FBK and Diasoft Hold IFRS 9 Workshop

FBK Grant Thornton has participated in a workshop on transition to IFRS 9 held by Diasoft.   

When speaking in front of representatives of major banks, experts highlighted that contrary to common belief it was not possible to transit to the new standard by adjusting the existing accounting system. In particular, FBK Vice President Alexey Terekhov talked more specifically about accounting changes and development of new accounting policies, and presented a step-by-step action plan for preparation to massive changes in legislation.

At the same time, he pointed out that little time was left before the new standard became effective. “We should not underestimate the amount of required changes to be completed by 1 January 2019. Based on our experience and the market situation we have come to a conclusion that the shortage of resources available to those who implement projects may become the main challenge for banks and the amount of resources will decrease over time,” FBK Vice President said.

FBK Grant Thornton, a methodological partner of Diasoft in training banks on transition to IFRS 9, is conducting in-depth studies of this issue in terms of its influence on financial results and capital of Russian banks.

Diasoft is one of the major Russian developers and suppliers of IT solutions for the financial sector.