FBK Grant Thornton’s Experts on Changes in IFRSs

FBK Grant Thornton’s Department of Assurance and Advisory to Financial Institutions has prepared guidelines for the application of revised IFRSs published in the Journal Taxation, Accounting and Reporting in a Commercial Bank.

Lead Expert Dmitry Popov gave recommendations on the calculation and disclosure of allowances for ECLs amid the COVID-19 pandemic.

A teaser:

Recent events shaped a new economic environment, which makes estimates and disclosures of allowances for expected credit losses even more relevant. Which elements should be incorporated in the calculation of expected credit losses amid the COVID-19 pandemic? How to disclose information about the impact of the pandemic and comply with IFRS 7 Financial instruments: Disclosures?
Accounting and IFRS Methodologist Svetlana Ponkratova focused on changes in IFRSs in 2021 and 2022.

A teaser:

Annual changes in the standards modify the procedure for measurement and classification of financial and non-financial assets and liabilities. Approaches to measurement of benchmark interest rates change as well. The structure of PP&E cost is altered. Costs that relate directly to a contract are linked to its recognition as onerous. Basic principles for recognition of assets and liabilities under IAS 1 Presentation of Financial Statements are also amended.