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Angola and Ukraine expand use of IFRS for banks

 01 September 2015


Angola

On 26 June 2015, the National Bank of Angola (BNA) announced a new regulation that requires some Angolan banks to begin using IFRS from 1 January 2016 and the remaining Angolan banks to begin using IFRS from 1 January 2017.

Under the BNA regulation, banking institutions that meet at least one of the following criteria onĀ 31 December 2015 must adopt IFRS as issued by the IASB from 1 January 2016:

  • the institution has total assets above AKZ300,000 million (US$2.4 million) on an individual basis;
  • the institution is listed on the stock exchange or it is a subsidiary of a company listed on the stock exchange;
  • the institution has one or more subsidiaries domiciled abroad;
  • the institution is headquartered in Angola and is a subsidiary of a company domiciled abroad; or
  • the institution is a subsidiary of an institution that meets any of the above criteria.

Banking institutions that do not meet any of the above criteria on 31 December 2015 must adopt IFRS as issued by the IASB from 1 January 2017, with the option of adopting IFRS from 1 January 2016.

There is currently no active stock exchange in Angola; however, there is a plan to begin trading on a new stock exchange in 2016.

Ukraine

Banks in Ukraine will be required to prepare their quarterly financial statements in accordance with IFRS starting with the first quarter of 2016.

The requirement was adopted by the National Bank of Ukraine by Resolution No. 540 of 18 August 2015. Ukrainian banks have been required to use IFRS in their annual financial statements since 1 January 2011. The new Resolution will mean full compliance with IAS 34 Interim Financial Reporting in their quarterly reports, including the formatting of quarterly financial statements and disclosures.

We have updated our website profiles on the use of IFRS in Angola and Ukraine. The profiles are here.


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