PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 23, 2021 No. 773-P

About procedure for reflection on accounts of financial accounting by non-state pension funds of agreements on mandatory pension insurance

This Provision 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; 2021, No. 27, the Art. 5187) establishes procedure for reflection on accounts of financial accounting by non-state pension funds of agreements on mandatory pension insurance.

Chapter 1. General requirements to reflection of agreements on mandatory pension insurance on accounts of financial accounting

1.1. The concepts "contract with conditions of direct participation", "agreement without conditions of direct participation", "burdensome agreement", "agreement concerning which for date of initial recognition there is no considerable probability that afterwards it will become burdensome", "portfolio of agreements", "margin for the services provided by the agreement", "cash flows on agreement performance", "cash flows within the agreement", "acquisition cash flows", "risk amendment on non-financial risk", "obligation on the covering rest", "investment component", "obligation according to the arisen requirements", "revenue on insurance", "loss component", "disaggregating", "adjustment on the basis of experience", "estimation of cash flows" are applied in the values established by the International accounting standard (IFRS) 17 "Insurance contracts" the order of the Ministry of Finance of the Russian Federation enacted in the territory of the Russian Federation of April 20, 2021 No. 65n "About introduction of the International accounting standard (IFRS) 17 "Insurance contracts" in action in the territory of the Russian Federation and about cancellation of separate provisions of orders of the Ministry of Finance of the Russian Federation in the territory of the Russian Federation" (registration No. 63562), with the amendments enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of October 4, 2023 No. 155n "About introduction of documents of International accounting standards "Initial application of IFRS (IFRS) 17 and IFRS (IFRS) 9 - the Comparative information (The amendment to IFRS (IFRS) 17)", "Determination of accounting valuations (The amendment to IFRS (IAS) 8 "Accounting policy, changes in accounting valuations and mistakes" is registered by the Ministry of Justice of the Russian Federation on May 21, 2021)", "The obligation on lease in transaction of sale with reversionary lease (Amendments to IFRS (IFRS) 16)" in action in the territory of the Russian Federation" (it is registered by the Ministry of Justice of the Russian Federation on November 23, 2023, registration No. 76077) (further - IFRS (IFRS) 17).

1.2. For the purposes of reflection on accounts of financial accounting of agreements on mandatory pension insurance (further - agreements OPS) the non-state pension fund (further - fund) shall make the following actions.

1.2.1. Classify agreements OPS as insurance.

1.2.2. Distribute agreements OPS on the following agreements:

agreements OPS with conditions of direct participation (if agreements OPS correspond to provisions of the Item B101 IFRS (IFRS) 17);

agreements OPS without conditions of direct participation (if agreements OPS do not correspond to provisions of the Item B101 IFRS (IFRS) 17).

1.2.3. Perform group of agreements OPS according to one of the following approaches reflected in accounting policy of fund.

1.2.3.1. According to Item 16 IFRS (IFRS) 17 to distribute portfolio of agreements OPS on the following groups of agreements:

agreements OPS concerning which for date of initial recognition there is no considerable probability that afterwards they will become burdensome;

burdensome agreements OPS for date of initial recognition;

the agreements OPS which remained in portfolio (further - the remained agreements OPS).

In case of application of Item 21 IFRS (IFRS) 17 the fund shall distribute groups of contracts OPS for subgroups according to the specified Item IFRS (IFRS) 17.

1.2.3.2. According to Item 20 IFRS (IFRS) 17 to include agreements OPS in one group of agreements OPS.

1.3. Review of structure of group of agreements OPS by fund after initial recognition of group by fund and (or) inclusion in one group of agreements OPS which difference between dates of the conclusion fund constitutes more than one year, for the purpose of reflection on accounts of financial accounting of agreements OPS are not allowed.

1.4. The fund shall reflect the agreements OPS classified and distributed by fund according to Item 1.2 of this provision in accounts of financial accounting, applying the following estimates of agreements OPS:

assessment of agreements OPS without conditions of direct participation according to Items 30 - 44, 46 - 52 IFRS (IFRS) 17 (further - general model);

assessment of contracts OPS with conditions of direct participation on which the margin for the services provided by the agreement according to Item 45 IFRS (IFRS) 17 is adjusted taking into account variable nature of remuneration (further - model with variable remuneration).

1.5. The fund shall reflect agreements OPS in accounts of financial accounting of the first procedure for No. No. 391 - 396, provided by the Chart of accounts of financial accounting for not credit financial credit institutions, bureau of credit histories, credit rating agencies, the installed application 1 to the Provision of the Bank of Russia of August 1, 2022 No. 803-P "About the Chart of accounts of financial accounting for not credit financial credit institutions, bureau of credit histories, credit rating agencies and procedure for its application" (it is registered by the Ministry of Justice of the Russian Federation on September 20, 2022, registration No. 70158) with the changes made by Instructions of the Bank of Russia of January 10, 2024 No. 6665-U (it is registered by the Ministry of Justice of the Russian Federation on February 12, 2024, registration No. 77223), of May 21, 2024 No. 6729-U (it is registered by the Ministry of Justice of the Russian Federation on June 20, 2024, registration No. 78625) (further - the Chart of accounts).

1.5.1. On accounts of financial accounting of the first procedure for No. No. 391 - 393, provided by the Chart of accounts, the fund shall reflect the following agreements OPS estimated using general model:

the agreements OPS classified as insurance, without conditions of direct participation concerning which for date of initial recognition there is no considerable probability that afterwards they will become burdensome;

the burdensome agreements OPS classified as insurance, without conditions of direct participation;

the remained agreements OPS classified as insurance, without conditions of direct participation.

1.5.2. On accounts of financial accounting of the first procedure for No. No. 394 - 396, provided by the Chart of accounts, the fund shall reflect the following agreements OPS estimated using model with variable remuneration:

the agreements OPS classified as insurance, with conditions of direct participation concerning which for date of initial recognition there is no considerable probability that afterwards they will become burdensome;

the burdensome agreements OPS classified as insurance, with conditions of direct participation;

the remained agreements OPS classified as insurance, with conditions of direct participation.

1.6. In case of reflection of agreements OPS on accounts of financial accounting the fund shall provide separate reflection of pension accruals and own fund by opening of separate personal accounts of financial accounting to balance sheet accounts of the second procedure.

1.7. The fund shall reflect agreements OPS in accounts of financial accounting, using the accounting entries provided by appendix to this Provision.

Chapter 2. Reflection on accounts of financial accounting of agreements on mandatory pension insurance in case of initial recognition

2.1. The remained agreements OPS in case of initial recognition the fund shall reflect agreements OPS concerning which for date of initial recognition there is no considerable probability that afterwards they will become burdensome and in accounts of financial accounting for date of transfer of means of the pension accruals transfered by the previous insurer to account of fund.

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