The national Bank of Ukraine (NBU) has delayed publication of financial statements banks, giving them and the responsible officials of banking groups with additional time to implement corrective transactions provide an external audit and approval of reporting, it is reported on the regulator’s website on Friday.
Amended by resolution of the Board of the regulator from April 16, 2020 No. 51 “On peculiarities of application of the requirements of separate legal acts of the NBU in connection with the quarantine measures and the introduction of restrictive measures”, which is published on the website of the Central Bank and shall enter into force on April 17.
Clarifies that the national Bank has delayed the deadline for publication of the annual correction of the external audit until June 19, March 31, in addition, the financial reporting, including consolidated management report together with the auditor’s report for the year 2019 from now on, banks can apply within five working days after the General shareholders ‘ meeting, whereas previously the deadline was 30 April.
The regulator also extended the final term of submission of interim financial reports for the first quarter of 2020 to June 30 from April 30, as well as the consolidated financial statements for the accounting period to 30 July 30 may.
The decree establishes that banks may not to the NBU on paper the financial reporting together with the audit report and the management report in 2019, as well as financial reporting for the first quarter of 2020, provided that they embed on their websites.
The respective decision of the regulator also postponed the deadline for submission and publication of statements of responsible persons of the banking group.
So, the planned publication of the consolidated reporting of the banking group and the audit report for 2019 now allowed within 30 working days after the publication of the annual financial statements of the Bank for 2019 (previously, until 1 June).
The national Bank noted that the consolidated financial statements of the banking group, subconsolidating statements of the subgroups of the banking group and the audit report for the year 2019 shall be allowed not to file on paper, provided they are published on the website of the responsible person of the banking group.
Similar conditions also apply for interim consolidated reports of the banking group and the intermediate subconsolidating reporting subgroups of the banking group for the first quarter of 2020, subject to their publication on the website of the responsible person of the banking group on July 30.
The regulator believes that the delay will help to support the banking system at the time of quarantine and restrictive measures related to the spread of the coronavirus COVID-19.