FBK Grant Thornton on IFRS Application by Banks

FBK Grant Thornton, Concept Business Group, Grant Thornton Advisory Belarus and Belinvestbank have organised a webinar on IFRS application for the Association of Belarusian Banks.

Anastasia Terekhina, a Partner of FBK Grant Thornton, gave representatives of Belarusian banks an update on the most relevant changes in IFRSs: standards to be applied in 2021 financial statements, the effect of the interest rate benchmark reform and standards that become effective after 2021.

Maksim Chikishev, the Head of Advisory to Insurance Companies of the Department of Assurance and Advisory to Financial Institutions, dedicated his speech to IFRS 16. He talked about identification of a lease and an underlying asset, shared lease accounting examples, defined modifications for financial instruments, and explained how they are reported under IFRS 16 with due regard to the impact of the COVID-19 pandemic.