FBK GT About Impact of COVID-19 on Interim Financial Statements

Experts of the Department of Assurance and Advisory to Financial Institutions have arranged a webinar titled “The Impact of COVID-19 on Interim IFRS Financial Reporting by Financial Institutions for the Three and Six Months of 2020”.

Maksim Chikishev, the Head of Advisory to Insurance Companies, spoke about the main factors that affect financial reporting (going concern, fair value measurement etc.). In addition, he mentioned specifics of the application of IFRS 9 and IFRS 16 during the COVID-19 pandemic and explained which exemptions may be granted by the Central Bank to insurance companies.

Senior Expert Dmitriy Popov then spoke about estimates and assumptions that can have a material impact on financial statements. He also provided a detailed information about additional disclosures in financial statements (based on the going concern analysis, risk assessment and determination of key sources of uncertainty).

Recordings of all webinars are available in the special section of the website, “Together Against COVID-19”, where you can find materials useful for businesses during quarantine.

You can watch the video recording here https://youtu.be/P8q50_JUb0c