Askold Birin, FBK Partner, took part in the panel discussion on innovations in the financial statements

NOFA Foundation held a panel discussion on the forthcoming changes in the fundamental concept of financial reporting.

Askold Birin, FBP Partner, the international financial reporting department director, chairman of the National Accounting Standards Board of the NOFA Foundation addressed the words of welcome to the panel participants. He emphasized the specific role of the document for the IFRS system and reminded that in February 2013 the NOFA Foundation made an official translation of that document into Russian, and that the document was already under the examination for applicability precedent to the official recognitions on the territory of Russia.

Olga Solovyeva, the NOFA Foundation National Accounting Standards Board member, doctor of economic sciences, professor of MSU chair of accounting, analysis and audit told the audience about the function and evolution of the financial reporting fundamental concept. In her speech she dwelt, in particular, on the changes in the composition of users for whose benefit the reporting was prepared, on the definition of the financial reporting as such as well as its quality parameters.

Great attention was shown to the speech of Danila Prokopovich, the NOFA Foundation National Accounting Standards Board member, IFRS Board Chairman of the Institute of Professional Accountants and Auditors of Russia. In the expert’s opinion that the new version of the fundamental concept besides having practical also has a great theoretical value. He spoke about the innovations put forward by the IASB, London, in particular, about the changes in the definition of assets and obligations, their valuation and recognition, as well as how these changes may affect the information reflected in the financial reporting prepared in accordance with IFRS. D. Prokopovich invited the audience to discuss those innovations both at the panel and by means of communicating the opinion to the IASB directly.

Alla Saltykova, the NOFA Foundation Board member, Deloitte & Touche partner, spoke about practical situations where those who prepared and audited the IFRS financial statements had to refer to the fundamental concept as there are no relevant rules in the IFRS system.

The panel discussion stirred a great interest among the invited representatives of the state authorities and professional community. Within the framework of the panel a live discussion was held with the participation of 40 experts.