FBK Legal’s Head of Practice Elena Bokareva and FBK Grant Thornton’s Associate Director of Services to Financial Institutions Anastasia Terekhina have participated in the seventh practical conference “IFRS and Management Accounting 2018”.
Elena Bokareva explained how financial statements and accounting records are examined in judicial disputes. It is required not only in disputes with tax authorities but also in corporate and contractual disputes, as well as during bankruptcy procedures and criminal proceedings. “For example, if the head of a legal entity publishes misleading information online, he or she can be fined,” Elena Bokareva said.
She also mentioned financial and economic examinations that are used to discover internal violations. Such examination is conducted in case of alleged discrepancies in accounting documents.
Anastasia Terekhina moderated several sessions, including the banking session dedicated to the introduction of IFRS 9 Financial Instruments into Russian accounting standards for credit institutions. The discussion covered such topics as difficulties in the implementation of IFRS 9, automation of the standard, materiality and arm’s length criteria, as well as practical aspects of the calculation of allowances for expected credit losses.