FBK Grant Thornton at IFRS and Management Accounting Conference

FBK Grant Thornton’s experts have participated in the thirteenth practical conference titled “IFRS and Management Accounting — 2021. New Solutions, Year-End Closing, Preparation for 2022”.
Partner Anastasia Terekhina and Lead Expert Dmitry Popov, who work at the Department of Assurance and Advisory to Financial Institutions, spoke about IFRS 9 application in the current environment, revision of the ECL model and changes in asset classification. They also explained when it is necessary to revise key assumptions and estimates used to calculate ECLs.
Partner Vladimir Skobarev and Associate Director Elena Pertseva dedicated their speech to harmonisation of sustainability reporting standards. They focused on changes in the GRI Standards, which occurred in October 2021, namely changes in the approach to the assessment of material topics for sustainability reporting purposes.
Partner Ksenia Shirikova named the most common difficulties related to the application of FAS 25 that are likely to affect accountants, such as the determination of the lease term and the discount rate. Attendees of the conference were invited to discuss solutions for proposed tasks. Ksenia also spoke about practical approaches to the determination of the discount rate, which are based on IFRS 16 Leases. Her insights will help to align lease accounting under RAS and IFRS.