IFRS

FBK actively participates in the adaptation of IFRS standards to Russian conditions and offers services in IFRS implementation, including educational and training services.

FBK provides the following IFRS services to companies and organizations    

>  Development and implementation of individual plans for conversion to IFRS

>  Development and implementation of IFRS-compliant perpetual inventory methodology, taking into account ERP-systems and/or the specifics of the software employed by the company

>  Development and piloting of the individual documents such as IFRS-compliant accounting policies, financial pro formas, charts of accounts and disclosure formats according to IFRS

>  Preparation of individual and consolidated financial statements compliant with IFRS, followed by the delivery of all working documents and files to the client

>  Preparation of IFRS-compliant combined statements for jointly-controlled companies, followed by the delivery of all working documents and files to the client

>  Development of IFRS-compliant consolidation packages for Groups’ parent companies

>  Defending IFRS-compliant statements before auditors and providing assistance with the statements when working with investment banks, rating agencies, creditors, investors, and other stakeholders

>  Audits, reviews and agreed procedures concerned with individual, combined, and consolidated statements according to IFRS.

>  Auditing services compliant with IFRS requirements.

>  engagement of PKF partners in any country to provide the necessary support for international projects as necessary

>  Provision of personnel to prepare IFRS-compliant statements (outsourcing)

>  Provision of corporate IFRS training and education (with or without certification)

FBK also provides IFRS services to credit and financial institutions    

>  Audit of financial statements prepared in accordance with International Accounting Standards (IFRS)

>  Organization of seminars for and consulting to bank personnel on international standards issues for the purposes of preparing financial standards compliant with international standards 

>  Services related to the conversion of a bank’s financial (accounting) statements to IFRS

>  Implementation of our proprietary computer-aided system for the preparation of IFRS-compliant statements by credit organisations (CAS PS)

>  Implementation of our proprietary computer-aided system for credit risk assessment and valuation for loans by the credit organisations

>  Outsourcing the preparation of obligatory reporting compliant with IFRS.

Computer-aided system for the preparation of IFRS-compliant statements by credit organisations (CAS PS)

Russian banks are transitioning to international reporting standards, which raises many organizational and technical issues. Practical experience shows that preparing financial statements compliant with international standards is associated with large volumes of highly-qualified work requiring particular skills and expertise in IFRS.

 FBK experts can draw on over 10 years of experience in developing our own proprietary computer-aided system for the preparation of IFRS-compliant financial statements (CAS PS).

 CAS PS software is officially registered under computer certificate No. 2004611482.

 The program has been developed taking into consideration the methodological recommendations of the Bank of Russia. It enables a bank’s statements prepared in compliance with Russian standards to be converted to statements compliant with international standards.

 Computer-aided system for the preparation of IFRS-compliant financial (accounting) statements by credit organisations

 The unified spreadsheet forms allow users to conduct analyses of the bank’s balance-sheet and profit and loss account, to make appropriate corrections in the Russian statements for conversion to IFRS, and to prepare the bank’s statements, meeting the requirements laid down by international standards.

 The output is the generation of reporting forms compliant with international standards (Balance-sheet, Profit and Loss Account, Statement of Changes in Equity, Cash Flow Statement).

 The software is delivered together with the User Manual containing all necessary explanations for users.

 Advantages associated with this system:    

>  Simplified data entry

>  A descriptive and structured algorithm for executing operations

>  Time-saving and simplified conversion process

>  Efficient development and support of databases

>  The system is Microsoft Excel-oriented and does not therefore require additional software or special technical skills

Computer-aided system for credit risk assessment and valuation for loans by credit organisations (CAS CRAVL)

The CAS CRAVL computer-aided system enables the following:    

>  Setting up a questionnaire for each borrower

>  calculating the size of loan loss reserves based on the above questionnaire

>  calculating credit costs amounting to depreciable costs in compliance with IFRS 39

>  making reasoned decisions concerning the size of credit risk for each loan

Advantages associated with this computer-aided system:    

>  Simplified data entry

>  Descriptive and structured algorithm for executing operations

>  Time-saving and simplified process of reasoned decision-making

>  Efficient development and support of databases

>  The system is Microsoft Excel-oriented and does not therefore require additional software or special technical skills

Outsourcing the preparation of obligatory reporting compliant with IFRS

 Another service we offer banks is the generation of a complete package of IFRS-compliant documents.

 The main advantages of outsourcing IFRS services for Russian banks are a considerable reduction in service costs and shorter service timeframes. Preliminary assessments suggest that project periods can be reduced by a factor of 2 to 4 and total costs cut by a factor of 1.5 to 2.5 compared with the current costs of such services.