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Ministry of Justice

Russian Federation

On September 21, 2015 No. 38942

PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 4, 2015 No. 490-P

Industry standard of financial accounting of deferred tax liabilities and deferred tax assets by not credit financial credit institutions

(as amended of the Instruction of the Central bank of the Russian Federation of 28.11.2016 No. 4220-U)

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. 40, Art. 5318; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37; No. 27, Art. 3958, Art. 4001; No. 29, Art. 4348, Art. 4357; No. 41, Art. 5639; No. 48, Art. 6699; 2016, No. 1, Art. 23, Art. 46, Art. 50; No. 26, Art. 3891; No. 27, the Art. 4225, the Art. 4273, the Art. 4295) and according to the solution of the Board of directors of the Bank of Russia (No. 19) the Bank of Russia establishes the minutes of the Board of directors of the Bank of Russia of June 30, 2015 for not credit financial credit institutions located in the territory of the Russian Federation (further - not credit financial credit institutions), procedure for financial accounting of deferred tax liabilities and deferred tax assets.

Chapter 1. General provisions

1.1. This Provision provides reflection in financial accounting of the amounts capable to exert impact on increase (reduction) in size of the income tax of the organizations (further - the income tax) which is subject to payment in the budget system of the Russian Federation in future accounting periods, in accordance with the legislation of the Russian Federation about taxes and fees (further - the deferred profit tax).

1.2. Temporary differences are determined as difference between remaining balance on active (passive) balance sheet accounts, except for the account balances specified in Item 1.3 of this provision taking into account procedure for conducting the analytics determined by not credit financial credit institution, and their tax base considered when calculating the income tax according to the procedure established by the legislation of the Russian Federation on taxes and fees. At the same time the tax base is understood as the amount attributable to asset or liability for tax purposes.

Temporary differences are subdivided on:

taxable, leading to formation of the deferred profit tax which shall increase tax amount by profit which is subject to payment in the budget system of the Russian Federation in future accounting periods;

subtracted, leading to formation of the deferred profit tax which shall reduce tax amount by profit which is subject to payment in the budget system of the Russian Federation in future accounting periods.

Taxable temporary differences result from application of different rules of the recognition by the end of the reporting period specified in Item 4.1 of this provision, changes including origin and write-off, remaining balance on active (passive) balance sheet accounts for the purposes of financial accounting and their tax base.

Deductible temporary differences arise owing to application of different rules of the recognition by the end of the reporting period specified in Item 4.1 of this provision, results of disposal of objects of financial accounting and changes including origin and write-off, remaining balance on active (passive) balance sheet accounts for the purposes of financial accounting and their tax base.

Temporary differences are calculated before complete write-off of remaining balance on active (passive) balance sheet accounts, and also before the termination of influence of results of transactions or events, including the preceding accounting periods, on increase (reduction) in taxable profit.

If reduction of remaining balance on the active (passive) balance sheet account in case of derecognition in future accounting periods of objects of financial accounting does not exert impact on increase (reduction) in taxable profit according to the procedure, established by the legislation of the Russian Federation on taxes and fees, then the tax base of remaining balance on the active (passive) balance sheet account is equal to its book value. In such cases temporary differences do not arise and recognition of the deferred profit tax does not happen.

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