On the 21st of March, Lime Systems presented practical peculiarities of accounting implementation according to the International Financial Reporting Standards (IFRS)

Seminar on IFRS financial reporting implementation for Ukrainian banks, organized by Lime Systems with a focus on practical use of the Scrooge core banking system.

On March 21, in the conference hall of the Radisson Blu Hotel, Lime Systems presented the practical features of implementing financial reporting in accordance with the requirements of International Financial Reporting Standards (IFRS).

Since December 1, 2015, the National Bank of Ukraine has obliged all banks to show transactions in their accounting in accordance with the requirements of international financial reporting standards, with the aim of attracting investors to Ukraine and ensuring the transparency of financial reporting by banks.

IFRS implementation in banks: calculating credit loss reserves, interest income on impaired financial assets and preparing IFRS reports for the National Bank of Ukraine.

What is the real situation, what problems banks face and how these problems are solved with the help of basic banking Scrooge — these were the main topics for discussion at the seminar. Representatives of Lime Systems demonstrated the functions that were used to implement the main methodologies and algorithms for calculating the reserve for credit operations and calculating and presenting in accounting the interest income on impaired financial assets in accordance with the requirements of IFRS. Special attention was paid to the statistical reporting of reserves under IFRS, which is provided to the National Bank of Ukraine.  

Anna Shmeleva, assistant chief accountant of the First Ukrainian International Bank (FUIB), highlighted the practical usability of the event to resolve issues arising from the transition to showing operations in accounting in accordance with the principles of IFRS. 

Serhiy Zarozhevsky, chief accountant of the Universal Bank, also thanked the Lime Systems company for organizing the seminar and drew attention to the high level of speakers, demonstrated the capabilities of the system, and the value of the received information. Both representatives of the NBU and commercial banks of Ukraine took part in the event.