FBK GT at Insurance Business Forum

Maksim Chikishev, the Head of Advisory to Insurance Companies at FBK Grant Thornton, has spoken at the conference for CFOs and chief accountants held as part of the seventh insurance business forum dedicated to challenges of the year 2020. The conference, which allowed for in-person or remote participation, brought together officials from the Bank of Russia, representatives of the insurance community, as well as experts from audit and IT firms.

Maksim Chikishev was a speaker at several sessions where he focused on how to apply IFRS 17 in view of new industry-specific accounting standards. He also addressed the Bank of Russia’s requirements to financial solvency of insurance companies. When explaining how to report the impact of the COVID-19 pandemic on financial statements, Maksim said, “It is crucial now to disclose all changes in professional judgements used to make estimates and assumptions that directly affect the ability of the company to continue as a going concern.”

Attendees of the conference discussed such pressing issues as new industry-specific accounting standards, transition to IFRS 17 and IFRS 9, implementation of new requirements to financial solvency and soundness, as well as the ways to disclose the impact of the COVID-19 pandemic on the company’s financial position in its 2020 financial statements.