Insurers and non-state pension funds submit new standards-compliant statements to the Bank of Russia for the first time

The Bank of Russia has collected financial statements from insurers and non-state pension funds (NSPFs) for 2017 Q1, which are compliant with the new sectoral accounting standards (SAS) for non-bank financial institutions. SAS-compliant statements were previously only available from participants of a pilot group in test mode.

This new financial reporting format fully meets IFRS requirements for information disclosure.  The reporting package includes four statutory forms:  balance sheet, statement of financial results, statement of changes in equity, cash flow statement with a commentary, which includes a brief overview of relevant accounting policies and other explanatory notes. Prior period comparison data shall also be supplied. The new regulatory framework is expected to provide the Bank of Russia with a still more reliable data source to support it in the conduct of its supervisory functions. Also, the newly introduced forms of accounting standards and the commentary do away with any duplicate indicators in statements.

As many as 247 insurers and 74 NSPFs have submitted their financial statements to the Bank of Russia; individual entities have also applied IFRS 9 (‘Financial Instruments’) rules to their statements.