FBK Grant Thornton Delivers Webinars for Financial Institutions

The Department of Assurance and Advisory to Financial Institutions has arranged a series of webinars titled “Accounting and Reporting Changes. Financial Reporting 2021” for credit and non-credit financial institutions.

Lead Expert Dmitry Popov underlined that disclosures in financial statements for 2021 should give information about the effects of benchmark interest rates on the company’s financial statements even if the company has no financial instruments or contracts that provide for IBOR application.

Lead Expert Maria Karpova said, “Every single non-credit financial institution will have to amend its accounting policies for 2022 because of changes in certain industry-specific standards and changes in the chart of accounts for non-credit financial institutions. We advised companies to bare the most recent versions of standards in mind when preparing their accounting policies from 1 January 2022.”

Methodologist Anastasia Gerasimova spoke about changes in the regulation of audit services to financial institutions that become effective on 01 January 2022:

·        a new long list of public interest entities in the financial market,

·        a new supervisory body for audit firms in the financial market – the Bank of Russia, and

·        a new requirement to disclose key audit matters in auditor’s reports for public interest entities.

Accounting and IFRS Methodologist Svetlana Ponkratova said that due to the application of federal accounting standards that govern accounting for property from 2022, the respective changes were made to the Bank of Russia’s regulations.

“In particular, separate accounts were introduced for impairment and new accounting rules were set for non-credit financial institutions that apply simplified accounting methods. For credit financial institutions, the Bank of Russia extended the possibility to apply accounts related to broker and stock exchange transactions by adding non-financial assets. The chart of accounts was also supplemented with new accounts for property impairment,” Svetlana Ponkratova said.