The NBU allowed non-banking institutions to violate the deadlines for submitting financial statements in 2023

The National Bank, in accordance with the law “On the Protection of the Interests of Subjects of Reporting and Other Documents during the Period of Martial Law or State of War”, extended the period of non-application of influence measures for untimely submission of financial reporting and consolidated financial reporting by non-banking institutions to 2023. This was reported by the press service of the NBU.

Photo: bank.gov.ua 0

► Read the Ministry of Finance Telegram channel: the main financial news

The regulator will no longer apply measures of influence for untimely submission of financial statements and consolidated financial statements by non-banking institutions in 2023, also due to the gradual implementation by insurers of IFRS 17 “Insurance Contracts”.

The National Bank reminded that, starting from January 1, 2023, International Financial Reporting Standard 17 “Insurance Contracts” is mandatory for use in the insurance market.

However, in the conditions of martial law, financial and time resources of insurers, necessary for the development and implementation of new procedures, IT solutions, processes for the purpose of implementation of IFRS 17 “Insurance contracts”, are limited.

At the same time, most insurers experience difficulties with the reconfiguration of accounting and IT systems, the availability of qualified personnel for the development of appropriate accounting policies, methods and models for calculating liability under insurance contracts, with changing approaches to the formation of financial statements and the calculation of key indicators.

For insurers who failed to implement IFRS 17 “Insurance Contracts”, the regulator clarified the list of documents they must submit to obtain a license for a new type of insurance.

Thus, in the package of documents for obtaining a license for a new type of insurance during 2023, insurers present:

• reporting determined by the rules for the preparation and submission of reports by participants in the market of non-bank financial services to the NBU, approved by the resolution of the Board of the National Bank of November 25, 2021 No. 123 (hereinafter – the rules No. 123) instead of the financial statements prepared in accordance with IFRS, including IFRS 17 “Insurance contracts”;
• the report of the subject of audit activity, which according to the law “On the Audit of Financial Reporting and Auditing Activity” has the right to conduct a mandatory audit of the financial reporting of enterprises representing the public interest, on providing confidence in the reporting data of the insurer, compiled in accordance with rules No. 123 as of the last reporting date, prepared in accordance with international auditing standards, instead of the auditor’s report on the insurer’s annual financial statements or the auditor’s report on the review of the insurer’s interim financial statements.

Conference “Invest Talk Summit” Find out how to make money on investments in 2023-2024! Details on the website.

Promo code for a 10% discount: minfin10.

🕵️ We created a small survey to learn more about our readers.

💛💙Your answers will help us become the best, pay more attention to topics that are interesting to you. 🤗 We will be grateful if you find a minute to answer our questions.

Source: Ministry of Finance

Views: 25