FBK Grant Thornton on Changes in IFRSs

The Department of Assurance and Advisory to Financial Institutions has arranged a webinar titled “Changes in IFRSs: Relevant IFRSs from 1 January 2022, New Aspects in Applied Standards”.

Svetlana Pankratova, an accounting and IFRS methodologist, said, “Companies have to replace LIBOR with risk-free rates by 31 December 2021 if they have instruments and contracts with references to these rates.”

In his turn, Dmitriy Popov, a Senior Expert, said, “It is important to cooperate with risk managers when preparing financial statements to evaluate the results of expected credit loss calculation. The probability of default should be estimated by competent and skilled employees.”