FBK Grant Thornton Answers Questions from Non-Government Pension Funds

FBK Grant Thornton’s Department of Assurance and Advisory to Financial Institutions has arranged a webinar titled “Results of the Year 2020: Q&A for Non-Government Pension Funds”.

Maksim Chikishev, the Head of Advisory to Insurance Companies, spoke about changes in Russian laws and international standards, as well as financial statements prepared by non-government pension funds in 2021, and answered questions from attendees of the previous webinars.

“This year, it is necessary to start taking measures aimed at transition to IFRS 17 and new industry-specific standards for non-government pension funds. First of all, funds should evaluate how the transition to new provisions will affect their operations, prepare a transition plan and then start implementing it,” Maksim Chikishev added.

Senior Expert Dmitriy Popov explained which important factors need to be taken into account by non-government pension funds when recognising financial assets under IFRS 9 Financial Instruments.

“We provide services to several funds that went for early application of IFRS 9, so they are interested in its nuances. This information is also useful for those who only plan to transit to that standard,” he said.

Senior Expert Maria Karpova mentioned matters that raised questions amount non-government pension funds when maintaining accounting records and preparing financial statements for 2020. She said that key areas of interest included reorganisation of non-government pension funds, income tax assessment, treatment and documentation of transactions with insurance reserves.