Consulting for non-governmental pension funds

Consulting for non-governmental pension funds: IFRS reporting and transition to the new chart of accounts

Energy Consulting suggests a special service for non-governmental pension funds – methodological support of preparing IFRS reporting and transaction to the new chart of accounts for bookkeeping and sectoral bookkeeping standards for non-credit finance institutions.

In 2014 the Federal Law “On amendments to the Federal Law “On application of cash register equipment for performing cash settlements and payment cards settlements” and the Federal Law “On consolidated financial statements” took effect, obliging not only credit and insurance institutions but also non-governmental pension funds to make and submit to the supervisory body the financial statements according to international standards. The law, in particular, obliges non-governmental pension funds and their management companies to prepare, submit and publish financial statements according to IFRS starting from financial statements for 2015.

Besides, in order to provide systematic transaction of non-governmental pension funds to the new chart of accounts and sectoral bookkeeping standards which take effect from January 1st, 2017, the Bank of Russia even now suggests that the market participants shall develop a plan of transaction to the new order of accounting. The regulatory acts of the Bank of Russia provide that in 2015 and 2016 the stage-by stage transaction of non-governmental pension funds to maintaining accounting records according to the new chart of accounts basing on the chart of accounts for credit institutions and preparing Russian accounting statements in accordance with the new forms and sectoral accounting and reporting standards shall be carried out.

Energy Consulting offers to the non-governmental pension funds and their management companies the comprehensive methodological support of IFRS reporting transformation and the transfer of their Russian accounting to the new chart of accounts and new sectoral accounting standards. Our experts consult on the specifics of new normative documents preparation, content of accounting statements of non-governmental pension funds, accounting and evaluation of pension liabilities, recording financial and non-financial assets on the books etc.

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