FBK Grant Thornton at the Forum of Insurance Business SFOs

Maksim Chikishev, Head of Advisory to Insurance Companies at FBK Grant Thornton, has participated in the Forum of Pension and Insurance Business SFOs.

In his speech, Maksim Chikishev said that the new IFRS 17 on insurance contracts will fundamentally change insurance business by making it more transparent.

“The new standard is, of course, one of the most complicated ones. The whole system of insurance contract accounting should be changed to implement it. Yes, it is a new challenge for all insurance companies taking into account your recent experience of moving to industry-specific standards. And it is high time to start implementing it,” he said.

The Forum traditionally brings together SFOs and chief accountants of the majority of insurance companies and pension funds, regulators and auditors for the discussion of the most relevant finance management issues and networking. Attendees discussed the development and implementation of accounting standards and reporting approaches, regulation of insurance companies’ financial activities, financial position of insurance companies and other issues.