RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of December 10, 2012 No. 510

About approval of the Procedure for application of method of transformation during creation of the financial reporting of banks of Ukraine

According to articles 7 and 41 of the Law of Ukraine "About the National Bank of Ukraine", article 69 of the Law of Ukraine "About banks and banking activity" and for the purpose of creation of the financial reporting by banks of Ukraine according to international accounting standards (further - IFRS) the Board of the National Bank of Ukraine DECIDES:

1. Approve the Procedure for application of method of transformation during creation of the financial reporting of banks of Ukraine which is applied.

2. Banks for which the reporting for 2012 is the first financial reporting which is constituted according to IFRS according to requirements of IFRS 1 "The first application of international accounting standards" (further - IFRS 1) shall rearrange financial statement line items for the purpose of adjustment of the opening balance sheet for 2011.

Banks for which the reporting for 2012 is not the first financial reporting according to IFRS according to requirements of IFRS 1 and which promulgated the financial reporting according to IFRS earlier shall use input data of the financial reporting of the previous accounting period constituted according to IFRS and confirmed with the independent auditor during creation of the reporting.

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