event.

Comprehensive review of the IFRS for SMEs: STAREP’s countries response

A virtual seminar was organized to support STAREP countries (Armenia, Azerbaijan, Belarus, Georgia, Moldova, Ukraine) to better understand the objective and the structure of the recently announced comprehensive review and request of information by the International Accounting Standards Board (IASB) on IFRS for SMEs with a final aim to provide IASB a regional consolidated response to the request for information.