Bryzgalov D.V.Institute for Financial and Economic Research of Financial University under Government of Russian Federation, Moscow, Russian Federation dbryz@inbox.ru
Subject In 2017, Russian insurance companies will have to transfer to a new Chart of Accounts and industry-specific accounting standards. The documents developed by the Bank of Russia introduce significant innovations in accounting practices of insurers, thus approaching to a maximum extent the International Financial Reporting Standards. Over 2015-2016, insurers will need substantial efforts to develop and implement a transition plan and to provide the Bank of Russia with progress reports. Objectives The study aims to review the specifics of the transition of insurance organizations to the new Chart of Accounts and industry-specific accounting standards. Methods I performed a comparative analysis of the accounting methodology under the current accounting requirements and the accounting methodology based on the new Chart of Accounts and industry standards developed by the Bank of Russia. The article highlights and describes two groups of innovation, i.e. by form and by content, and offers approaches to the development of the new Chart of Accounts and accounting policies under the new requirements. Results I have shaped a structure of the transition plan, described the specifics of the new Chart of Accounts and accounting policy, and characterized approaches to computer-aided accounting systems modification. Conclusions In 2015-2016, the accounting practices of insurance companies will be influenced by the new Chart of Accounts and industry-specific accounting standards. In particular, insurers will have to develop documents on accounting and reporting methodology, modification of computer-aided accounting systems, and training of accounting personnel in the new accounting requirements.
Keywords: accounting, insurance organizations, Chart of accounts, International Financial Reporting Standards, IFRS
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