NBS Adopts Regulations to Enable Application of IFRS 9 in Banks
Given the statutory obligation of banks to apply the International Financial Reporting Standards (IFRS) in preparing annual financial statements as of the day set by the competent international body as the starting date of their application, and in order to enable the application of the new IFRS 9 – Financial Instruments, starting from 1 January 2018, the NBS Governor adopted the following regulations in the field of accounting and financial reporting, i.e. for the needs of recording, collection, processing and submission of relevant data to the NBS:
- Decision on Forms and Content of Items in Financial Statement Forms to Be Completed by Banks,
- Decision Amending the Decision on the Chart of Accounts and Contents of Accounts in the Chart of Accounts for Banks,
- Decision on the Collection, Processing and Submission of Data on Balances and Structure of Accounts from the Chart of Accounts.
To the same end, given the provisions of the above regulations, at its meeting of 9 November, the NBS Executive Board adopted the following decisions in the field of bank supervision:
- Decision Amending the Decision on Reporting Requirements for Banks,
- Decision Amending the Decision on the Classification of Bank Balance Sheet Assets and Off-Balance Sheet Items.
The above secondary legislation was published in the RS Official Gazette, No 101/2017 of 10 November 2017.
Also, apart from amendments implementing the IFRS 9, the above decisions also contain novelties responding to the needs identified in everyday practice, and ensuring the alignment of certain provisions to the regulations in force in the Republic of Serbia.
The NBS wishes to thank the representatives of banks, the Association of Serbian Banks and auditing associations which were engaged in the Working Group in activities of identifying necessary amendments to the banking regulations with a view to implementing the new standard, and to all stakeholders who took part in the public discussion about the above set of secondary legislation. Also, the NBS hereby reminds that the new regulations will apply as of 1 January 2018.
Bank Supervision Department