Disclosure of information

The purpose of this standard is to establish requirements for the format, scope and content of financial information that banks are obliged to provide external users. Under this standard, comments of banks to the financial statements should disclose such aspects as the management and control of the bank's liquidity and inherent in banking credit, interest rate and currency risks, etc. Use of this standard allowed closer to the financial statements of banks reporting standards that apply in countries with developed market economies, and make the banking system more transparent. But there are still differences in approach and the NBU to financial reporting of banks in relation to the requirements set out in international standards of accounting. These differences can be seen by comparing the contents of the NBU regulations to IFRS (IAS-30. therefore remains urgent problem of development of national accounting, similar to IAS-30. A positive solution to this problem would be to promote transparency in Ukraine's banking system and enhancing its integration into the global financial the system. The authority of the bank's management with respect to financial accounting covers the creation of appropriate conditions for the proper conduct of financial accounting in accordance with applicable law. To meet this requirement, the bank's management must ensure the development of internal regulatory legal act, which is called the "bank's accounting policy." This document sets out the rules of the organization and financial accounting methods for assessing specific sites of financial accounting, which allowed the use of alternative methods, as well as: accounting procedures used by the bank for the preparation and submission of financial statements. This document contains the first accounting policies of the bank on the formation of reserves to cover losses from bad loans, impairment of securities and other doubtful assets, the rules of write-offs of bad loans to repay, accrual of interest income and expenses, the organization of internal control in the implementation of accounting procedures, etc. Topic: The Role of Accounting in the management of the bank, its types and purpose | Tags: Disclosure