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72УДК 338.22.021.4
РСБУ И МСФО: СХОДСТВА И РАЗЛИЧИЯ RAS AND IFRS: DIFFERENCES AND SIMILARITIES
Комиков Станислав Владимирович, Финансовый университет при Правительстве Российской Федерации, г. Москва
Komikov Stanislav Vladimirovich, Financial University under the Government of the Russian Federation, Moscow
E-mail: komikov.stas@gmail.com
Аннотация: В данной статье рассматриваются схожести и различия между Международными стандартами финансовой отчетности и Российскими стандартами бухгалтерского учета. Кроме того, в данной работе показано различие двух систем на примере 9 стандарта МСФО. Так же вниманиеобращено на основные цели использования отчетности и перспективы сближения двух систем учета.
Ключевые слова: финансовая отчетность, международные стандарты финансовой отчетности, российские стандарты бухгалтерского учета, оценка резервов.
Abstract. There are similarities and differences of international financial reporting standards and Russian accounting standards described. Moreover, this article describes differences between both of standards using the IFRS 9 as an example. The accent is made on the financial statements usage goals in 2 systems.
Key words: Financial statements, International Financial Reporting Standards, Russian Accounting Standards, reserves assessment.
International Financial Reporting Standards (IFRS) are the result of many years of efforts by professional financial analysts, managers and accountants of all countries aimed at increasing the veracity and usefulness of reflecting the results of credit institutions economic activities [3, p. 783].The goal of this article is to see the main differences between two systems and define peculiarities each of them.
The main difference between IFRS and the Russian accounting system (RAS) is the ultimate goal of using financial information. The financial statements prepared in accordance with IFRS are aimed at meeting the general information needs of a wide range of users: investors, employees, suppliers and other lenders, buyers, governments and their bodies, the public. Financial statements prepared under RAS, are intended for use by federal authorities: tax authorities, the Bank of Russia, and the statistics department.
In accordance with Russian legislation, all credit institutions in the Russian
Federation were switched to IFRS reporting from January 1, 2018 [1]. This event makes major changes in the reporting system of credit institutions. The consequences of IFRS9 introduction in credit institutions have not yet been unequivocally determined, but already now it can be concluded that this event is because of a dual nature. On the one hand, the consequence of these reforms will be strengthening the financial stability of the Russian banking system and its comprehensibility to foreign users of business information, and on the other hand, commercial banks may face many difficulties of a technical, legislative and personnel nature.
An important factor is that IFRS9 will significantly change the approaches to estimating reserves, which is extremely important for banking and accounting, in particular. Key differences between the approaches are presented in Table 1 [5].
Table 1
Approaches to reserve valuation
Approach Losses incurred -IAS 39 RAS - 590-P Expected loss - IFRS 9
Сalculation Loss incurred The difference between the book value of the loan and its fair value at the valuation time The 12-month expected credit losses are shortfalls in cash that will occur when a default occurs within 12 months after the reporting date, weighted by the probability of occurrence.
Probability of default (PD) PD = 100% No (only indirectly, through the loan quality category) The likelihood of a default within 12 months or the entire lifetime, depending on the degree of risk
Loss in case of default (LGD) Estimation based on loan security analysis No (only indirectly, through the loan quality category) Calculation of credit losses level based on estimates, subject to the use of a discount rate based on the effective interest rate, determining the ratio of occurrence and modeling the PD and LGD correlation probability
The value of the loan. claims at risk of default (EAD) At the time of evaluation No (only indirectly, through the loan quality category) Analysis for the entire life of the financial instrument
Expected loss (EL) No Indirectly, through the loan quality category Losses for the entire period (with a significant increase in credit risk)
Determination of default One day (acknowle dgment of loss) Signs of impairment (bad loans) The company's internal credit risk management policy with a rebuttable assumption of delay of no more than 90 days
In accordance with the requirements of IAS9, the bank must justify why it makes certain assumptions to calculate credit risk and explain with which models it uses projected sectoral, market or other indicators. These relationships should be specified and justified: how this will affect financial results, the movement of reserves.
Using behavioral information to build a model in accordance with the FEBA-based approach reduces model risk by balancing the risk of eliminating events with a low probability of occurrence and the risk of including unreasonable events. The use of the scope and likelihood of exchange rates deviation from their equilibrium values as the "first-order factors" ensures the intuitive clarity of the scenarios being implemented and the possibility of auditing the data.
One of the main features of modern banking is a complex IT architecture, so the introduction of all the innovations imposed by the new and constantly changing legislation is costly for the banking business. Not an exception and IFRS. In addition to the need of transfer banking equipment to new reporting standards, banks significantly change the content of reports. Differences in the approaches of IFRS and RAS to the definition and reporting of certain types of transactions and transactions are presented in Table 2.
