FBK Deputy Director of the Bank Audit Department Roman Kenigsberg has spoken at the conference «The financial reporting of credit institutions»

October 1-2, 2012 in Moscow there was held the conference «The financial reporting of credit institutions. The main challenges and tasks for CFO» organized by Quest Partners Company. Roman Kenigsberg, the FBK deputy director of the Bank Audit Department has acted as the moderator of the section devoted to M&A.

The roundtable discussion at the end of the conference was devoted to the Federal Law №208-FL. After its coming into force in 2013 the credit and insurance organizations will have to submit the consolidated statements for the year not later than 120 days after the reporting date, for the quarter – not later than 60 days. As Roman Kenigsberg noted in his statement it was the substantial shortening the reporting preparation terms. Meanwhile he has supported novations of the Bank of Russia which suggested spreading the responsibility on presentation of nonconsolidated financial statements of credit institutions in the same terms. «The request of shortening terms of reporting presentation is objective. If the reporting is published in half-year as it happens now, often it doesn`t any more reflect the current data and the real state of things in company. For this period the bank can be fully changed. It`s very difficult for investors in such situation to make a strategic decision based on the international reporting», - Kenigsberg emphasized. At the conference there have also spoken the representatives of Bank of Russia, VTB Bank, Alfa-Bank, IBM, Moody`s, etc.