The regulator has drafted an outline of approaches for banks to apply the ECL model. These approaches correspond to the best international and Russian practices and are recommended for usage.
Banks are to conduct a self-assessment of the quality of ECL models in 2021. If necessary, they are to update their internal documents (methodologies, regulations, etc.) related to the assessment and measurement of ECL in order to improve the quality of accounting (financial) reporting.
Additionally, banks are advised to disclose information related to the assessment of ECL in the explanatory information on the interim reporting in the amount established for the annual reporting.
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Central Bank of the Russian Federation published this content on 24 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2021 18:48:07 UTC.
