Opinion of the Ministry of Finance on Sberbank

On 23 June 2022, the Ministry of Finance published its opinion on the accounting and budgetary treatment of certain facts related to Sberbank CZ, a.s.

The Opinion deals with the Time of Realization of an Accounting Case. The case here is the derecognition of funds recognised as current financial assets with Sberbank and the corresponding creation of a receivable (and possible budgetary impact).

The time of realization of the accounting case would be on 30 April 2022, which is the effective date of the revocation of Sberbank’s banking licence. However, if the entity chooses the date of 2 May 2022 – the date the bank entered liquidation – this is not a problem and there is no distortion of its financial position. It is appropriate to comment on the decision regarding the time of realization of the accounting case in the notes to the financial statements.

It is appropriate to account for the receivable from Sberbank as B.II.33. Other current receivables Subsequently, an adjusting entry may also be entered in the books, to which interest income will also be credited following the reclassification of funds from current financial assets (in the P&L, this interest is income recognised in B.II.2 Interest).

Further information is available here.

Author: Jan Zvolský, Petra Čechová