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FBK GT at Russian-German Chamber of Commerce

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FBK GT’s experts have spoken about the impact of COVID-19 on the application of IFRSs at a meeting of the accounting and controlling working group of the Russian-German Chamber of Commerce.

Anastasia Terekhina, an Associate Director of the Department of Assurance and Advisory to Financial Institutions, opened the meeting with her speech dedicated to a potential impact of the COVID-19 pandemic on financial statements for the year ending 31 December 2020. According to her, it is important to ensure that assumptions and estimates used are relevant and adequate by analysing the most recent information available and pay attention to the going concern principle.

Maksim Chikishev, the Head of Advisory to Insurance Companies at FBK Grant Thornton, explained how to apply IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases amid the pandemic. He underlined the need to disclose information about operating risk management and describe measures taken to minimise losses caused by COVID-19.

Senior Expert Dmitriy Popov focused on IFRS 9 Financial Instruments. In particular, he mentioned how to account for and estimate expected credit losses, as well as disclose financial risks in IFRS financial statements.