Formation of information on risks in the financial statements of credit institutions in accordance with Russian, international and American standards

Gayibov Gurban Sokhbatogly

The article deals with the formation and disclosure of information about risks in the financial statements of credit institutions in accordance with various concepts of preparing financial statements. The financial statements of credit institutions were analyzed in accordance with RAS, IFRS and US GAAP in terms of disclosure of information about risks, and a comparative description was given by types of disclosed risks. The composition and meaning of the report on the form 10-K, handed over by public American organizations, is given. The influence of the standards of the Basel Committee on Banking Supervision on the disclosure of information about risks in the financial statements of credit institutions under IFRS is explained and their comparative characteristics are given according to certain criteria. It is concluded that despite the presence of a large number of approaches to the disclosure of information about risks in different types of reporting, a complete and accurate classification of risks for reporting purposes has not yet been developed, which in principle makes it difficult for users of reporting to receive complete information about the risk management of a credit institution.

Keywords:RAS, IFRS, US GAAP, form 10-K, Basel standards, banking risk.