The Central Bank said that the exemption from IFRS reporting will not affect banks

The bill, according to which a number of organizations are exempt from preparing individual financial statements in accordance with international standards (IFRS), does not apply to banks. This was reported in the Central Bank. The State Duma Committee on the Financial Market considered the relevant bill on January 13.

“The bill provides for a provision on exemption from the preparation of individual financial statements under IFRS only for non-bank credit institutions (NCOs), except for the central counterparty and central depository, and non-bank financial institutions (NFOs),” said RBC representative of the Bank of Russia.

The regulator believes that such a measure will reduce the costs of NCOs and NFIs for the preparation and audit of financial statements in accordance with IFRS. Easing is possible, the representative of the Central Bank noted, due to the scale of activities of such organizations and the insignificant volume of their operations.

The bill was introduced to the State Duma in December 2021. One of its authors was Anatoly Aksakov, head of the Financial Market Committee of the State Duma. On January 13, the committee made a number of amendments (not related to IFRS) and recommended that the document be sent to the Bank of Russia for an opinion. Mr. Aksakov told RBC that the bill meant “all banks.”

Lusine Balasyan