LETTER OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of February 5, 2013 No. 16-T

About Methodical recommendations "About procedure for creation by credit institutions of the financial reporting"

The Bank of Russia submits for use in work Methodical recommendations "About procedure for creation by credit institutions of the financial reporting" in which requirements of the operating International accounting standards as of January 1, 2012 are considered.

These Methodical recommendations can be applied by credit institutions by preparation of the annual financial reporting (except annual consolidated financial statements) constituted according to IFRS in pursuance of the Instruction of the Bank of Russia of January 16, 2013 No. 2964-U "About representation and publication by credit institutions of the annual financial reporting constituted according to International accounting standards".

From the date of signing of this letter of the Bank of Russia the letter of the Bank of Russia of November 24, 2011 No. 169-T "About Methodical recommendations "About procedure for creation and submission of the financial reporting by credit institutions" is cancelled ("the Bulletin of the Bank of Russia" of December 15, 2011 No. 69-70).

To territorial offices of the Bank of Russia to bring this letter to the attention of credit institutions.

This letter is subject to publication in "the Bulletin of the Bank of Russia".

Appendix

to the Letter of the Central Bank of the Russian Federation of February 5, 2013 No. 16-T

Methodical recommendations "About procedure for creation by credit institutions of the financial reporting"

These Methodical recommendations are prepared according to International accounting standards and Explanations of International accounting standards which are accepted by Fund of International accounting standards which are understood as International accounting standards (IFRS), International accounting standards (IAS), the Explanation (IFRIC) of Committee on explanations of the international financial reporting (further - KRMFO), of the Explanation (SIC) of Standing Committee on explanations (further - PKR) and which are enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of November 25, 2011 No. 160n "About enforcement of International accounting standards and Explanations of International accounting standards in the territory of the Russian Federation", the registered Ministry of Justice of the Russian Federation on December 5, 2011 No. 22501 ("The Russian newspaper" of December 9, 2011 No. 278), and the order of the Ministry of Finance of the Russian Federation of July 18, 2012 No. 106n "About enforcement and cancellation of documents of International accounting standards in the territory of the Russian Federation", the registered Ministry of Justice of the Russian Federation on August 3, 2012 No. 25095 ("The Russian newspaper" of August 15, 2012 No. 186) (further - IFRS).

Chapter 1. General provisions

1.1. For creation of the financial reporting according to IFRS on the basis of the accounting records constituted according to the Russian accounting rules (further - the Russian accounting records), credit institutions use transformation method, that is rearrange the balance sheet item and the profit and loss statement, and also use other database created on the basis of source documents, make necessary corrections and apply professional judgments.

1.2. The financial reporting constituted according to IFRS (the daleefinansovy reporting) includes:

financial status statement by the end of the reporting period;

the profit and loss statement for the accounting period;

the report on other comprehensive incomes for the accounting period;

the report on changes in equity for the accounting period;

the cash flow statement for the accounting period;

notes, including the short description of essential accounting policies on creation of the financial reporting and other explanatory notes;

the financial status statement for the beginning of the previous accounting period if accounting policy is applied retrospectively or the retrospective restatement or reclassification of Articles in the financial reporting are performed.

Credit institutions can not change earlier used names of the reports stated above.

Credit institutions can represent the income and expense items recognized in the accounting period in two reports: the profit and loss statement and the report on other comprehensive incomes or in the single comprehensive income statement.

1.3. The authorized body of management of credit institution approves accounting policy on creation of the financial reporting, and also structure and content of forms of the specified financial reporting.

1.4. For creation of the financial reporting by credit institution the regulations of preparation of the financial reporting containing procedure for creation, approval of the financial reporting including sheets of group and adjustments of balance sheet items and the profit and loss statement, documentary registration of professional judgments (professional opinions of the responsible persons of credit institution who are created based on objective interpretation of the available information on specific transactions and transactions of credit institution according to IFRS), and also procedure for storage of the specified documentation during the terms established for the Russian accounting records in accordance with the legislation of the Russian Federation including regulations of the Bank of Russia affirm.

It is recommended to provide in regulations of creation of the financial reporting:

structural divisions of credit institution to which the head of credit institution grants the right to create professional judgments on each of activities of credit institution and to perform the adjustments of the Russian accounting records based on these professional judgments;

employees of credit institution who shall perform objectivity of the created professional judgments and adjustments of the Russian accounting records executed on the basis of these judgments;

the structural division of credit institution responsible for generalization of all adjustments of the Russian accounting records received from the relevant structural divisions of credit institution and also the employees of credit institution performing check of correctness of generalization of all adjustments of the Russian accounting records for the purposes of creation of the financial reporting;

procedure for registration, vising, approval, signing, document storage, including sheets of group, professional judgments and the professional judgements of adjustments of the Russian accounting records, and also other adjustments included in the financial reporting of credit institution based on these;

signing of the financial reporting of credit institutions by the head and chief accountant (authorized person) which in accordance with the legislation of the Russian Federation, including regulations of the Bank of Russia, bear responsibility for reliability of the financial reporting.

1.5. The financial reporting is considered constituted according to IFRS if it conforms to all requirements acting with IFRS, obligatory to application for date of creation of the reporting.

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