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.
- Financial reporting under IFRS Accounting Standards (individual, consolidated, or combined):
- developing core components of accounting policies;
- designing conversion table formats for data input;
- data input into conversion tables;
- restatement of financial statements in accordance with IFRS Accounting Standards;
- preparation of financial statements and notes with comprehensive disclosures.
- Upon completion of financial reporting under IFRS Accounting Standards, the client receives:
- IFRS-compliant financial statements and supporting documents for the conversion from Russian accounting standards to IFRS Accounting Standards.
- Advisory on specific IFRS-related matters:
- receipt of client queries;
- preparation of detailed responses based on thorough research;
- presentation of solutions in clear, client-friendly formats.
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Upon completion of advisory on specific IFRS-related matters, the client receives:
- up-to-date reference materials and expert findings tailored to the client’s needs.
- Development of IFRS accounting policies:
- identification of accounting areas requiring policy alignment;
- design of accounting policies balancing client needs and compliance with the legislation in place;
- creation of detailed formats for financial statements and notes.
- Upon completion of the development of IFRS accounting policies, the client receives:
- tailored accounting policies reflecting, on the one hand, the client’s needs and, on the other hand, necessary accounting methods based on the industry and specifics of the client’s business.
