PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of April 15, 2015 No. 465-P

Industry standard of financial accounting of employee benefits in credit institutions

Based on the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; No. 52, Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, Art. 3634; No. 30, Art. 4219; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, the Art. 4, the Art. 37) and according to the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of April 10, 2015 No. 13) the Bank of Russia establishes procedure for financial accounting of employee benefits for credit institutions.

Chapter 1. General provisions

1.1. Financial accounting shall provide forming of reliable information about employee benefits, about changes in structure of these remunerations and creation on its basis of accounting (financial) records.

1.2. The credit institution establishes rules of document flow in case of financial accounting of employee benefits. The credit institution if necessary determines features of financial accounting of employee benefits in own standards of the economic actor.

1.3. For the purpose of this provision employee benefits are understood as all types of compensations to employees of credit institution for accomplishment of the labor functions by them, and also for termination of the employment contract regardless of payment method (cash, non-cash), including compensation, including the compensatory and stimulating payments, and also payments to workers and for benefit of workers to the third parties, including members of families of workers, performed in connection with accomplishment by workers of labor functions, not included in compensation.

Voluntary insurance and provision of pensions, payment of training, food, treatment, medical attendance, utilities, cost recovery of workers on interest payment on loans (credits) and other similar remunerations also belong to employee benefits.

1.3.1. This Provision is applied in case of reflection of remunerations to the physical persons who are not employees of credit institution, performing labor functions according to the employment contract with credit institution (further - persons who are not employees of credit institution), and also to the third parties, including members of families of persons who are not employees of credit institution in connection with accomplishment by persons who are not employees of credit institution, labor functions or termination of the employment contract with them regardless of agreement form.

1.3.2. Employee benefits include the following types:

short-term employee benefits;

long-term employee benefits upon termination of labor activity;

other long-term employee benefits;

dismissal wages.

1.3.3. Obligations on payment of employee benefits arise in accordance with the legislation of the Russian Federation, including regulations of the Bank of Russia, and also local regulations and other internal documents of credit institution, employment and (or) collective agreements.

1.3.4. Adjustments of the obligations (requirements) for payment of the employee benefits upon termination of labor activity which are not limited to the fixed payments recognized by credit institution are reflected in accounts of financial accounting following the results of determination of obligations (requirements) for payment of employee benefits on the basis of experience and projections according to the procedure, provided by Chapter 3 this provision.

Adjustments of the obligations (requirements) for payment of employee benefits recognized by credit institution are reflected in cases:

increase (reduction) in obligations (requirements) for payment of the employee benefits upon termination of labor activity which are not limited to the fixed payments;

determinations of obligations (requirements) for payment of employee benefits on the basis of experience and projections;

increase (reduction) in the obligations (requirements) for payment of employee benefits recognized by credit institution owing to accomplishment by workers of labor functions;

obligation fulfillments on payment of employee benefits;

recognitions of interest income (expense) according to obligations (requirements) for payment of employee benefits.

1.3.5. Obligations on payment of short-term employee benefits, and also adjustments of the specified obligations which are earlier recognized by credit institution are subject to reflection on accounts of financial accounting in the last working day of every month in case of observance of conditions, stipulated in Item 16.1 Provisions of the Bank of Russia of December 22, 2014 No. 446-P "About procedure for determination of the income, expenses and other comprehensive income of credit institutions", No. 35910 registered by the Ministry of Justice of the Russian Federation on February 6, 2015 ("the Bulletin of the Bank of Russia" of February 13, 2015 No. 12) (further - the Provision of the Bank of Russia No. 446-P), but no later than date of the actual obligation fulfillment, or according to the Instruction of the Bank of Russia of September 4, 2013 No. 3054-U "About procedure for creation by credit institutions of annual accounting (financial) accounts", the registered Ministry of Justice of the Russian Federation on November 1, 2013 year №30303, 16 of December, 2014 No. 35196 ("the Bulletin of the Bank of Russia" of November 13, 2013 No. 61, of December 22, 2014 No. 112) (further - the Instruction of the Bank of Russia No. 3054-U), as events after reporting date, except cases, stipulated in Item 2.3 this provision.

If conditions, stipulated in Item 16.1 Provisions of the Bank of Russia No. 446-P, are not observed, then obligations on payment of short-term employee benefits are subject to reflection on accounts of financial accounting no later than date of the actual obligation fulfillment or as events after reporting date.

Obligations on payment of long-term employee benefits, and also adjustments of the specified obligations which are earlier recognized by credit institution are subject to reflection on accounts of financial accounting no later than the last day of every quarter of the accounting period or according to the Instruction of the Bank of Russia No. 3054-U as events after reporting date.

Obligations and expenses on dismissal wage payment are recognized credit institution on earlier of the following dates:

date when the credit institution has no opportunity to cancel the offer on payment of the specified remunerations;

date for which the credit institution recognizes expenses on restructuring, including the expenses on reducing number of workers assuming dismissal wage payment.

1.3.6. Completion date of obligations for the purpose of financial accounting is determined by payment of employee benefits in accordance with the legislation of the Russian Federation, including regulations of the Bank of Russia, and also local regulations and other internal documents of credit institution, employment and (or) collective agreements.

In case when repayment of the obligations (requirements) for payment of short-term employee benefits which are earlier recognized by credit institution for any reasons is not expected during the annual accounting period and within 12 months after the end of the annual accounting period, such obligations (requirements) are transferred to accounts on accounting of obligations (requirements) for payment of long-term employee benefits and considered at the discounted cost using the discount rate determined according to Item 3.4 of this provision.

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