IFRS-related advisory services

FBK offers a comprehensive range of advisory services to financial institutions on the application of IFRS Accounting Standards including preparation of financial statements and accounting policies, guidance on transitioning to IFRS, support for first-time IFRS adoption, automation of IFRS accounting processes, and advisory on specific IFRS-related matters.

Credit institutions, insurance organisations (excluding compulsory medical insurance providers), non-state pension funds, management companies of investment funds, mutual funds, and non-state pension funds, clearing houses, and trade organisers must submit consolidated financial statements under IFRS (Parts 1-2, Article 2; Part 1, Article 3 of Federal Law No. 208-FZ "On Consolidated Financial Reporting" dated 27 July 2010). The reporting period for annual consolidated financial statements is the calendar year (1 January – 31 December).

In addition to the mandatory application of IFRS reporting, it may be required for a wide range of tasks performed by the company's management, serving as a critical foundation for informed decisions, including the assessment of its activities in accordance with global best practices.

Financial statements contain information about the current financial position of a financial organisation and its performance, which is also used by professional investors and creditor organisations. In their turn, international investors treat reporting as a unified instrument of interaction when providing capital. Both obtaining rating assessments from rating agencies and loan approvals require confirmed IFRS reporting.

FBK auditors possess unique expertise in IFRS (IFRS/IAS), delivering high-quality IFRS-related advisory services. FBK is a market leader in audit and advisory services for financial institutions, as ranked by the "Expert RA" rating agency.  In the category Audit of Banks, the firm has been ranked 1st annually since 2019, in the categories Audit of Investment Institutes and Audit of Leasing Companies FBK is leading for the third and fifth consecutive years respectively.