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FBK GT About Interim Reporting 2020

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Experts from FBK Grant Thornton and FBK Cybersecurity have participated in an online meeting titled “Interim Reporting under IFRS for Q1 2020”.

Head of Advisory to Insurance Companies Maksim Chikishev spoke about the application of IFRS 15 Revenue from Contracts with Customers amid the Covid-19 pandemic and advised on the recognition and treatment of revenue in the current economic circumstances.

“As there is a significant uncertainty over the receipt of payments, entities should evaluate whether their clients are likely to fulfil their contractual obligations at each reporting date. Entities should recognise any revenue only when the receipt of payment is sufficiently probable,” he said.

Maya Savitskaya, a Manager of the Department of Assurance and Advisory to Financial Institutions, dedicated her speech to remote work and explained current trends, new challenges, risks and adverse consequences that risk managers have to deal with. She presented a basic algorithm for the analysis and optimisation of processes and procedures when switching to remote work and mentioned Regulation, Control and Monitoring as the foundation or “the three pillars” of risk mitigation.

Alexander Chernenko, the Director of FBK Cybersecurity, shared technical aspects of secure remote access, applied mechanisms and technologies, as well as related cyber risks. In addition, he spoke about the dangers of social engineering attacks, especially phishing and malware, and advised on protective arrangements and technical measures, as well as cybersecurity rules for employees.