Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

It is registered

Ministry of Justice

Russian Federation

On October 28, 2021 No. 65628

PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 23, 2021 No. 773-P

About procedure for reflection on accounts of financial accounting by non-state pension funds of agreements on mandatory pension insurance

This Provision based on part 6 of article 21 of the Federal Law of December 6, 2011 No. 402-FZ "About financial accounting" (The Russian Federation Code, 2011, No. 50, Art. 7344; 2021, No. 27, the Art. 5187) establishes procedure for reflection on accounts of financial accounting by non-state pension funds of agreements on mandatory pension insurance.

Chapter 1. General requirements to reflection of agreements on mandatory pension insurance on accounts of financial accounting

1.1. The concepts "contract with conditions of direct participation", "agreement without conditions of direct participation", "burdensome agreement", "portfolio of agreements", "margin for the services provided by the agreement", "cash flows on agreement performance", "cash flows within the agreement", "acquisition cash flows", "risk amendment on non-financial risk", "obligation on the covering rest", "investment component", "obligation according to the arisen requirements", "revenue on insurance", "loss component", "disaggregating", "adjustment on the basis of experience", "estimation of cash flows" are applied in the values established by the International accounting standard (IFRS) 17 "Insurance contracts" the order of the Ministry of Finance of the Russian Federation enacted in the territory of the Russian Federation of April 20, 2021 No. 65n "About introduction of the International accounting standard (IFRS) 17 "Insurance contracts" in action in the territory of the Russian Federation and about cancellation of separate provisions of orders of the Ministry of Finance of the Russian Federation in the territory of the Russian Federation", the registered Ministry of Justice of the Russian Federation on May 21, 2021 No. 63562 (further - IFRS (IFRS) 17).

1.2. For the purposes of reflection on accounts of financial accounting of agreements on mandatory pension insurance (further - agreements OPS) the non-state pension fund (further - fund) shall make the following actions.

1.2.1. Classify agreements OPS as insurance.

1.2.2. Distribute agreements OPS on the following agreements:

agreements OPS with conditions of direct participation (if agreements OPS correspond to provisions of the Item B101 IFRS (IFRS) 17);

agreements OPS without conditions of direct participation (if agreements OPS do not correspond to provisions of the Item B101 IFRS (IFRS) 17).

1.2.3. Perform group of agreements OPS according to one of the following approaches reflected in accounting policy of fund.

1.2.3.1. According to Item 16 IFRS (IFRS) 17 to distribute portfolio of agreements OPS on the following groups of agreements:

agreements OPS concerning which for date of initial recognition there is no considerable probability that subsequently they will become burdensome;

burdensome agreements OPS for date of initial recognition;

the agreements OPS which remained in portfolio (further - the remained agreements OPS).

In case of application of Item 21 IFRS (IFRS) 17 the fund shall distribute groups of contracts OPS for subgroups according to the specified Item IFRS (IFRS) 17.

1.2.3.2. According to Item 20 IFRS (IFRS) 17 to include agreements OPS in one group of agreements OPS.

1.3. Review of structure of group of agreements OPS by fund after initial recognition of group by fund and (or) inclusion in one group of agreements OPS which difference between dates of the conclusion fund constitutes more than one year, for the purpose of reflection on accounts of financial accounting of agreements OPS are not allowed.

1.4. The fund shall reflect the agreements OPS classified and distributed by fund according to Item 1.2 of this provision in accounts of financial accounting, applying the following estimates of agreements OPS:

assessment of agreements OPS without conditions of direct participation according to Items 30 - 44, 46 - 52 IFRS (IFRS) 17 (further - general model);

assessment of contracts OPS with conditions of direct participation on which the margin for the services provided by the agreement according to Item 45 IFRS (IFRS) 17 is adjusted taking into account variable nature of remuneration (further - model with variable remuneration).

1.5. The fund shall reflect agreements OPS in accounts of financial accounting of the first procedure for No. No. 391 - 396, No. provided by appendix 1 to the Provision of the Bank of Russia of March 24, 2020 No. 713-P "About the Chart of accounts of financial accounting for not credit financial credit institutions and procedure for its application", to No. registered by the Ministry of Justice of the Russian Federation on April 21, 2020 58153, on December 10, 2020 61377, on October 28, 2021 No. 65626 (further - the Provision of the Bank of Russia No. 713-P).