Table 2
Differences between IFRS and RAS
Distinctive subject IFRS RAS
The procedure for the reflection of urgent transactions Derivatives requirements and liabilities are recorded as assets and liabilities at fair value. Not reflected
Recognition and valuation of assets At fair value: original, current or sale price At the time of receipt of the right to them; not revalued
Reflection of the reserve for possible losses (RVPS) The amount of net RWPS in the reporting period (the difference between deductions and recoveries RWPS) Saved in the consolidated report unchanged
Studies conducted in the analysis of the impact of the introduction of IFRS9 show an increase in reserves for possible losses, and business experts, in turn, expect an increase in reserves from an average of 5% to 25% (depending on the structure and quality of the loan portfolio), which its turn will proportionally increase the load on capital.
Growth in reserves is expected in the following portfolios:
- the largest growth is expected in reserves for retail products (from 5% to
- for small and medium businesses, the growth of reserves will be
commensurate with the retail portfolio and will be up to 35%;
- for large corporate products, the expected increase is generally less significant (up to 15%), and in some cases the level of reserves should remain unchanged [5].
With the transition to IFRS 9, the volume of reserves will mainly be determined by the term of financial products validity, as for products with a longer period the expected credit losses over the entire term will be higher.
When switching to new standards for the assessment of reserves, credit institutions will be forced to overestimate the probability of a borrower's default over the life of the asset. From the point of view of IFRS, the rating or ballroom scores will be indicators that will most often be used as primary indicators of increased credit risk.
The innovations of IFRS9 relate to impairment reporting. The new standards will apply the model of expected credit losses, which applies to financial assets measured at amortized cost, lease receivables and certain loan obligations [2]. This model assumes recognition of expected gains or losses on the asset at the time of its creation or acquisition. According to the new standard, the impairment assessment of a credit asset must be objective and balanced, reflect the time value of money and be based on reliable information about the borrower. This will also lead to an increase in the allowance for losses, since for all financial assets the expected losses for impairment will be estimated at least in the amount of expected credit losses for the last reporting year and the totality of financial assets for which the expected credit losses for the whole period will be assessed. With a high degree of probability there will be more aggregate financial assets with identified objective signs of impairment (according to IFRS39, which was replaced by IFRS9) [2].
IFRS9 also affects new hedge accounting standards [6]. In this area, standards are greatly simplified and come down to the discretion of a credit institution for accounting for a certain type of risk. It is believed that credit organizations were given some freedom of action on managing portfolios that they have in trust.
Given the operational nature of the changes imposed by the requirements of IFRS, we can assume that the automated banking system (ABS) can be in the best place to implement the application of new standards. But at the same time, we should not forget that dragging into the ABS circuit the functions not inherent to it (risk management analysts, modeling) is capital and time consuming, and this can adversely affect the performance of the entire system.
Thus, in our opinion, it is most expedient for credit organizations to withdraw IFRS reports from the existing ABS by developing and using a specialized solution purchased from an international or Russian vendor, or a system created by the forces of the credit organization itself.
For an effective and painless transition of financial organizations to international standards in Russia will require:
1. Further streamline the regulatory framework for accounting and reporting in accordance with IFRS;
2. Large-scale staff training - specialists of credit institutions, auditors, employees of the Bank of Russia;
3. Optimization and improvement of the banking supervision system, including a reduction in the number of reporting forms provided by credit organizations;
4. Improving the management system in credit institutions;
5. Increasing the level of business culture in the banking sector and in the country as a whole;
6. The presence of a modern and flexible IT-environment of the entire banking
sector.
Based on the above, I would like to highlight the fact that the transition to new forms of reporting is always difficult for the country's banking system as a whole. In addition to the need to change the usual approaches to accounting, the business component is changing. Such trends are especially difficult for small and medium-sized banks: new financial reporting standards tighten the supervision of the banking system and entail large costs associated with the need to translate their automated systems to new standards and employee training. In addition, a distinctive feature of IFRS9 is that banks themselves choose materiality conditions, which means that these approaches are no longer unified requirements and provide an opportunity for management actions by banks.
List of references:
1. Adamenko A.A., Tkachenko A.S. Cheech NS the Transition to IFRS: problems and prospects at the present stage of economic developmentof Russia // Bulletin of the Academy of knowledge. - 2014. - № 2 (9). - pp. 31-37.
2. Accounting - 2012: global change // Journal of professional accountants. 2013. January-February.
3. Volkova O.E., Dmitriev O.F., Sosnin V. // IFRS in Russia: peculiarities ofthe transition. The study «Prospects and practical application of IFRS in Russia». - URL: http://www.cfin.ru/ias/msfo/practice.shtml7printversion.moluch.ru
4. Pavlov A.M. Problems of improving the reporting of small businesses onthe path to IFRS // Yearbook Litewskie read. - 2013. - № 1. - pp. 245-247.
5. Popov A.H. International financial reporting standards (IFRS): problems of implementation andtransformation of the Russian statements // Terra Economicus. -2013. - So 11. - № 4-2. - pp. 215-218.
6. Shishova L.I. IFRS in Russia: peculiarities of transition // Young scientist. -2013. - № 4. - pp. 323-325.
