FBK at IFRS and Management Accounting Conference

Elizaveta Petrova and Anastasia Terekhina, Senior Managers at FBK Grant Thornton, took part in the Fifth IFRS and Management Accounting Conference.

Elizaveta Petrova spoke at the session titled “IFRS 9 and 15: Practical Application” and explained specifics of new standards using various cases as examples. “New requirements to reflection of revenue and financial instruments in IFRS financial statements will come into effect in a month, that is why participants had many practical questions answers to which were given at the panel discussion,” she said.

Anastasia Terekhina moderated the first day of the conference which was dedicated to the novelties in Russian financial laws and the bank session of the second day which was dedicated to IFRS 9. In addition, at the section dedicated to audit reform she spoke about delegation of audit supervision functions to the Central Bank and changes in the federal law. “The reform will affect not only the audit community, but also clients, in particular, public interest entities, such as credit and other financial organisations and listed companies,” said Anastasia Terekhina.

Such conferences have been held twice a year since 2015. They are attended by financial directors of large companies, as well as heads of economic planning departments, accountants, management accounting specialists, financial experts, economists, consultants, auditors and automation specialists.