FBK Participates in CFO Russia Conference

Senior Manager of the International Financial Reporting and Assurance Department Ksenia Shirikova has spoken at the Eighth Annual Conference “IFRS: Practice of Application” held by CFO-Russia.ru and the Club of Financial Directors.

This event attended by heads of IFRS Departments, chief accountants and financial directors made it possible to obtain answers to the most relevant questions about IFRS reporting and to share best practices.

Ksenia Shirikova has spoken about application of the new standard, IFRS 15 Revenue from Contracts with Clients, and possible complications and effects that it may have on various industries. “The standard is effective starting from 1 January 2018 so there is not much time left to get ready for transition and consider consequences of new requirements which will vary for different organisations. Therefore, it is necessary now to assess these consequences in order to be able to modify business processes and accounting systems,” Ksenia Shirikova noted.