VTB Pension Fund moves to IFRS 17 using SAS

2021: Start of IFRS 17 project

VTB Pension Fund November 12, 2021 launched a project on the transition to the financial reporting standard IFRS 17. It will ensure compliance with the requirements of the regulator and accelerate all processes related to actuarial settlements.

The transition is necessary to comply with the requirements of the regulator on changes in financial reporting both according to IFRS standards and industry accounting standards (OSAS), the rules of which change from January 1, 2023. The Fund also plans to automate the work of actuaries and financiers in terms of:

• collection and preparation of data for calculations;
• build cash flows for all products of the fund;
• calculation of indicators for financial reporting of IFRS and OSBU in terms of OPS and NGO agreements, as required by IFRS 17 and Bank of Russia regulations localizing it;
• preparation of disclosures for IFRS and OSBU regarding the latest insurance and pension contract requirements.

Automation of these processes will optimize and redistribute the time of specialists, in particular, for a scripted and more accurate analysis of the results of the fund. The first NPF results VTB are expected to be received in the first quarter of 2022. The platform for transition to IFRS 17 has chosen a SAS solution.