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FBK GT’s experts have participated in the Eleventh IFRS and Management Accounting Week, which focused on new solutions, year-end closing and preparation for 2021.

Anastasia Terekhina, an Associate Director of the Department of Assurance and Advisory to Financial Institutions, spoke about amendments to IFRSs caused by COVID-19 and their effect on financial statements.

Maksim Chikishev, the Head of Advisory to Insurance Companies, and Dmitriy Popov, a Senior Expert, underlined that requirements stipulated in IFRS 9 are sufficient to evaluate the effects of possible changes in financial and other risks when making estimates amid the pandemic. Companies will need to revise their professional judgements in respect of estimates and assumptions in view of all available information about current conditions and forecasts of future economic events.

Alexander Chernenko, the Head of IT Risk Assurance, explained how risk-based approach can be applied to cyber risk management.

“Digitalisation both improves efficiency of business processes and makes companies more vulnerable to cyberattacks. Cybercrime statistics show that businesses need to rethink their approaches to such kind of risks. Digital transformation should be comprehensive and prioritise cybersecurity,” he said.