INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 14, 2020 No. 5544-U

About modification of the Provision of the Bank of Russia of March 22, 2018 No. 635-P "About procedure for reflection on accounts of financial accounting of lease agreements by not credit financial credit institutions"

Based on part 6 of article 21 of the Federal Law of December 6, 2011 No. 402-FZ "About financial accounting" (The Russian Federation Code, 2011, No. 50, Art. 7344; 2019, No. 30, Art. 4149):

1. Bring in the Provision of the Bank of Russia of March 22, 2018 No. 635-P "About procedure for reflection on accounts of financial accounting of lease agreements by not credit financial credit institutions", registered by the Ministry of Justice of the Russian Federation on April 16, 2018 No. 50781, on November 25, 2019 No. 56612, the following changes.

1.1. State Items 2.5 and 2.6 in the following edition:

"2.5. The lessee shall reflect in accounts of financial accounting the assets in the form of right to use relating to group of fixed assets and the assets in the form of right to use relating to investment property, after initial recognition using the models of accounting provided by Items 29, 34 and 35 IFRS (IFRS) 16.

2.6. In case of application to assets in the form of right to use of model of the historical cost accounting less accumulated depreciation and cumulative impairment losses the lessee shall reflect in accounts of financial accounting adjustment on the amount of revaluation of agreement obligation of lease, stipulated in Item 36 IFRS (IFRS) 16.

The lessee shall reflect depreciation on asset in the form of right to use in accounts of financial accounting during the depreciation period established by the lessee with observance of requirements of Item 32 IFRS (IFRS) 16.

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