Starting from 2012, all Russian insurance companies have started to prepare their reporting according to the International Financial Reporting Standards (IFRS), and lately investors and users of the reporting have paid more attention to the financial statements prepared under IFRS, in particular to their quality. Also, since 2016, insurance companies have started gradual transfer to the new accounting scheme and accounting industry standards (AIS), which are mostly close to the IFRS. During the webinar, we discussed issues that insurers have faced when preparing financial statements under the IFRS by means of transforming Russian reporting data, as well as peculiarities of reporting forms conditioned by the industry specifics, accounting scheme, transformation adjustments and disclosures upon preparation of insurance companies’ financial reporting. We also considered which adjustments will not be applicable anymore after complete transfer to AIS.
Key issues of webinar:
- Standards regulating the execution of reporting under the IFRS for an insurance company, including IFRS 4 “Insurance Contracts”;
- Accounting industry standards, basic provisions and differences from IFRS;
- Industry specifics of reporting forms, main transformation adjustments and disclosures in reporting.
The magazine "IFRS in practice"
Anastasia Terekhina, ACCA, Senior manager, audit department, Mazars