FBK Grant Thornton’s IFRS experts have participated in the tenth conference titled “IFRS and Management Accounting 2020”, which has been held online and dedicated to the impact of COVID-19 on financial statements.
Anastasia Terekhina, the Associate Director of Assurance and Advisory to Financial Institutions, moderated the panel discussion on annual and interim financial reporting amid the pandemic and spoke about changes in principal approaches to reviews and audits of financial statements for the periods ending in 2020.
“Special attention will be paid to disclosures in interim financial statements about the new economic environment, going concern considerations, risk management in terms of the sensitivity analysis showing how equity and profit would have been affected by changes in exchange rates and quotations, as well as disclosures about principal sources of uncertainty,” Anastasia said.
Maksim Chikishev, the Head of Advisory to Insurance Companies, spoke about the effect of changes in IFRS 16 and government support measures on accounting for leases dwelling upon specifics of exemptions available for businesses.
“Adjustments to IFRS 16 make accounting for leases easier only for lessors. They concern only COVID-19-related rent concessions if there is no change to other terms and conditions of the lease and will be effective only until 30 June 2021,” Maksim said.
Senior Expert Nellya Gafurova participated in the discussion about fair value under current circumstances and spoke about audit approaches and changes in them related to audits at financial institutions.
“FBK Grant Thornton is taking part in the discussion with the regulator about relevant methods and reliability criteria used when measuring the fair value and evaluating whether the market is active,” she said.