First-time adoption of IFRS in pension funds
On 6 December 2013 we held another workshop on the first-time adoption of International Financial Reporting Standards (IFRS) in pension funds.
The workshop was organised by Deloitte CIS in association with TKB BNP Paribas Investment Partners.
According to the plan set by the Russian Ministry of Finance for the period 2012-2015 for developing accounting and financial reporting in Russia, the scope of IFRS will widen. A draft law has been proposed that lists pension funds among the organisations that must prepare financial reports in accordance with IFRS.
At the workshop, Deloitte specialists discussed the main issues pension funds will face during this transformation.
The workshop focused specifically on the adoption of IFRS in pension funds.
The agenda included:
- Review of legislation and upcoming changes
- IFRS 1 “First-time Adoption of International Financial Reporting Standards” and IAS 1 “Presentation of Financial Statements”: important points
- Transformation of financial statements in accordance with IFRS; methods, standard adjustments and practice in transforming financial statements
- Actuarial aspects of IFRS adoption in pension funds
There were four out of Top 10 Russian non-state pension funds in attendance at this event, including Blagosostoyanie, KIT Finance, VTB and Promagrofund, as well as several smaller pension funds. At the workshop, attendees learned essential practical skills and in their feedback they praised our expertise for being highly informative and useful.