On May 6, RUS CB proposed accounting changes for precious metals.
RUS CB proposed amending ordinance 793-Pon the procedure for reflecting in the accounting records of credit institutions operations on storage, export from the territory of the Russian Federation, manufacturing by precious metals refineries for credit institutions in the form of ingots, operations on the acquisition (sale) of precious metals, operations on the attraction and placement of precious metals, and operations with coins containing precious metals.
Consultation documents are only available on RUS CB website until comment deadline.
Proposals
The ordinance aims to supplement references in reg 730-P concerning the formation of reserves by banks for possible losses using banking risk management techniques.
And quantitative risk assessment models, requirements for banking risk management techniques and risk assessment models regarding determination of expected credit losses and supervision by RUS CB over compliance with specified procedure.
Effectiveness
Comments and feedback are expected by May 20, 2024.
Oct. 2024 Ord Issued
On Oct. 10, 2024, RUS CB issued ord 6834-U amending ord 793-P on the procedure for reflecting in the accounting records of credit institutions operations on storage, export from the territory of the Russian Federation, manufacturing by precious metals refineries for credit institutions in the form of ingots, operations on the acquisition (sale) of precious metals, operations on the attraction and placement of precious metals, and operations with coins containing precious metals in force Jan. 1, 2025.
Regulators
RUS CB
Entity Types
Bank
Reference
PR 10/10/2024; Ord 6834-U, 9/2/2024; CP, 5/6/2024; Reg 793-P, 4/25/2022;
