FBK at Meeting of Non-State Pension Funds

Anastasia Terekhina, a Partner of the FBK audit and consulting group, and Svetlana Ponkratova, the Accounting and IFRS Methodologist of the firm, spoke about transition to IFRS 17 Insurance Contracts at a meeting of members of the Association of Non-State Pension Funds. Their speech was mainly dedicated to the methodology of transition to IFRS 17.

“All tasks that we are currently tackling to transit to IFRS 17 are shifting their priority. The Government of the Russian Federation issued Resolution No. 1111 dated 21 June 2022, so the application of IFRS 17 for Russian accounting purposes is expected to be postponed to 2025. Therefore, it is now crucial to deal with such issues as methodology and translation of data for compliance with IFRS 17 in 2023, as the application of this standard from 2023 is still in force outside the Russian jurisdiction,” Svetlana Ponkratova said.