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Ministry of Justice

Russian Federation

On October 15, 2015 No. 39326

PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 2, 2015 No. 488-P

Industry standard of financial accounting of derivative financial instruments by not credit financial credit institutions

(as amended on 17-08-2020)

According to 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 the solution of the Board of directors of the Bank of Russia (No. 18) the Bank of Russia establishes the minutes of the Board of directors of the Bank of Russia of June 15, 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 the derivative financial instruments determined according to the Federal Law of April 22, 1996 No. 39-FZ "About the security market" (The Russian Federation Code, 1996, No. 17, Art. 1918; 2001, No. 33, Art. 3424; 2002, No. 52, Art. 5141; 2004, No. 27, Art. 2711; No. 31, Art. 3225; 2005, No. 11, Art. 900; No. 25, Art. 2426; 2006, No. 1, Art. 5; No. 2, Art. 172; No. 17, Art. 1780; No. 31, Art. 3437; No. 43, Art. 4412; 2007, No. 1, Art. 45; No. 18, Art. 2117; No. 22, Art. 2563; No. 41, Art. 4845; No. 50, Art. 6247; 2008, No. 52, Art. 6221; 2009, No. 1, Art. 28; No. 18, Art. 2154; No. 23, Art. 2770; No. 29, Art. 3642; No. 48, Art. 5731; No. 52, Art. 6428; 2010, No. 17, Art. 1988; No. 31, Art. 4193; No. 41, Art. 5193; 2011, No. 7, Art. 905; No. 23, Art. 3262; No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7040; No. 50, Art. 7357; 2012, No. 25, Art. 3269; No. 31, Art. 4334; No. 53, Art. 7607; 2013, No. 26, Art. 3207; No. 30, Art. 4043, Art. 4082, Art. 4084; No. 51, Art. 6699; No. 52, Art. 6985; 2014, No. 30, Art. 4219; 2015, No. 1, Art. 13; No. 14, Art. 2022; No. 27, Art. 4001; \Art. U-2116\29, 4348, Art. 4357; 2016, No. 1, Art. 50, Art. 81; No. 27, Art. 4225).

Chapter 1. General provisions

1.1. This Provision also extends to the purchase and sale agreements of foreign currency, precious metals, securities which are derivative financial instruments according to requirements of the International accounting standards enacted in the territory of the Russian Federation, providing obligation of one party to transfer foreign currency, precious metals, securities to property to other party not earlier than the third working day after day of the conclusion of the agreement, obligation of other party to accept and pay the specified property, and on agreements which are recognized derivative financial instruments according to the right of foreign state, regulations of the international treaty or business customs and concerning which the right of foreign state or regulations of the international treaty provide their judicial protection.

This Provision does not extend to the hedging relations.

1.2. The initial recognition in financial accounting of the agreements which are derivative financial instruments, and also the agreements listed in Item 1.1 of this provision is performed in case of the conclusion by not credit financial credit institution of the specified agreements.

Date of initial recognition of the derivative financial instrument, and also the agreements listed in Item 1.1 of this provision in financial accounting is date of the conclusion of the agreement.

1.3. From the date of initial recognition derivative financial instruments according to Chapter 2 this provision are estimated at fair value which for the purpose of this provision is understood as the price which can be received in case of sale of the derivative financial instrument representing asset or which is subject to payment by transfer of the derivative financial instrument which is the obligation in case of the regular transaction between participants of the market for date of assessment.

The derivative financial instrument represents asset if cumulative cost assessment of the requirements to the partner containing in the relevant agreement exceeds cumulative cost assessment of obligations to the partner under this agreement and not credit financial credit institution expects increase in future economic benefits as a result of receipt of assets (money or other property), exchange of assets or repayment of obligations on conditions, potentially profitable to not credit financial credit institution.

The derivative financial instrument represents the obligation if cumulative cost assessment of the obligations of not credit financial credit institution to the partner containing in the relevant agreement exceeds cumulative cost assessment of requirements to the partner under this agreement and not credit financial credit institution expects reduction of future economic benefits as a result of asset retirement (money or other property), exchange of assets or repayment of obligations on potentially unprofitable conditions for not credit financial credit institution.

In case of determination of cumulative cost assessment of requirements and obligations assessment of fair value of requirements and obligations is used if it is possible to determine fair value.

The derivative financial instruments representing asset are reflected in the active balance sheet account No. 52601 "Derivative financial instruments from which receipt of economic benefits is expected", the derivative financial instruments representing the obligation are reflected in the passive balance sheet account No. 52602 "Derivative financial instruments on which reduction of economic benefits" (is expected further in case of joint mentioning - accounts on accounting of derivative financial instruments).

Recognition of the derivative financial instrument also stops in case of the obligation fulfillment expiration under the agreement.

Not credit financial credit institution transfers the derivative financial instrument representing asset if it transfers the rights under the contract for receipt of money on the derivative financial instrument or if it keeps the rights under the contract for receipt of money on the derivative financial instrument, but assumes contractual commitment to pay this money to one or more receivers under the agreement which meets conditions, the established IFRS (IAS) 39.

Not credit financial credit institution derecognizes the derivative financial instrument representing the obligation, or its parts when the obligation specified in the agreement is fulfilled, the agreement is terminated or the term of its action expired, and also in case of concession of all requirements and agreement obligations.

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