The Central Bank seeks to promote the effective and efficient development and functioning of the banking system. To this end, Banks must maintain appropriate records, prepare financial statements in accordance with the International Financial Reporting Standards (IFRS) and the instructions of the Central Bank, and publish annual financial statements bearing the opinion of an External Auditor approved by the Central Bank.

In introducing this Regulation and the accompanying Standards, the Central Bank intends to ensure that Banks’ approaches to financial reporting and external audit are in line with leading international practices.

This Regulation and the accompanying Standards must be read in conjunction with the Central Bank Regulation and Standards on Corporate Governance in Banks, which establish the overarching prudential framework.

This Regulation and the accompanying Standards are issued pursuant to the powers vested in the Central Bank under the Central Bank Law.

Where this Regulation, or its accompanying Standards, include a requirement to provide information or to take certain measures, or to address certain items listed at a minimum, the Central Bank may impose requirements that are additional to the listing provided in the relevant Article.