PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 4, 2015 No. 489-P

Industry standard of financial accounting of employee benefits by not credit financial 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. 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 (the minutes of the Board of directors of the Bank of Russia of June 15, 2015 No. 18) the Bank of Russia establishes procedure for financial accounting of employee benefits for not credit financial 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. Not credit financial credit institution establishes rules of document flow in case of financial accounting of employee benefits. Not credit financial credit institution if necessary determines features of financial accounting of employee benefits in standards of the economic actor.

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

Expenses on voluntary personal insurance (including voluntary medical insurance) and non-state pension provision, payment of training, food, treatment, utilities, cost recovery of workers on interest payment on loans (credits) and other similar remunerations also belong to employee benefits.

1.4. This Provision is applied also in case of reflection of remunerations to the physical persons who are not employees of not credit financial credit institution (further - persons who are not employees of not credit financial credit institution) and for benefit of the third parties, including members of families, for performance of works or rendering services based on the relevant agreement or payments connected with its termination.

1.5. 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.

1.6. 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 not credit financial credit institution, employment and (or) collective agreements.

1.7. Changes of the obligations (requirements) for payment of the long-term employee benefits upon termination of labor activity which are not limited to the fixed payments recognized by not credit financial credit institution financed by the most not credit financial credit institution or sent by not credit financial credit institution to non-state pension fund, insurance company which will perform payments to employees of not credit financial credit institution in the future, on which not credit financial credit institution bears the risk connected with insufficiency of earlier effected payments for ensuring the corresponding payments in the future with completion date over 12 months after the end of the annual accounting period in which workers executed the labor functions providing the right to their obtaining in the future (further - the employee benefits upon termination of labor activity which are not limited to the fixed payments) 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 (result of distinctions between originally calculated amounts of future payments and actually paid amounts) and projections according to the procedure, provided by Chapter 3 this provision.

Changes of the obligations (requirements) for payment of employee benefits recognized by not credit financial credit institution are reflected in accounts of financial accounting in the following 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; determination 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 not credit financial credit institution owing to accomplishment by workers of labor functions; obligation fulfillment on payment of employee benefits; recognition of interest income (expense) according to obligations (requirements) for payment of employee benefits; correction of wrong records on accounts of financial accounting.

1.8. Obligations on payment of short-term employee benefits, and also changes of the specified obligations which are earlier recognized by not credit financial credit institution are subject to reflection on accounts of financial accounting in the last day of every month, but no later than date of the actual obligation fulfillment or as events after reporting date, except cases, stipulated in Item 2.3 this provision.

If payment of short-term employee benefits is performed for the period, the exceeding calendar month, obligations on payment of short-term employee benefits are subject to reflection on accounts of financial accounting no later than the last day of the accounting period, but no later than date of the actual obligation fulfillment or as events after reporting date.

Obligations on payment of long-term employee benefits upon termination of labor activity, and also change of the specified obligations which are earlier recognized by not credit financial 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 as events after reporting date.

Obligations and expenses on dismissal wage payment are recognized not credit financial credit institution on earlier of the following dates:

date when not credit financial credit institution has no opportunity to cancel the offer on payment of the specified remunerations;

date for which not credit financial credit institution recognizes expenses on restructuring, including the expenses on reducing number of workers assuming dismissal wage payment.

1.9. 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 not credit financial credit institution, employment and (or) collective agreements.

If repayment of the obligations (requirements) for payment of short-term employee benefits which are earlier recognized by not credit financial 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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