On launching chart of accounts application in non-bank financial institutions

On launching application of charts of accounts and industry-specific accounting standards in non-bank financial institutions

Pursuant to Clauses 14 and 14¹of Article 4 of Federal Law No. 86-FZ, dated 10 July 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’, the Bank of Russia drafted charts of accounts and industry-specific accounting standards for non-bank financial institutions (hereinafter, the Charts of Accounts and ISAS for NFI).

The Charts of Accounts and ISAS for NFI are based on the International Financial Reporting Standards (IFRS).

The Charts of Accounts and ISAS for NFI are to become effective as follows:

1. From 1 January 2017, for certain non-bank financial institutions carrying out the following types of activity:

professional securities market participant;

investment fund, unit investment fund and non-governmental pension fund managers;

specialised depositary of an investment fund, unit investment fund and non-governmental pension fund;

joint-stock investment funds;

clearing;

central counterparty functions;

trade organisers;

insurance agents;

non-governmental pension funds;

credit history bureaus;

rating agencies.

2. From 1 January 2018, for certain non-bank financial institutions carrying out the following types of activity:

microfinance organisations;

credit consumer cooperatives;

housing saving cooperative.

3. From 1 January 2019, for certain non-bank financial institutions carrying out the following types of activity:

agricultural credit consumer cooperatives;

pawnshops.

Besides, insurers and non-governmental pension funds are supposed to work out plans for transition to the Charts of Accounts and ISAS for NFI and to provide it to the Bank of Russia for approval.

Under the indicative period, the Bank of Russia will control insurance agents’ and non-governmental pension funds’ execution of the developed transition plans on the quarterly basis starting 2015 Q3.

The first reporting period for which a non-bank financial institution compiles the accounting (financial) statements in compliance with the Charts of Accounts and ISAS for NFI, is the period starting 1 January of the year the Charts of Accounts and ISAS for NFI become effective (depending on the type of activity the non-bank financial institution carries out).

The reference to the Press Service is mandatory if you intend to use this material.

06.02.2015 00.00.00