On 20 December 2016, the “Transfer to the new insurance chart of accounts: Bank of Russia recommendations” conference was held. It was organized by the Insurance News Agency (ASN).
One of the hottest topics of the day was discussed – mandatory transfer to the new chart of accounts (NCA) and new Bank of Russia standards of accounting as of 1 January 2017. IT-companies’ representatives are concerned about the insufficient methodological support and the problem of selecting and configuring software which would allow for a maximum automation of the reporting preparation and record keeping process under the NCA. Technological solutions are most important in the situation when there is a lack of specialists in the sphere of IFRS and NCA.
Elmira Kirillova, IAS leading methodologist, presented the “IAS BOS” module which is to ensure the automatic preparation of accounting reporting.
This solution had been developed and tested throughout more than 60 IAS projects of the transfer of insurance companies, non-statutory pension funds, management companies and other regulated market participants to the new industry-specific standards.
Request an “IAS-BOS” module demonstration: firstname.lastname@example.org
Other speakers dwelt upon issues related to the configuration of insurance companies’ accounting systems, calculation of insurance reserves and specifics of their taxation. The Bank of Russia standpoint was articulated with regard to the transfer of insurers to XBRL.
Representatives of the RF Central Bank, major insurance and auditing companies, leading suppliers of IT-solutions for insurance companies took part in the conference.