FBK Hosts Webinar for General Accounting Companies

FBK’s business season has started with a webinar dedicated to news in accounting and reporting, IFRS Accounting Standards, tax accounting, and audit legislation. 

The speakers focused on the key changes in accounting, as well as tax and auditing legislation taking effect in 2024, and discussed how to prepare financial statements for 2023. 

Lyubov Tulskaya, IFRS Manager of the Department of Assurance and Advisory to Financial Institutions, spoke about the key principles of the new IFRS 17 Insurance Contracts (please note that this standard is effective for annual reporting periods beginning on or after 1 January 2023), as well as crucial amendments to three other standards, namely IAS 1 Presentation of Financial Statements, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, and IAS 12 Income Taxes. Lyubov also elaborated on other new and revised standards effective after 2024, as well as those planned for publication. 

Anastasiya Gerasimova, Head of the Audit Methodology Department, spoke about changes in the audit legislation. She focused on the new developments that directly affect the companies’ operations and their audit approaches. The speaker provided detailed overview of the issues to be considered when interacting with auditors in 2024 within the previous year audits. She touched upon the main novelties of the ISQMs for firms that perform audits applicable from 6 December 2023, as well as the current versions of the Code of Professional Ethics for Auditors and the Rules of Independence of the Auditors and Audit Organisations.

Oksana Tyurina, Senior Manager of the Department of Assurance and Advisory to Financial Institutions, spoke about the transition period rules with regard to RFAS application, as well as about specifics of accounting for certain types of intangible assets under RFAS 14/2022 and amendments to RFAS 26/2020 in terms of capital investments in intangible assets. Oksana finished her report with a blitz selection of key legislative changes in accounting crucial to every professional, and explained what should be noted when preparing the 2023 financial statements. In particular, she focused on the specifics of charging social fees under civil law contracts due to their inclusion in the unified rate, the new procedure for VAT refunds and offsets, and an extended list of VAT-exempt transactions. Oksana outlined the legislative novelties affecting the preparation of the accounting policies – any company’s important management tool. 

Soslan Gobozov, Leading Manager of the Department of Assurance and Advisory to Financial Institutions, reviewed complex issues related to the application of RFAS 25/2018 “Accounting for Leases”. Soslan offered a comparative study of IFRS 16 Leases and RFAS 25/2018, and shared some tips on other regulations that may be used to resolve certain accounting issues. 

Mariya Semenova, Head of Practice at FBK Legal, covered 2023-2024 Russian and international taxation trends in her presentation. She provided a detailed overview of the material changes in transfer pricing from 1 January 2024, including expansion of the interdependence criteria, upgrading of liability for violation of the TP legislation, revised approach to calculation of the market interest interval, etc. The excess profits tax introduced in Russia from 1 January 2024 was the second backbone of her report, in particular, new tax payment categories in the Tax Code of the Russian Federation, and whether excess profits tax should be reflected separately in the financial statements and accounted for as expense when calculating corporate income tax.