FBK Grant Thornton About Deferred Effective Date of IFRS 17

Date of publication

24.04.2020

The Department of Assurance and Advisory to Financial Institutions has arranged a webinar titled “New Amendments to IFRS 17 Insurance Contracts and Deferral of the Effective Date of the Standard for Another Year”.

Head of Advisory to Insurance Companies Maksim Chikishev spoke about the latest decisions made by the International Accounting Standards Board about the application of IFRS 17. He said that at its March 2020 meeting, the Board set the new effective date of IFRS 17 of 1 January 2023.

“The Bank of Russia has published a new regulation on the chart of accounts for non-credit financial institutions and the procedure for its application, which will also become effective on 1 January 2023 and provide for accounting in accordance with IFRS 17. So we already have a clear understanding what to expect and how much time is left to ensure proper implementation of the standard,” he said.

Chief Actuary Igor Borodaev spoke about the specifics of actuarial valuation in respect of liabilities under IFRS 17.

Recordings of all webinars are available in the special section of the website “Together Against COVID-19”, where you can find materials useful for businesses during quarantine.

You can watch the video recording here https://youtu.be/gx7GmXovjw8

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