Lime Systems Presents Practical Aspects of IFRS Accounting Implementation for Banks

On 21 March, Lime Systems held a seminar at the Radisson Blu Hotel dedicated to the practical aspects of implementing accounting in accordance with International Financial Reporting Standards (IFRS).

From 1 December 2015, the National Bank of Ukraine required banks to reflect transactions in their accounting systems in accordance with IFRS requirements, with the aim of increasing the transparency of banks’ financial reporting and supporting the investment attractiveness of Ukraine’s banking sector.

The seminar focused on the practical realities of the transition, the challenges faced by banks, and how these requirements were addressed within the Scrooge core banking system.

Lime Systems representatives demonstrated the functionality used in Scrooge to implement key methodologies and algorithms for calculating provisions for lending operations, as well as calculating and recognising interest income on impaired financial assets in accordance with IFRS requirements.

Particular attention was given to statistical reporting submitted to the National Bank of Ukraine, specifically the reporting of provisions calculated in accordance with IFRS.

Anna Shmelova, Deputy Chief Accountant at First Ukrainian International Bank (FUIB), highlighted the practical value of the seminar in addressing issues arising from the transition to IFRS-based accounting.

Serhii Zarozhevskyi, Chief Accountant at Universal Bank, also thanked Lime Systems for organising the seminar, noting the expertise of the speakers, the capabilities of the system demonstrated during the event, and the value of the information provided.

The seminar was attended by representatives of the National Bank of Ukraine and Ukrainian commercial banks.