1.5.1. On accounts of financial accounting of the first procedure for No. No. 391 - 393, provided by appendix 1 to the Provision of the Bank of Russia No. 713-P, the fund shall reflect the following agreements OPS estimated using general model:

the agreements OPS classified as insurance, without conditions of direct participation concerning which for date of initial recognition there is no considerable probability that subsequently they will become burdensome;

the burdensome agreements OPS classified as insurance, without conditions of direct participation;

the remained agreements OPS classified as insurance, without conditions of direct participation.

1.5.2. On accounts of financial accounting of the first procedure for No. No. 394 - 396, provided by appendix 1 to the Provision of the Bank of Russia No. 713-P, the fund shall reflect the following agreements OPS estimated using model with variable remuneration:

the agreements OPS classified as insurance, with conditions of direct participation concerning which for date of initial recognition there is no considerable probability that subsequently they will become burdensome;

the burdensome agreements OPS classified as insurance, with conditions of direct participation;

the remained agreements OPS classified as insurance, with conditions of direct participation.

1.6. In case of reflection of agreements OPS on accounts of financial accounting the fund shall provide separate reflection of pension accruals and own fund by opening of separate personal accounts of financial accounting to balance sheet accounts of the second procedure.

1.7. The fund shall reflect agreements OPS in accounts of financial accounting, using the accounting entries provided by appendix to this Provision.

Chapter 2. Reflection on accounts of financial accounting of agreements on mandatory pension insurance in case of initial recognition

2.1. The remained agreements OPS in case of initial recognition the fund shall reflect agreements OPS concerning which for date of initial recognition there is no considerable probability that subsequently they will become burdensome and in accounts of financial accounting for date of transfer of means of the pension accruals transfered by the previous insurer to account of fund.

Under burdensome contracts OPS for date of their conclusion the fund shall reflect in accounts of financial accounting loss component on the amount of net cash outflow according to Item 47 IFRS (IFRS) 17.

2.2. For date of initial recognition of groups of the agreements OPS which are not burdensome the fund shall reflect in accounts of financial accounting group of agreements OPS as the amount of the following sizes:

cash flows on agreement performance of OPS;

margins for the services provided by the agreement OPS (further - margin).

The fund shall reflect group of burdensome agreements OPS in accounts of financial accounting as the size of cash flows on their accomplishment, including loss component, recognizing margin on group of agreements equal to zero according to Item 47 IFRS (IFRS) 17.

2.3. For the purposes of reflection on accounts of financial accounting of agreements OPS the fund shall:

include in estimation of cash flows on agreement performance of OPS cash flows, stipulated in Item B65 IFRS (IFRS) 17, without allowing inclusion of cash flows, stipulated in Item B66 IFRS (IFRS) 17;

determine the discount rates applied to estimations of future cash flows according to Items 36, B72(a) - B72(c), B72(e), B73 - B85 IFRS (IFRS) 17;

determine the risk amendment on non-financial risk according to Items 37, of B86 - B92 IFRS (IFRS) 17;

estimate margin in the amount of not earned profit which the fund shall recognize in process of rendering services in agreements OPS in the future, according to Item 38 IFRS (IFRS) 17 on group of agreements OPS concerning which for date of initial recognition there is no considerable probability that subsequently they will become burdensome, and to the remained agreements OPS.

2.4. The fund shall reflect in accounts of financial accounting initial recognition of the agreement OPS the accounting entries specified in the table 3 appendices to this Provision.

Chapter 3. Reflection on accounts of financial accounting of cash flows on agreements on mandatory pension insurance

3.1. Before date of recognition of group of agreements OPS the fund shall reflect in accounts of financial accounting:

asset concerning acquisition cash flows (further - ADP) according to Items 28A and 28B IFRS (IFRS) 17;

asset concerning the cash flows which are not ADP according to the Item B66A IFRS (IFRS) 17.

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